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Company No: 05797258 (England and Wales)

M J GILLAN LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

M J GILLAN LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

M J GILLAN LIMITED

BALANCE SHEET

As at 30 April 2024
M J GILLAN LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 6,878 9,180
6,878 9,180
Current assets
Stocks 4 2,588,737 1,986,697
Debtors 5 409,298 426,313
Cash at bank and in hand 18,067 800
3,016,102 2,413,810
Creditors: amounts falling due within one year 6 ( 2,807,851) ( 2,191,472)
Net current assets 208,251 222,338
Total assets less current liabilities 215,129 231,518
Creditors: amounts falling due after more than one year 7 ( 11,551) ( 21,498)
Provision for liabilities 8 ( 1,719) ( 1,744)
Net assets 201,859 208,276
Capital and reserves
Called-up share capital 1 1
Profit and loss account 201,858 208,275
Total shareholder's funds 201,859 208,276

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of M J Gillan Limited (registered number: 05797258) were approved and authorised for issue by the Director on 15 January 2025. They were signed on its behalf by:

M J Gillan
Director
M J GILLAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
M J GILLAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

M J Gillan 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 Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is Harvant House, Hinton Park, Hinton St George, Somerset, TA17 8TJ.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue when goods are dispatched. Amounts received in advance of the goods being dispatched are recognised within other creditors.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

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 overheads that have been incurred in bringing the goods to their present location and condition. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at amortised cost. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 May 2023 11,594 26,730 7,836 46,160
At 30 April 2024 11,594 26,730 7,836 46,160
Accumulated depreciation
At 01 May 2023 5,803 24,695 6,482 36,980
Charge for the financial year 1,448 508 346 2,302
At 30 April 2024 7,251 25,203 6,828 39,282
Net book value
At 30 April 2024 4,343 1,527 1,008 6,878
At 30 April 2023 5,791 2,035 1,354 9,180

4. Stocks

2024 2023
£ £
Finished goods 2,588,737 1,986,697

5. Debtors

2024 2023
£ £
Trade debtors 403,412 421,600
Other debtors 5,886 4,713
409,298 426,313

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 9,581 20,079
Trade creditors 2,586,021 1,920,937
Taxation and social security 51,168 10,198
Other creditors 161,081 240,258
2,807,851 2,191,472

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

2024 2023
£ £
Bank loans 11,551 21,498

Bank loans consist of a balance of £21,132 (2023 - £30,833) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the value of the loan as well as paying interest and fees for the first 12 months.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 1,719 1,744

9. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 May 2023, the balance owed to the director was £25,821. During the year, £185,765 was advanced to the director, and £164,453 was repaid by the director. At 30 April 2024 the balance owed to the director was £4,509.

At 1 May 2022, the balance owed by the director was £214. During the year, £178,263 was advanced to the director, and £204,298 was repaid by the director. At 30 April 2023 the balance owed to the director was £25,821.