Gelli Mor Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 7481473

Gelli Mor Ltd

Filleted Unaudited Financial Statements

31 January 2025

Gelli Mor Ltd

Financial Statements

Year ended 31 January 2025

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 8

Gelli Mor Ltd

Statement of Financial Position

31 January 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	6	716,093	327,312
Investments	7	1	1
		---------	---------
		716,094	327,313

Current assets

Debtors	8	52,306	8,587
Cash at bank and in hand		66,734	368,140
		---------	---------
		119,040	376,727

Creditors: amounts falling due within one year	9	( 149,250)	( 125,108)
		---------	---------
Net current (liabilities)/assets		( 30,210)	251,619
		---------	---------
Total assets less current liabilities		685,884	578,932

Creditors: amounts falling due after more than one year	10	( 438,153)	( 361,818)

Provisions	11	–	( 3,779)
		---------	---------
Net assets		247,731	213,335
		---------	---------

Capital and reserves

Called up share capital	13	10	10
Profit and loss account		247,721	213,325
		---------	---------
Shareholders funds		247,731	213,335
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Gelli Mor Ltd

Statement of Financial Position (continued)

31 January 2025

These financial statements were approved by the board of directors and authorised for issue on 16 September 2025 , and are signed on behalf of the board by:

Mr C D Picton

Director

Company registration number: 7481473

Gelli Mor Ltd

Notes to the Financial Statements

Year ended 31 January 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gelli Mor Ltd , Hill Mountain, Houghton, Milford Haven, Pembrokeshire, SA73 1NB.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property	-	2% straight line
Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 20 (2024: 21 ).

5. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	49,836	15,514

Deferred tax:

Origination and reversal of timing differences	( 3,779)	849
	--------	--------
Tax on profit	46,057	16,363
	--------	--------

6. Tangible assets

	Property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 February 2024	285,000	76,285	12,891	85,494	459,670
Additions	330,981	2,138	3,200	107,710	444,029
	---------	--------	--------	---------	---------
At 31 January 2025	615,981	78,423	16,091	193,204	903,699
	---------	--------	--------	---------	---------
Depreciation
At 1 February 2024	28,500	57,758	6,383	39,717	132,358
Charge for the year	12,320	3,100	1,456	38,372	55,248
	---------	--------	--------	---------	---------
At 31 January 2025	40,820	60,858	7,839	78,089	187,606
	---------	--------	--------	---------	---------
Carrying amount
At 31 January 2025	575,161	17,565	8,252	115,115	716,093
	---------	--------	--------	---------	---------
At 31 January 2024	256,500	18,527	6,508	45,777	327,312
	---------	--------	--------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 January 2025	113,351
	---------
At 31 January 2024	43,425
	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 February 2024 and 31 January 2025	1
	----
Impairment
At 1 February 2024 and 31 January 2025	–
	----

Carrying amount
At 31 January 2025	1
	----
At 31 January 2024	1
	----

8. Debtors

	2025	2024
	£	£
Trade debtors	52,306	–
Other debtors	–	8,587
	--------	-------
	52,306	8,587
	--------	-------

Other debtors include an amount of £nil (2024 - £nil) falling due after more than one year.

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts (secured)	11,942	33,891
Amounts due from group undertakings	14,923	6,202
Corporation tax	49,829	15,441
Social security and other taxes	6,145	5,952
Amounts owed to group undertakings	39,133	45,300
Other creditors	27,278	18,322
	---------	---------
	149,250	125,108
	---------	---------

The bank facilities are secured by legal charges held by Barclays Bank PLC and National Westminister Bank PLC over the properties of the company.

10. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts (secured)	305,468	295,460
Amounts due from group undertakings	106,685	40,358
Other creditors	26,000	26,000
	---------	---------
	438,153	361,818
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £257,701 (2024: £159,896) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

11. Provisions

	Deferred tax (note 12)
	£
At 1 February 2024	3,779
Charge against provision	( 3,779)
	-------
At 31 January 2025	–
	-------

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 11)	–	3,779
	----	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	–	3,779
	----	-------

13. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary A shares of £ 1 each	5	5	5	5
Ordinary B shares of £ 1 each	5	5	5	5
	----	----	----	----
	10	10	10	10
	----	----	----	----

14. Related party transactions

The company was under the control of Mr C D Picton and Mrs N F Picton, the directors, throughout the current and previous year by virtue of their combined interest in 100% of the issued share capital. During the year the company paid dividends totalling £198,500 (2024 - £162,501) to Mr C D Picton and Mrs N F Picton, the directors. During the year the company paid rent of £4,800 (2024 - £4,800) to Mr C D Picton and Mrs N F Picton, the directors.