Silverfin false false 28/02/2024 01/03/2023 28/02/2024 Mrs A D Egglestone 10/12/1997 Mr M A D Egglestone 10/12/1997 Mr T P Gilbert 10/12/1997 Mrs A D Egglestone 28 November 2024 The principal activity of the company is that of property developers and letting of property. 03478950 2024-02-28 03478950 bus:Director1 2024-02-28 03478950 bus:Director2 2024-02-28 03478950 bus:Director3 2024-02-28 03478950 2023-02-28 03478950 core:CurrentFinancialInstruments 2024-02-28 03478950 core:CurrentFinancialInstruments 2023-02-28 03478950 core:Non-currentFinancialInstruments 2024-02-28 03478950 core:Non-currentFinancialInstruments 2023-02-28 03478950 core:ShareCapital 2024-02-28 03478950 core:ShareCapital 2023-02-28 03478950 core:RetainedEarningsAccumulatedLosses 2024-02-28 03478950 core:RetainedEarningsAccumulatedLosses 2023-02-28 03478950 core:ImmediateParent core:CurrentFinancialInstruments 2024-02-28 03478950 core:ImmediateParent core:CurrentFinancialInstruments 2023-02-28 03478950 core:MoreThanFiveYears 2024-02-28 03478950 core:MoreThanFiveYears 2023-02-28 03478950 bus:OrdinaryShareClass1 2024-02-28 03478950 bus:OrdinaryShareClass2 2024-02-28 03478950 bus:OrdinaryShareClass3 2024-02-28 03478950 bus:OrdinaryShareClass4 2024-02-28 03478950 2023-03-01 2024-02-28 03478950 bus:FilletedAccounts 2023-03-01 2024-02-28 03478950 bus:SmallEntities 2023-03-01 2024-02-28 03478950 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-28 03478950 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 03478950 bus:Director1 2023-03-01 2024-02-28 03478950 bus:Director2 2023-03-01 2024-02-28 03478950 bus:Director3 2023-03-01 2024-02-28 03478950 bus:CompanySecretary1 2023-03-01 2024-02-28 03478950 2022-03-01 2023-02-28 03478950 core:Non-currentFinancialInstruments 2023-03-01 2024-02-28 03478950 bus:OrdinaryShareClass1 2023-03-01 2024-02-28 03478950 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 03478950 bus:OrdinaryShareClass2 2023-03-01 2024-02-28 03478950 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 03478950 bus:OrdinaryShareClass3 2023-03-01 2024-02-28 03478950 bus:OrdinaryShareClass3 2022-03-01 2023-02-28 03478950 bus:OrdinaryShareClass4 2023-03-01 2024-02-28 03478950 bus:OrdinaryShareClass4 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03478950 (England and Wales)

THE GILSTONE PARTNERSHIP LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2024
Pages for filing with the registrar

THE GILSTONE PARTNERSHIP LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2024

Contents

THE GILSTONE PARTNERSHIP LIMITED

BALANCE SHEET

As at 28 February 2024
THE GILSTONE PARTNERSHIP LIMITED

BALANCE SHEET (continued)

As at 28 February 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 3,375,000 3,725,000
3,375,000 3,725,000
Current assets
Stocks 4 94,212 65,007
Debtors 5 173,978 154,789
Cash at bank and in hand 4,869 4,923
273,059 224,719
Creditors: amounts falling due within one year 6 ( 2,201,790) ( 2,205,763)
Net current liabilities (1,928,731) (1,981,044)
Total assets less current liabilities 1,446,269 1,743,956
Creditors: amounts falling due after more than one year 7 ( 637,335) ( 982,802)
Provision for liabilities ( 15,187) ( 2,777)
Net assets 793,747 758,377
Capital and reserves
Called-up share capital 8 590,640 590,640
Profit and loss account 203,107 167,737
Total shareholders' funds 793,747 758,377

For the financial year ending 28 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Gilstone Partnership Limited (registered number: 03478950) were approved and authorised for issue by the Board of Directors on 28 November 2024. They were signed on its behalf by:

Mr M A D Egglestone
Director
THE GILSTONE PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2024
THE GILSTONE PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Gilstone Partnership Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Torbay Rise, Old Mill Road, Chelston Torquay, TQ2 6HL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the value of goods and services provided to date can be reliably measured.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic. The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 3

3. Investment property

Investment property
£
Valuation
As at 01 March 2023 3,725,000
Disposals (350,000)
As at 28 February 2024 3,375,000

Valuation

There has been no valuation of investment property by an independent valuer during this accounting period. The movement this year arose due to the disposal of a property to a third party which was previously held as investment.

4. Stocks

2024 2023
£ £
Work in progress 94,212 65,007

5. Debtors

2024 2023
£ £
Trade debtors 3,806 7,917
Amounts owed by Parent undertakings 10,529 0
Other debtors 159,643 146,872
173,978 154,789

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 121,674 112,208
Trade creditors 1,188 1,912
Amounts owed to Parent undertakings 0 3,486
Other taxation and social security 800 895
Other creditors 2,078,128 2,087,262
2,201,790 2,205,763

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 637,335 982,802

Security is given on the company's bank loans by a fixed and floating charge held over the properties owned by the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 170,437 543,923

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
280,000 Ordinary A shares of £ 1.00 each 280,000 280,000
310,000 Ordinary B shares of £ 1.00 each 310,000 310,000
200 Ordinary C shares of £ 1.00 each 200 200
44,000 Ordinary D shares of £ 0.01 each 440 440
590,640 590,640

9. Non-distributable reserves

Included within the profit and loss account balance carried forward are non-distributable reserves of £112,500. These reserves represent the cumulative revaluation gains, after provision for deferred tax, on the company's investment properties.