Registered number
10867994
GILLZ LIMITED
Filleted Accounts
31 July 2024
GILLZ LIMITED
Registered number: 10867994
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 65,281 45,152
Current assets
Debtors 4 (21,185) 15,482
Cash at bank and in hand 19,462 4,285
(1,723) 19,767
Creditors: amounts falling due within one year 5 (13,302) (37,386)
Net current liabilities (15,025) (17,619)
Total assets less current liabilities 50,256 27,533
Creditors: amounts falling due after more than one year 6 (50,242) (27,293)
Net assets 14 240
Capital and reserves
Called up share capital 100 100
Profit and loss account (86) 140
Shareholders' funds 14 240
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gurjeet Kaur Gill
Director
Approved by the board on 15 April 2025
GILLZ LIMITED
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reduced Balance
Fixtures, fittings, tools and equipment 25% Reduced Balance
Vehicles 15% Reduced Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 8,777 56,749 65,526
Additions - 31,195 31,195
At 31 July 2024 8,777 87,944 96,721
Depreciation
At 1 August 2023 4,846 15,528 20,374
Charge for the year 983 10,083 11,066
At 31 July 2024 5,829 25,611 31,440
Net book value
At 31 July 2024 2,948 62,333 65,281
At 31 July 2023 3,931 41,221 45,152
4 Debtors 2024 2023
£ £
Other debtors (21,185) 15,482
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,922 12,279
Trade creditors - (240)
Corporation tax 2,262 13,276
Other taxes and social security costs 13,612 11,351
Other creditors (8,494) 720
13,302 37,386
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 50,242 27,293
7 Other information
GILLZ LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
20 Orchard Avenue
Gravesend
Kent
England
DA11 7NX
GILLZ LIMITED 10867994 false 2023-08-01 2024-07-31 2024-07-31 VT Final Accounts July 2024 Gurjeet Kaur Gill No description of principal activity 10867994 2022-08-01 2023-07-31 10867994 core:WithinOneYear 2023-07-31 10867994 core:AfterOneYear 2023-07-31 10867994 core:ShareCapital 2023-07-31 10867994 core:RetainedEarningsAccumulatedLosses 2023-07-31 10867994 2023-08-01 2024-07-31 10867994 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 10867994 bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 10867994 bus:Director40 2023-08-01 2024-07-31 10867994 2 2023-08-01 2024-07-31 10867994 core:PlantMachinery 2023-08-01 2024-07-31 10867994 core:Vehicles 2023-08-01 2024-07-31 10867994 countries:England 2023-08-01 2024-07-31 10867994 bus:FRS102 2023-08-01 2024-07-31 10867994 bus:FilletedAccounts 2023-08-01 2024-07-31 10867994 2024-07-31 10867994 core:WithinOneYear 2024-07-31 10867994 core:AfterOneYear 2024-07-31 10867994 core:ShareCapital 2024-07-31 10867994 core:RetainedEarningsAccumulatedLosses 2024-07-31 10867994 core:PlantMachinery 2024-07-31 10867994 core:Vehicles 2024-07-31 10867994 2023-07-31 10867994 core:PlantMachinery 2023-07-31 10867994 core:Vehicles 2023-07-31 iso4217:GBP xbrli:pure