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GillmoreSPACE Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: 04088221

 

GillmoreSPACE Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

GillmoreSPACE Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,809

10,346

Current assets

 

Stocks

287,689

275,898

Debtors

5

188,233

195,393

Cash at bank and in hand

 

7,416

35,260

 

483,338

506,551

Creditors: Amounts falling due within one year

6

(183,176)

(176,062)

Net current assets

 

300,162

330,489

Total assets less current liabilities

 

306,971

340,835

Creditors: Amounts falling due after more than one year

6

(19,047)

(27,985)

Provisions for liabilities

-

(1,770)

Net assets

 

287,924

311,080

Capital and reserves

 

Called up share capital

45,100

45,100

Profit and loss account

242,824

265,980

Shareholders' funds

 

287,924

311,080

 

GillmoreSPACE Limited

Balance Sheet

30 June 2024

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 18 March 2025
 

.........................................
C H Gillmore
Director

Company Registration Number: 04088221

 

GillmoreSPACE Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 22
Torbay Business Park
Woodview Road
Paignton
Devon
TQ4 7HP

These financial statements were authorised for issue by the director on 18 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that, as disclosed in the accounting policies, certain items are shown at fair value.

The functional and presentational currency is pounds sterling.

Going concern

In the opinion of the director, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when goods are physically delivered to the customer.

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.

 

GillmoreSPACE Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, 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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

10% straight line

Fixtures and fittings

25% reducing balance

Computer equipment

50% straight line

Motor vehicles

33% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

GillmoreSPACE Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
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.

 Recognition and measurement
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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 4).

 

GillmoreSPACE Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Computer equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

58,037

19,465

3,213

29,919

110,634

Additions

-

-

650

-

650

At 30 June 2024

58,037

19,465

3,863

29,919

111,284

Depreciation

At 1 July 2023

57,008

13,586

2,888

26,806

100,288

Charge for the year

1,029

1,469

650

1,039

4,187

At 30 June 2024

58,037

15,055

3,538

27,845

104,475

Carrying amount

At 30 June 2024

-

4,410

325

2,074

6,809

At 30 June 2023

1,029

5,879

325

3,113

10,346

Included within the net book value of land and buildings above is £Nil (2023 - £1,029) in respect of short leasehold land and buildings.
 

 

GillmoreSPACE Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

5

Debtors

2024
£

2023
£

Trade debtors

47,432

61,928

Other debtors

140,801

133,465

188,233

195,393

6

Creditors

Creditors: amounts falling due within one year

Note

2024
 £

2023
 £

Loans and borrowings

7

78,275

35,960

Trade creditors

 

61,203

84,959

Payments on account

 

15,354

41,821

Social security and other taxes

 

13,010

917

Other creditors

 

11,834

8,905

Accrued expenses

 

3,500

3,500

 

183,176

176,062

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

19,047

27,985

 

GillmoreSPACE Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

19,047

27,985

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

68,275

25,960

78,275

35,960

8

Related party transactions

Transactions with the director

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

C H Gillmore

Loans and other advances repayable on demand with interest charged at the official rate

92,478

50,010

(29,681)

112,807

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

C H Gillmore

Loans and other advances repayable on demand with interest charged at the official rate

111,515

66,777

(85,814)

92,478

 

GillmoreSPACE Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

40,590

40,590

40,590

40,590

'B' ordinary shares of £1 each

4,510

4,510

4,510

4,510

 

45,100

45,100

45,100

45,100