Silverfin false false 31/12/2023 01/04/2023 31/12/2023 D J Gliddon 13/07/1970 23 May 2025 The principal activity of the Company during the financial year was agricultural engineering and retailing, horticultural retailing and ironmongery. The company also lets commercial and residential properties. 00537228 2023-12-31 00537228 bus:Director1 2023-12-31 00537228 2023-03-31 00537228 core:CurrentFinancialInstruments 2023-12-31 00537228 core:CurrentFinancialInstruments 2023-03-31 00537228 core:ShareCapital 2023-12-31 00537228 core:ShareCapital 2023-03-31 00537228 core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 00537228 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 00537228 core:CapitalRedemptionReserve 2023-12-31 00537228 core:CapitalRedemptionReserve 2023-03-31 00537228 core:RetainedEarningsAccumulatedLosses 2023-12-31 00537228 core:RetainedEarningsAccumulatedLosses 2023-03-31 00537228 core:LandBuildings 2023-03-31 00537228 core:PlantMachinery 2023-03-31 00537228 core:Vehicles 2023-03-31 00537228 core:LandBuildings 2023-12-31 00537228 core:PlantMachinery 2023-12-31 00537228 core:Vehicles 2023-12-31 00537228 core:CostValuation 2023-03-31 00537228 core:CostValuation 2023-12-31 00537228 1 2023-12-31 00537228 1 2023-03-31 00537228 2 2023-12-31 00537228 2 2023-03-31 00537228 2023-04-01 2023-12-31 00537228 bus:FilletedAccounts 2023-04-01 2023-12-31 00537228 bus:SmallEntities 2023-04-01 2023-12-31 00537228 bus:AuditExemptWithAccountantsReport 2023-04-01 2023-12-31 00537228 bus:PrivateLimitedCompanyLtd 2023-04-01 2023-12-31 00537228 bus:Director1 2023-04-01 2023-12-31 00537228 core:PlantMachinery core:BottomRangeValue 2023-04-01 2023-12-31 00537228 core:PlantMachinery core:TopRangeValue 2023-04-01 2023-12-31 00537228 core:Vehicles 2023-04-01 2023-12-31 00537228 2022-10-30 2023-03-31 00537228 core:LandBuildings 2023-04-01 2023-12-31 00537228 core:PlantMachinery 2023-04-01 2023-12-31 00537228 core:CurrentFinancialInstruments 2023-04-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 00537228 (England and Wales)

J GLIDDON & SONS LIMITED

Unaudited Financial Statements
For the financial period from 01 April 2023 to 31 December 2023
Pages for filing with the registrar

J GLIDDON & SONS LIMITED

Unaudited Financial Statements

For the financial period from 01 April 2023 to 31 December 2023

Contents

J GLIDDON & SONS LIMITED

BALANCE SHEET

As at 31 December 2023
J GLIDDON & SONS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 31.03.2023
£ £
Fixed assets
Tangible assets 3 9,080 9,989
Investment property 4 4,386,185 3,005,839
Investments 5 1 1
4,395,266 3,015,829
Current assets
Stocks 6 179,750 213,437
Debtors 7 845,042 1,029,676
Investments 8 19,221 16,102
Cash at bank and in hand 1,805,190 3,130,014
2,849,203 4,389,229
Creditors: amounts falling due within one year 9 ( 1,395,381) ( 1,539,779)
Net current assets 1,453,822 2,849,450
Total assets less current liabilities 5,849,088 5,865,279
Provision for liabilities ( 23,739) ( 23,739)
Net assets 5,825,349 5,841,540
Capital and reserves
Called-up share capital 109,789 109,789
Fair value reserve 239,984 236,865
Capital redemption reserve 300,000 300,000
Profit and loss account 5,175,576 5,194,886
Total shareholders' funds 5,825,349 5,841,540

For the financial period ending 31 December 2023 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 J Gliddon & Sons Limited (registered number: 00537228) were approved and authorised for issue by the Director on 23 May 2025. They were signed on its behalf by:

D J Gliddon
Director
J GLIDDON & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2023 to 31 December 2023
J GLIDDON & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 April 2023 to 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, as well as rents received, 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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.

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:

Land and buildings depreciated over the life of the lease
Plant and machinery 3 - 10 years straight line
Vehicles 25 % reducing balance

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

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.

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 manufacturing overheads based on normal levels of activity. 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.

Ordinary share capital

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

2. Employees

Period from
01.04.2023 to
31.12.2023
Period from
30.10.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the period, including the director 15 15

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 60,473 385,529 75,535 521,537
Additions 0 1,194 0 1,194
At 31 December 2023 60,473 386,723 75,535 522,731
Accumulated depreciation
At 01 April 2023 60,473 385,529 65,546 511,548
Charge for the financial period 0 230 1,873 2,103
At 31 December 2023 60,473 385,759 67,419 513,651
Net book value
At 31 December 2023 0 964 8,116 9,080
At 31 March 2023 0 0 9,989 9,989

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 3,005,839
Additions 1,380,346
As at 31 December 2023 4,386,185

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.

5. Fixed asset investments

Investments in subsidiaries

31.12.2023
£
Cost
At 01 April 2023 1
At 31 December 2023 1
Carrying value at 31 December 2023 1
Carrying value at 31 March 2023 1

6. Stocks

31.12.2023 31.03.2023
£ £
Stocks 179,750 213,437

7. Debtors

31.12.2023 31.03.2023
£ £
Trade debtors 69,371 82,450
Amounts owed by Group undertakings 343,307 343,307
Other debtors 432,364 603,919
845,042 1,029,676

8. Current asset investments

31.12.2023 31.03.2023
£ £
At 1 April 16,102 16,481
Fair Value Adjustment 3,119 ( 379)
19,221 16,102

9. Creditors: amounts falling due within one year

31.12.2023 31.03.2023
£ £
Trade creditors 214,963 219,651
Taxation and social security 384,991 767,426
Other creditors 795,427 552,702
1,395,381 1,539,779

There are no amounts included above in respect of which any security has been given by the small entity.

10. Related party transactions

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.