REGISTERED NUMBER: 03891570 (England and Wales)

GILCHRIST CONTROL SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTOR:

Dr S G Pickering

SECRETARY:

Mrs H B Pickering

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

REGISTERED NUMBER:

03891570 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

26 Park Road

Melton Mowbray

Leicestershire

LE13 1TT

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

78,122

92,276

Investment property

6

200,000

200,000

278,122

292,276

CURRENT ASSETS

Inventories

5,500

11,000

Debtors

7

213,254

77,557

Cash at bank

31,543

9,748

250,297

98,305

CREDITORS

Amounts falling due within one year

8

374,925

247,775

NET CURRENT LIABILITIES

(124,628

)

(149,470

)

TOTAL ASSETS LESS CURRENT LIABILITIES

153,494

142,806

CREDITORS

Amounts falling due after more than one year

9

(14,951

)

(47,826

)

PROVISIONS FOR LIABILITIES

(21,859

)

(22,945

)

NET ASSETS

116,684

72,035

CAPITAL AND RESERVES

Called up share capital

10

100

100

Revaluation reserve

11

55,727

55,727

Retained earnings

60,857

16,208

SHAREHOLDERS' FUNDS

116,684

72,035

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2025 and were signed by:

Dr S G Pickering - Director

1.	STATUTORY INFORMATION

Gilchrist Control Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of 4 years.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost, 25% on reducing balance, 15% on cost and 2% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the income statement and the revaluation reserve. No depreciation is provided in respect of investment properties.

Inventories

Inventories are stated at the lower of cost and fair value less costs to complete and sell after making due allowance for obsolete and slow moving items. Inventories are accounted for on a first-in-first-out basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance lease are depreciated over their useful lives or the lease term whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future repayments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

450

AMORTISATION

At 1 January 2024

and 31 December 2024

450

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

57,670

190,035

247,705

Additions

-

6,542

6,542

Disposals

-

(25,792

)

(25,792

)

At 31 December 2024

57,670

170,785

228,455

DEPRECIATION

At 1 January 2024

-

155,429

155,429

Charge for year

1,153

7,565

8,718

Eliminated on disposal

-

(13,814

)

(13,814

)

At 31 December 2024

1,153

149,180

150,333

NET BOOK VALUE

At 31 December 2024

56,517

21,605

78,122

At 31 December 2023

57,670

34,606

92,276

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

200,000

NET BOOK VALUE

At 31 December 2024

200,000

At 31 December 2023

200,000

Investment property was valued on an open market basis on 31 December 2024 by the directors. The methods and assumptions used to ascertain fair values are as follows:

The valuations were prepared having regard to the market based evidence for similar properties sold in the local area.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

212,071

75,171

Other debtors

400

400

Prepayments and accrued income

783

1,986

213,254

77,557

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

29,236

25,775

Hire purchase contracts

4,062

3,807

Trade creditors

90,845

29,523

Taxation

22,126

12,578

Other taxes and social security

35,770

9,611

Other creditors

5,019

10,009

Directors' current accounts

108,697

147,116

Accruals and deferred income

79,170

9,356

374,925

247,775

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 1-2 years

5,244

29,236

Bank loans - 2-5 years

-

5,244

Hire purchase contracts

9,707

13,346

14,951

47,826

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary shares

£1

100

100

11.

RESERVES

Revaluation

reserve

£

At 1 January 2024

and 31 December 2024

55,727

The aggregate surplus on re-measurement of investment properties, net of associated tax, is transferred to a separate non-distributable reserve in order to assist with the identification of profits available for distribution.