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Registration number: 00529378

Gilbert and Coles (Plymouth) Limited

Unaudited Filleted Financial Statements

for the Year Ended 9 February 2025

 

Gilbert and Coles (Plymouth) Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Gilbert and Coles (Plymouth) Limited

(Registration number: 00529378)
Statement of Financial Position as at 9 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

105,373

100,472

Current assets

 

Cash at bank and in hand

 

263,908

265,271

Creditors: Amounts falling due within one year

5

(3,265)

(1,828)

Net current assets

 

260,643

263,443

Total assets less current liabilities

 

366,016

363,915

Provisions for liabilities

(24,854)

(22,354)

Net assets

 

341,162

341,561

Capital and reserves

 

Called up share capital

4,500

4,500

Profit and loss account

336,662

337,061

Shareholders' funds

 

341,162

341,561

For the financial year ending 9 February 2025 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 provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 29 May 2025
 


Mr R S Gilbert
Director

 

Gilbert and Coles (Plymouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 9 February 2025

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:
Plym House,
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is property investment.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent due and recharged expenses.

 

Gilbert and Coles (Plymouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 9 February 2025 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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 income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Computer equipment

20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially 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 changes in fair value are recognised in profit or loss.

 

Gilbert and Coles (Plymouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 9 February 2025 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2024 - 1).

 

Gilbert and Coles (Plymouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 9 February 2025 (continued)

4

Tangible assets

Freehold property
£

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 10 February 2024

100,000

1,564

428

101,992

Revaluations

5,000

-

-

5,000

At 9 February 2025

105,000

1,564

428

106,992

Depreciation

At 10 February 2024

-

1,434

86

1,520

Charge for the year

-

13

86

99

At 9 February 2025

-

1,447

172

1,619

Carrying amount

At 9 February 2025

105,000

117

256

105,373

At 9 February 2024

100,000

130

342

100,472


Investment property

The market valuation of the investment property has been provided by the director based on market conditions.

The cost of the freehold investment property of £60,000 is the deemed cost arising on the transition to FRS102. The actual original cost of the property was £1,581.

 

Gilbert and Coles (Plymouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 9 February 2025 (continued)

5

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Taxation and social security

1,355

-

Accruals and deferred income

1,000

955

Other creditors

910

873

3,265

1,828

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. The profit and loss account includes undistributable reserves of £78,565 (2024: £74,815).

7

Related party transactions

Transactions with the director

2025

At 10 February 2024
£

Repayments by director
£

At 9 February 2025
£

Mr R S Gilbert

Director

(749)

-

(749)

       
     

 

2024

At 10 February 2023
£

Repayments by director
£

At 9 February 2024
£

Mr R S Gilbert

Director

(534)

(215)

(749)

The director has supplied an interest free loan to the entity which is repayable on demand.