Registered number
SC522366
GILHOL LTD
Filleted Accounts
31 December 2024
GILHOL LTD
Registered number: SC522366
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 462,920 462,920
Current assets
Debtors 4 - 3,736
Cash at bank and in hand 446 1,117
446 4,853
Creditors: amounts falling due within one year 5 (232,385) (223,740)
Net current liabilities (231,939) (218,887)
Total assets less current liabilities 230,981 244,033
Creditors: amounts falling due after more than one year 6 (43,635) (71,800)
Net assets 187,346 172,233
Capital and reserves
Called up share capital 100 100
Profit and loss account 187,246 172,133
Shareholders' funds 187,346 172,233
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Joseph Holland
Director
Approved by the board on 23 September 2025
GILHOL LTD
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2024 462,920
At 31 December 2024 462,920
Depreciation
At 31 December 2024 -
Net book value
At 31 December 2024 462,920
At 31 December 2023 462,920
The property was valued on 24 May 2016 at the date of aquisition at the value of £462,920. The Dirctors have been informed that there has been no change in the value of the Land & Buildings in the year to 31 December 2024.
4 Debtors 2024 2023
£ £
Other debtors - 3,736
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 34,552 43,693
Trade creditors - 3,689
Taxation and social security costs 3,589 12,845
Other creditors 194,244 163,513
232,385 223,740
6 Directors loan account
Including in other creditors is the sum of £73,785 (£ 70427 - 2023)
for Directors loan accounts which will be repayable upon demand.
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 43,635 71,800
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 78,187 115,493
The bank loan from The Bank of Scotland is secured by a Floating Charge covering all property or undertaking by the company.
8 Related party transactions
Included in other creditors is the sum of £30487 (2023 £14322) which is due to Ian Glimour Transport Limited which is a connected company by Director and Shareholder, and £89022 (2023 £78142) which is due to J & W Holland (Haulage) LLP which is connected by Mr Joe Holland as a Director and Partner. The transactions made were on a strictly business basis and the amount due are repayable on commercial terms.
9 Other information
GILHOL LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
2 Nickel Cottages
Southbank Road
Kirkintilloch
East Dunbartonshire
G66 1UB
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