Company No:
Contents
| Note | 31.12.2023 | 31.03.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| Investments | 5 |
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| 4,395,266 | 3,015,829 | |||
| Current assets | ||||
| Stocks | 6 |
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| Debtors | 7 |
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| Investments | 8 |
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| Cash at bank and in hand |
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| 2,849,203 | 4,389,229 | |||
| Creditors: amounts falling due within one year | 9 | (
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| Net current assets | 1,453,822 | 2,849,450 | ||
| Total assets less current liabilities | 5,849,088 | 5,865,279 | ||
| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Fair value reserve |
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| Capital redemption reserve |
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| Profit and loss account |
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| Total shareholders' funds |
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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 J Gliddon & Sons Limited (registered number:
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D J Gliddon
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.
J Gliddon & Sons 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 Bank Street, Williton, Taunton, TA4 4NH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
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.
| Land and buildings | depreciated over the life of the lease |
| Plant and machinery |
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| Vehicles |
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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.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
The fair value is determined annually by the director, on an open market value for existing use basis.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
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.
| Period from 01.04.2023 to 31.12.2023 |
Period from 30.10.2022 to 31.03.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the period, including the director |
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| Land and buildings | Plant and machinery | Vehicles | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 01 April 2023 |
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| Additions |
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| At 31 December 2023 |
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| Accumulated depreciation | |||||||
| At 01 April 2023 |
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| Charge for the financial period |
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| At 31 December 2023 |
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| Net book value | |||||||
| At 31 December 2023 |
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| At 31 March 2023 |
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| Investment property | |
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| Valuation | |
| As at 01 April 2023 |
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| Additions | 1,380,346 |
| As at 31 December 2023 |
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Valuation
The investment properties class of fixed assets was valued at £4,386,185 by the director. The basis of this valuation was current market value.
There has been no valuation of investment property by an independent valuer.
Investments in subsidiaries
| 31.12.2023 | |
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| Cost | |
| At 01 April 2023 |
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| At 31 December 2023 |
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| Carrying value at 31 December 2023 |
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| Carrying value at 31 March 2023 |
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| 31.12.2023 | 31.03.2023 | ||
| £ | £ | ||
| Stocks |
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| 31.12.2023 | 31.03.2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Other debtors |
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| 31.12.2023 | 31.03.2023 | ||
| £ | £ | ||
| At 1 April |
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| Fair Value Adjustment |
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| 19,221 | 16,102 |
| 31.12.2023 | 31.03.2023 | ||
| £ | £ | ||
| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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Transactions with the entity's director
The Director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
At 1 April 2023, the balance owed by the director was £173,282. During the period, £13,105 was advanced to the director. The loan was repaid in full by the director at 31 December 2023.
At 30 October 2022, the balance owed by the director was £211,761. During the period, £32,002 was advanced to the director, and £70,481 was repaid by the director. At 31 March 2023, the balance owed by the director was £173,282.
J Gliddon Associated Bare Trust
There is a loan account with a trust of which the participators are beneficiaries. It is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
At 30 October 2022, the balance owed by the trust was £240,109. During the period £88,411 was advanced to the trust, and £56,667 was repaid by the trust. At 31 December 2023, the balance owed by the trust was £271,853.
At 30 October 2022, the balance owed by the trust was £236,473. During the period £3,636 was advanced to the trust. At 31 March 2023, the balance owed by the trust was £240,109.