Company No: 00537228 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	30.12.2024		31.12.2023
		£		£
Fixed assets
Tangible assets	3	6,657		9,080
Investment property	4	4,441,487		4,386,185
Investments	5	1		1
		4,448,145		4,395,266
Current assets
Stocks	6	224,061		179,750
Debtors
- due within one year	7	716,214		692,771
- due after more than one year	7	455,091		152,271
Investments	8	19,534		19,221
Cash at bank and in hand		1,213,417		1,805,190
		2,628,317		2,849,203
Creditors: amounts falling due within one year	9	( 1,367,246)		( 1,395,381)
Net current assets		1,261,071		1,453,822
Total assets less current liabilities		5,709,216		5,849,088
Provision for liabilities		( 23,739)		( 23,739)
Net assets		5,685,477		5,825,349
Capital and reserves
Called-up share capital		109,789		109,789
Fair value reserve		240,297		239,984
Capital redemption reserve		300,000		300,000
Profit and loss account		5,035,391		5,175,576
Total shareholders' funds		5,685,477		5,825,349

For the financial period ending 30 December 2024 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 financial statements for the financial period in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of J Gliddon & Sons Limited (registered number: 00537228) were approved and authorised for issue by the Director on 15 December 2025. They were signed on its behalf by:

D J Gliddon Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

J Gliddon & Sons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bank Street, Williton, Taunton, TA4 4NH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, as well as rents received, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	depreciated over the life of the lease
Plant and machinery	3 - 10 years straight line
Vehicles	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	Period from 01.01.2024 to 30.12.2024		Period from 01.04.2023 to 31.12.2023
	Number		Number
Monthly average number of persons employed by the Company during the period, including the director	15		15

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 January 2024	60,473		386,723		75,535		522,731
At 30 December 2024	60,473		386,723		75,535		522,731
Accumulated depreciation
At 01 January 2024	60,473		385,759		67,419		513,651
Charge for the financial period	0		394		2,029		2,423
At 30 December 2024	60,473		386,153		69,448		516,074
Net book value
At 30 December 2024	0		570		6,087		6,657
At 31 December 2023	0		964		8,116		9,080

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	4,386,185
Additions	55,302
As at 30 December 2024	4,441,487

Valuation

The investment properties class of fixed assets was valued at £4,441,487 by the director. The basis of this valuation was current market value.

There has been no valuation of investment property by an independent valuer.

5. Fixed asset investments

Investments in subsidiaries

	30.12.2024
	£
Cost
At 01 January 2024	1
At 30 December 2024	1
Carrying value at 30 December 2024	1
Carrying value at 31 December 2023	1

6. Stocks

	30.12.2024		31.12.2023
	£		£
Stocks	224,061		179,750

7. Debtors

	30.12.2024		31.12.2023
	£		£
Debtors: amounts falling due within one year
Trade debtors	79,653		69,371
Amounts owed by Group undertakings	343,307		343,307
Other debtors	293,254		280,093
	716,214		692,771
Debtors: amounts falling due after more than one year
Other debtors	455,091		152,271

8. Current asset investments

	30.12.2024		31.12.2023
	£		£
At 1 April	19,221		16,102
Fair Value Adjustment	313		3,119
	19,534		19,221

9. Creditors: amounts falling due within one year

	30.12.2024		31.12.2023
	£		£
Trade creditors	197,035		214,963
Taxation and social security	385,838		384,991
Other creditors	784,373		795,427
	1,367,246		1,395,381

There are no amounts included above in respect of which any security has been given by the small entity.

10. Related party transactions

Transactions with the entity's director

The Director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2023, the balance owed by the director was £173,282. During the period, £13,105 was advanced to the director. The loan was repaid in full by the director at 31 December 2023. There were no advances in the period ended 30 December 2024.

J Gliddon Associated Bare Trust

There is a loan account with a trust of which the participators are beneficiaries. It is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 January 2024, the balance owed by the trust was £271,853. During the period £2,421 was advanced to the trust. At 30 December 2024, the balance owed by the trust was £274,274.

At 1 April 2023, the balance owed by the trust was £240,109. During the period £88,411 was advanced to the trust, and £56,667 was repaid by the trust. At 31 December 2023, the balance owed by the trust was £271,853.