Gill Marsh Forecourts Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Gill Marsh Forecourts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09518826 . The registered office is Bilsby Filling Station, Alford Road, Bilsby, Alford, Lincolnshire, LN13 9PY.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. 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.

Sale of goods – retail

The company/group operates retail shops for the sale of a range of branded and own branded products. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card.

Sales are made to retail customers with a right to return within 28 days, subject to certain conditions regarding the usage. Accumulated experience is used to estimate and provide for such returns at the time of sale.

On initial recognition the company treats this as two transactions and allocates the consideration received between the award and the other sale components.

Sale of goods – internet based transactions

The group sells goods via its websites for delivery to the customer or ‘click and collect’ at its retail shops. Revenue is recognised when the risks and rewards of the inventory are passed to the customer. For deliveries to the customer this is the point of acceptance of the goods by the customer and for ‘click and collect’ this is the time of collection. Transactions are settled by credit or payment card.

Provision is made for credit notes based on the expected level of returns which is based on the historical experience of returns.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.

2.4. Tangible Fixed Assets and Depreciation

Freehold property used in the business is classified as property, plant and equipment and measured using the revaluation model. Revaluations are performed with sufficient regularity to ensure that the carrying amount does not differ materially from fair value.

Plant and machinery and motor vehicles are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	1% Cost
Plant & Machinery	25% Cost
Motor Vehicles	25% Cost
Fixtures & Fittings	10% Cost
Computer Equipment	33% Cost

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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Gill Marsh Forecourts Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Stocks and Work in Progress

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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 48 (2024: 40)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 April 2024	8

As at 31 March 2025	8

Amortisation
As at 1 April 2024	8

As at 31 March 2025	8

Net Book Value
As at 31 March 2025	-

As at 1 April 2024	-

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Gill Marsh Forecourts Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 April 2024	1,934,634	839,054	101,994	75,022
Additions	854,910	21,507	17,995	16,616
Disposals	-	-	(6,495 )	-

As at 31 March 2025	2,789,544	860,561	113,494	91,638

Depreciation
As at 1 April 2024	266,846	649,550	50,238	40,885
Provided during the period	17,661	38,205	15,349	8,464
Disposals	-	-	(1,674 )	-

As at 31 March 2025	284,507	687,755	63,913	49,349

Net Book Value
As at 31 March 2025	2,505,037	172,806	49,581	42,289

As at 1 April 2024	1,667,788	189,504	51,756	34,137


	Computer Equipment	Total
	£	£
Cost
As at 1 April 2024	13,424	2,964,128
Additions	10,920	921,948
Disposals	-	(6,495 )

As at 31 March 2025	24,344	3,879,581

Depreciation
As at 1 April 2024	9,134	1,016,653
Provided during the period	3,670	83,349
Disposals	-	(1,674 )

As at 31 March 2025	12,804	1,098,328

Net Book Value
As at 31 March 2025	11,540	2,781,253

As at 1 April 2024	4,290	1,947,475

6. Stocks

	2025	2024
	£	£
Stock	408,282	235,968

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Gill Marsh Forecourts Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	11,567	14,525
Amounts owed by participating interests	1,552,501	1,406,616
Other debtors	33,288	26,064

	1,597,356	1,447,205

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	80,787	11,988
Trade creditors	202,334	173,910
Bank loans and overdrafts	78,116	84,868
Other loans	241,966	26,055
Other creditors	1,227,108	1,167,790
Taxation and social security	100,832	91,507

	1,931,143	1,556,118

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	10,328	23,440
Bank loans	1,437,370	978,087
Other loans	58,700	244,995

	1,506,398	1,246,522

10. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	80,787	11,988
Later than one year and not later than five years	10,328	23,440

	91,115	35,428

	91,115	35,428

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	1,000	1,000

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		2,781,253		1,947,475

			2,781,253		1,947,475
CURRENT ASSETS
Stocks	6	408,282		235,968
Debtors	7	1,597,356		1,447,205
Cash at bank and in hand		83,281		335,451

		2,088,919		2,018,624
Creditors: Amounts Falling Due Within One Year	8	(1,931,143 )		(1,556,118 )

NET CURRENT ASSETS (LIABILITIES)			157,776		462,506

TOTAL ASSETS LESS CURRENT LIABILITIES			2,939,029		2,409,981

Creditors: Amounts Falling Due After More Than One Year	9		(1,506,398 )		(1,246,522 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(326,996 )		(119,669 )

NET ASSETS			1,105,635		1,043,790

CAPITAL AND RESERVES
Called up share capital	11		1,000		1,000
Profit and Loss Account			1,104,635		1,042,790

SHAREHOLDERS' FUNDS			1,105,635		1,043,790