Company registration number 00209640 (England and Wales)
GILBERT & HALL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
GILBERT & HALL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
GILBERT & HALL LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
52,402
67,684
Investment property
4
3,820,000
3,820,000
3,872,402
3,887,684
Current assets
Stocks
1,594,795
2,687,172
Debtors
5
8,946
11,783
Cash at bank and in hand
1,953,052
1,096,770
3,556,793
3,795,725
Creditors: amounts falling due within one year
6
(697,937)
(267,629)
Net current assets
2,858,856
3,528,096
Total assets less current liabilities
6,731,258
7,415,780
Creditors: amounts falling due after more than one year
7
(32,208)
(930,897)
Provisions for liabilities
(325,609)
(371,883)
Net assets
6,373,441
6,113,000
Capital and reserves
Called up share capital
45,329
45,329
Share premium account
22,663
22,663
Revaluation reserve
1,712,266
1,620,609
Profit and loss reserves
4,593,183
4,424,399
Total equity
6,373,441
6,113,000
GILBERT & HALL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 2 -
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 6 January 2025 and are signed on its behalf by:
C H Hall
Director
Company registration number 00209640 (England and Wales)
GILBERT & HALL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 July 2022
45,329
22,663
1,999,119
4,047,683
6,114,794
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
-
(1,794)
(1,794)
Transfers
-
-
(378,510)
378,510
-
Balance at 30 June 2023
45,329
22,663
1,620,609
4,424,399
6,113,000
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
260,441
260,441
Transfers
-
-
91,657
(91,657)
-
Balance at 30 June 2024
45,329
22,663
1,712,266
4,593,183
6,373,441
GILBERT & HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Gilbert & Hall Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Lace Market Square, Nottingham, NG1 1PB. The company registration number is 00209640.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
12.5% reducing balance
Fixtures and fittings
20% straight line
Computer
20% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GILBERT & HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
GILBERT & HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
6,725
53,083
138,374
198,182
Additions
2,599
2,599
Transfers
(18,658)
18,658
At 30 June 2024
6,725
37,024
18,658
138,374
200,781
Depreciation and impairment
At 1 July 2023
5,076
51,420
74,002
130,498
Depreciation charged in the year
206
1,581
16,094
17,881
Transfers
(15,977)
15,977
At 30 June 2024
5,282
37,024
15,977
90,096
148,379
Carrying amount
At 30 June 2024
1,443
2,681
48,278
52,402
At 30 June 2023
1,649
1,663
64,372
67,684
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
3,820,000
The directors do not consider there to be a material difference between the current market values of the properties and their carrying values.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
8,946
11,783
GILBERT & HALL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
408,483
71,728
Obligations under finance leases and hire purchase contracts
8,450
10,632
Trade creditors
18,190
57,107
Corporation tax
74,946
109,482
Other taxation and social security
13,872
14,380
Other creditors
27
Accruals and deferred income
173,969
4,300
697,937
267,629
Bank loans are secured by way of a first legal charge over properties owned by the company.
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14,990
905,229
Obligations under finance leases and hire purchase contracts
17,218
25,668
32,208
930,897
Bank loans are secured by way of a first legal charge over properties owned by the company.
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.
8
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A