Great Gilbert Farm Limited Filleted Accounts Cover
Great Gilbert Farm Limited
Company No. 10922473
Information for Filing with The Registrar
31 December 2024
Great Gilbert Farm Limited Directors Report Registrar
The Director presents her report and the accounts for the year ended 31 December 2024.
Principal activities
The principal activity of the company during the year under review was ownership of land & buildings held for rental income and capital appreciation.
Director
The Director who served at any time during the year was as follows:
J.L. Ackerley
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
J.L. Ackerley
Director
15 May 2025
Great Gilbert Farm Limited Balance Sheet Registrar
at
31 December 2024
Company No.
10922473
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
208459
Investment property
5
1,100,0001,100,000
1,100,2081,100,459
Current assets
Debtors
6
2,5872,004
Cash at bank and in hand
17,8154,063
20,4026,067
Creditors: Amount falling due within one year
7
(76,408)
(190,716)
Net current liabilities
(56,006)
(184,649)
Total assets less current liabilities
1,044,202915,810
Creditors: Amounts falling due after more than one year
8
(577,190)
(337,685)
Provisions for liabilities
Deferred taxation
(94,614)
(94,677)
Net assets
372,398483,448
Capital and reserves
Called up share capital
1,0001,000
Share premium account
9
50,29850,298
Revaluation reserve
9
283,688283,688
Profit and loss account
9
37,412148,462
Total equity
372,398483,448
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 15 May 2025 and signed on its behalf by:
J.L. Ackerley
Director
15 May 2025
Great Gilbert Farm Limited Notes to the Accounts Registrar
for the year ended 31 December 2024
1
General information
Great Gilbert Farm Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 10922473
Its registered office is:
Great Gilbert Farm
Bluegate Lane
Capel St Mary
Ipswich, Suffolk
IP9 2JX
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going concern
As at 31 December 2024, the company had net current liabilities of £56,006 (2023 - net current liabilities of £184,649). The financial statements have been prepared on a going concern basis as the directors believe the company can continue to trade for the foreseeable future.
2
Accounting policies
Turnover
Turnover represents amounts receivable in respect of rental income net of value added taxes.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
25% Straight line
Furniture, fittings and equipment
25% Straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Freehold investment property
Investment property, which is property held to earn rentals and/or for capital appreciation is initially
recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any surplus or deficit on
revaluation is recognised in the profit and loss account.
Where fair value can not be achieved without undue cost or effort, investment property is accounted for as a tangible fixed asset.
No depreciation is provided in respect of investment properties.
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.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
22
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
Cost or revaluation
At 1 January 2024
1,3501,0022,352
At 31 December 2024
1,3501,0022,352
Depreciation
At 1 January 2024
1,3505431,893
Charge for the year
-251251
At 31 December 2024
1,3507942,144
Net book values
At 31 December 2024
-208208
At 31 December 2023
-
459
459
5
Investment property
Freehold Investment Property
£
Valuation
At 1 January 2024
1,100,000
At 31 December 2024
1,100,000
The freehold investment property was acquired on 17 November 2017. The property was revalued on 31 July 2022 by external valuers.
The director has reviewed this valuation and believe it still represents an accurate valuation.
6
Debtors
2024
2023
£
£
Trade debtors
1,140-
Prepayments and accrued income
1,4472,004
2,5872,004
7
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
63,92460,708
Taxes and social security
3,948
6,169
Other creditors
1,500115,242
Accruals and deferred income
7,0368,597
76,408190,716
The loan is secured against the freehold investment property.
8
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
577,190337,685
577,190337,685
Liabilities repayable in more than five years after the balance sheet date
Amount repayable by instalments
321,493
94,851
321,49394,851
The loan is secured against the freehold investment property.
9
Reserves
Revaluation Reserve
Total other reserves
£
£
At 1 January 2023
291,715
291,715
Deferred taxation
(8,027)
(8,027)
At 31 December 2023 and 1 January 2024
283,688
283,688
At 31 December 2024
283,688283,688
Revaluation reserve - reflects the revaluation of property other than investment properties.
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account - includes all current and prior period retained profits and losses.
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