Registration number: 05923667

G & N Country Leisure Limited

trading as Tilletts Clothing

(Registration number: 05923667)
Abridged Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	6	333,879	602,901
Current assets
Stocks	7	206,097	100,476
Debtors	8	238,081	30,817
Cash at bank and in hand		268,643	503,230
		712,821	634,523
Prepayments and accrued income		51,318	80,356
Creditors: Amounts falling due within one year		(287,620)	(453,429)
Net current assets		476,519	261,450
Total assets less current liabilities		810,398	864,351
Creditors: Amounts falling due after more than one year		(210,969)	(274,720)
Provisions for liabilities		(82,563)	(18,590)
Accruals and deferred income		(13,320)	(12,171)
Net assets		503,546	558,870
Capital and reserves
Called up share capital	9	5	5
Retained earnings		503,541	558,865
Shareholders' funds		503,546	558,870

For the financial year ending 31 December 2024 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

G & N Country Leisure Limited

trading as Tilletts Clothing

(Registration number: 05923667)
Abridged Balance Sheet as at 31 December 2024

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 21 August 2025 and signed on its behalf by:
 

......................................... Mrs Melanie Tillett Director

G & N Country Leisure Limited

trading as Tilletts Clothing

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 3 & 4
Premier Business Units
Wilton Road
Grimsby
DN36 4AN

These financial statements were authorised for issue by the Board on 21 August 2025.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

G & N Country Leisure Limited

trading as Tilletts Clothing

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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
Freehold property	2% straight line
Leasehold property	15% reducing balance
Motor vehicles	15% reducing balance
Computer equipment	33% straight line
Fixtures and fittings	15% reducing balance

G & N Country Leisure Limited

trading as Tilletts Clothing

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Website	33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

G & N Country Leisure Limited

trading as Tilletts Clothing

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 38 (2023 - 34).

4	Profit before tax

Arrived at after charging/(crediting)

	2024 £	2023 £
Depreciation expense	95,245	51,704

G & N Country Leisure Limited

trading as Tilletts Clothing

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

5	Intangible assets

	Total £
Cost or valuation
At 1 January 2024	39,515
At 31 December 2024	39,515
Amortisation
At 1 January 2024	39,515
At 31 December 2024	39,515
Carrying amount
At 31 December 2024	-

6	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	608,867	136,663	37,380	782,910
Additions	-	329,844	-	329,844
Disposals	(534,341)	(21,380)	-	(555,721)
At 31 December 2024	74,526	445,127	37,380	557,033
Depreciation
At 1 January 2024	80,327	69,406	30,276	180,009
Charge for the year	14,626	79,554	1,066	95,246
Eliminated on disposal	(42,747)	(9,354)	-	(52,101)
At 31 December 2024	52,206	139,606	31,342	223,154
Carrying amount
At 31 December 2024	22,320	305,521	6,038	333,879
At 31 December 2023	528,540	67,257	7,104	602,901

G & N Country Leisure Limited

trading as Tilletts Clothing

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2024

Included within the net book value of land and buildings above is £Nil (2023 - £502,281) in respect of freehold land and buildings and £22,320 (2023 - £26,259) in respect of long leasehold land and buildings.
 

7

Stocks

	2024 £	2023 £
Other inventories	206,097	100,476

8

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	5	5	5	5

10

Dividends

		2024		2023
		£		£
Interim dividend of £80,000.00 (2023 - £57,969.80) per ordinary share		400,000		289,849