REGISTERED NUMBER: 00214645 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Pratt & Gelsthorpe, Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

590,209

597,898

Investment property

5

745,000

745,000

1,335,209

1,342,898

CURRENT ASSETS

Stocks

1,069,681

1,135,271

Debtors

6

85,086

133,116

Cash at bank and in hand

476,837

563,764

1,631,604

1,832,151

CREDITORS

Amounts falling due within one year

7

501,496

651,162

NET CURRENT ASSETS

1,130,108

1,180,989

TOTAL ASSETS LESS CURRENT LIABILITIES

2,465,317

2,523,887

PROVISIONS FOR LIABILITIES

4,509

5,636

NET ASSETS

2,460,808

2,518,251

CAPITAL AND RESERVES

Called up share capital

8

4,000

4,000

Revaluation reserve

9

89,517

89,517

Fair value reserve

9

483,647

483,647

Retained earnings

1,883,644

1,941,087

SHAREHOLDERS' FUNDS

2,460,808

2,518,251

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 Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

R Gelsthorpe - Director

1.	STATUTORY INFORMATION

Pratt & Gelsthorpe, Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

00214645

Registered office:

18 Baldertongate

Newark

Nottinghamshire

NG24 1UF

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 as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through the profit or loss.

Turnover

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

Tangible fixed assets

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

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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 27 (2023 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Land and

Plant and

and

Computer

Buildings

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

609,999

82,910

21,785

35,462

750,156

DEPRECIATION

At 1 January 2024

34,646

62,854

19,569

35,189

152,258

Charge for year

3,180

4,010

444

55

7,689

At 31 December 2024

37,826

66,864

20,013

35,244

159,947

NET BOOK VALUE

At 31 December 2024

572,173

16,046

1,772

218

590,209

At 31 December 2023

575,353

20,056

2,216

273

597,898

Included in cost of land and buildings is freehold land of £ 152,500 (2023 - £ 152,500 ) which is not depreciated.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

745,000

NET BOOK VALUE

At 31 December 2024

745,000

At 31 December 2023

745,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2014

398,206

Valuation in 2021

150,060

Valuation in 2022

(64,618

)

Cost

261,352

745,000

Investment property was valued on an open market basis on 27 September 2023 by Wood Moore & Co .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

63,903

44,609

Other debtors

21,183

88,507

85,086

133,116

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

376,954

448,227

Taxation and social security

29,111

93,805

Other creditors

95,431

109,130

501,496

651,162

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2,680

Ordinary A

£1

2,967

2,967

787

Ordinary B

£1

500

500

533

Ordinary C

£1

533

533

4,000

4,000

9.

RESERVES

Fair

Revaluation

value

reserve

reserve

Totals

£

£

£

At 1 January 2024

and 31 December 2024

89,517

483,647

573,164

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Colcomb FCCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

R Gelsthorpe and J Gelsthorpe

Balance outstanding at start of year

71,000

50,000

Amounts advanced

-

71,000

Amounts repaid

(70,187

)

(50,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

813

71,000