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COMPANY REGISTRATION NUMBER: 11150992
Gilmoreland Limited
Filleted Unaudited Financial Statements
31 January 2024
Gilmoreland Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
151,337
151,337
Current assets
Debtors
5
268
Cash at bank and in hand
6,751
5,463
-------
-------
7,019
5,463
Creditors: amounts falling due within one year
6
7,169
8,103
-------
-------
Net current liabilities
150
2,640
---------
---------
Total assets less current liabilities
151,187
148,697
Creditors: amounts falling due after more than one year
7
95,871
95,875
Provisions
9,361
9,361
---------
---------
Net assets
45,955
43,461
---------
---------
Capital and reserves
Called up share capital
99
99
Profit and loss account
45,856
43,362
--------
--------
Shareholders funds
45,955
43,461
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Gilmoreland Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mrs E Y Gilmore
Director
Company registration number: 11150992
Gilmoreland Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
147,000
4,337
151,337
---------
-------
---------
Depreciation
At 1 February 2023 and 31 January 2024
---------
-------
---------
Carrying amount
At 31 January 2024
147,000
4,337
151,337
---------
-------
---------
At 31 January 2023
147,000
4,337
151,337
---------
-------
---------
The property was revalued by the directors at the year end and is considered by them to be reflective of the true and fair value at the balance sheet date.
5. Debtors
2024
2023
£
£
Other debtors
268
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,660
2,660
Corporation tax
585
569
Other creditors
3,924
4,874
-------
-------
7,169
8,103
-------
-------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
73,331
73,335
Other creditors
22,540
22,540
--------
--------
95,871
95,875
--------
--------
8. Secured debt:
Included within other creditors are liabilities of £75,995 (2022 - £71,547), which have been secured on the assets of the company.
9. Non-distributable reserves
Included within profit and loss account is non-distributable reserves for the sum of £39,906 (2022: £23,706)
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr E N Gilmore
( 25,695)
949
( 24,746)
--------
----
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr E N Gilmore
( 34,217)
8,521
(25,696)
--------
-------
--------