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Registered number: 04722267
Giles U.K. Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
The Aylmer-Kelly Partnership LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04722267
30 June 2024 30 June 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 23,194 20,425
23,194 20,425
CURRENT ASSETS
Stocks 5 1,296,714 1,261,272
Debtors 6 173,973 69,028
Cash at bank and in hand 152,803 132,908
1,623,490 1,463,208
Creditors: Amounts Falling Due Within One Year 7 (582,995 ) (635,356 )
NET CURRENT ASSETS (LIABILITIES) 1,040,495 827,852
TOTAL ASSETS LESS CURRENT LIABILITIES 1,063,689 848,277
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,798 ) (3,880 )
NET ASSETS 1,057,891 844,397
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Share premium account 850,144 850,144
Profit and Loss Account 206,747 (6,747 )
SHAREHOLDERS' FUNDS 1,057,891 844,397
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Giles
Director
07/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Giles U.K. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04722267 . The registered office is 13a Meadows Works, Court Street, Trowbridge, Wiltshire, BA14 8BR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 15% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 18)
18 18
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 16,509 29,620 61,623 25,471 133,223
Additions 875 4,073 178 2,967 8,093
Disposals - - - (2,628 ) (2,628 )
As at 30 June 2024 17,384 33,693 61,801 25,810 138,688
Depreciation
As at 1 July 2023 11,527 25,959 59,073 16,239 112,798
Provided during the period 879 1,933 682 1,830 5,324
Disposals - - - (2,628 ) (2,628 )
As at 30 June 2024 12,406 27,892 59,755 15,441 115,494
Net Book Value
As at 30 June 2024 4,978 5,801 2,046 10,369 23,194
As at 1 July 2023 4,982 3,661 2,550 9,232 20,425
5. Stocks
30 June 2024 30 June 2023
£ £
Finished goods 1,296,714 1,261,272
6. Debtors
30 June 2024 30 June 2023
£ £
Due within one year
Trade debtors 105,894 57,865
Prepayments and accrued income 14,537 11,163
Other debtors 53,542 -
173,973 69,028
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7. Creditors: Amounts Falling Due Within One Year
30 June 2024 30 June 2023
£ £
Trade creditors 288,498 466,457
Corporation tax 85,881 9,520
Other taxes and social security 12,594 10,912
VAT 72,067 59,279
Other creditors 2,452 1,807
Director's loan account - 878
Amounts owed to parent undertaking 121,503 86,503
582,995 635,356
8. Share Capital
30 June 2024 30 June 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
9. Related Party Transactions
The director received a salary of £         and pension contributions of £5,000.
10. Ultimate Parent Undertaking and Controlling Party
The immediate parent company is NewHoldco Limited, a company incorporated in England and Wales. The registered address of the parent company is Unit 13a Meadow Works, Court Street, Trowbridge, England, BA14 8BR .
The ultimate controlling party is Mr R Giles who controls 100% of the shares of NewHoldco Limited.
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