Gilmore Services Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI058496

Gilmore Services Limited

Filleted Unaudited Financial Statements

31 March 2025

Gilmore Services Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	7		20,024,502	17,337,620

Current assets

Stocks		11,084,313	9,769,815
Debtors	8	1,077,955	1,188,722
Cash at bank and in hand		2,046,922	140,543
		-------------	-------------
		14,209,190	11,099,080

Creditors: amounts falling due within one year	9	11,492,212		11,282,744
		-------------		-------------
Net current assets/(liabilities)			2,716,978	( 183,664)
			-------------	-------------
Total assets less current liabilities			22,741,480	17,153,956

Creditors: amounts falling due after more than one year	10		17,660,960	12,525,644

Provisions

Taxation including deferred tax	( 725,828)	( 590,328)
	-------------	-------------
Net assets	4,354,692	4,037,984
	-------------	-------------

Capital and reserves

Called up share capital	12	2	2
Share premium account		621,361	621,361
Profit and loss account		3,733,329	3,416,621
		------------	------------
Shareholders funds		4,354,692	4,037,984
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2025 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 year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Gilmore Services Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 2 December 2025 , and are signed on behalf of the board by:

Mr M Gilmore
Director

Company registration number: NI058496

Gilmore Services Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 125-127 Connsbrook Avenue, Belfast, BT4 1JX, Northern Ireland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are stated at historic cost less accumulated depreciation. The cost of tangible assets is their purchase cost, together with any incidental costs of acquisition.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant & machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25 % reducing balance

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes all expenditure incurred in bringing each product to its present location and condition. The cost of stock is determined using the first in, first out method. Net realisable value is based on estimated selling prices less future costs expected to be incurred to completion and disposal. Provision is made for obsolete, slow moving or defective items where appropriate.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2024: 15 ).

5. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Deferred tax:

Origination and reversal of timing differences	135,500	145,221
	---------	---------
Tax on profit	135,500	145,221
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	502,708	884,225
	---------	---------
Profit on ordinary activities by rate of tax	–	221,056
Effect of capital allowances and depreciation	–	( 1,817,348)
Movement in losses	–	1,596,292
Deferred tax adjustment	135,500	145,221
	---------	------------
Tax on profit	135,500	145,221
	---------	------------

6. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	50,500	45,000
	--------	--------

7. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	695,918	134,724	333,353	20,172,400	21,336,395
Additions	–	32,522	–	6,011,380	6,043,902
Disposals	–	–	( 64,798)	( 443,685)	( 508,483)
	---------	---------	---------	-------------	-------------
At 31 March 2025	695,918	167,246	268,555	25,740,095	26,871,814
	---------	---------	---------	-------------	-------------
Depreciation
At 1 April 2024	166,385	61,695	110,713	3,659,982	3,998,775
Charge for the year	9,918	22,996	39,798	3,014,983	3,087,695
Disposals	–	–	( 1,350)	( 237,808)	( 239,158)
	---------	---------	---------	-------------	-------------
At 31 March 2025	176,303	84,691	149,161	6,437,157	6,847,312
	---------	---------	---------	-------------	-------------
Carrying amount
At 31 March 2025	519,615	82,555	119,394	19,302,938	20,024,502
	---------	---------	---------	-------------	-------------
At 31 March 2024	529,533	73,029	222,640	16,512,418	17,337,620
	---------	---------	---------	-------------	-------------

8. Debtors

	2025	2024
	£	£
Trade debtors	975,871	637,957
Amounts owed by group undertakings and undertakings in which the company has a participating interest	82,084	167,830
Other debtors	20,000	382,935
	------------	------------
	1,077,955	1,188,722
	------------	------------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	307,348	285,184
Trade creditors	4,232,657	2,574,595
Social security and other taxes	114,064	22,275
Other creditors	6,838,143	8,400,690
	-------------	-------------
	11,492,212	11,282,744
	-------------	-------------

The bank loans & overdrafts are secured by a fixed and floating charge over the assets of the company.

10. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Other creditors	17,660,960	12,525,644
	-------------	-------------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions	725,828	590,328
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	725,828	590,328
	---------	---------

12. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

13. Related party transactions

The company is related to Just Tanker Services UK Limited by virtue of the same 100% ownership of the shares, and the same director.

14. Controlling party

The company is a private company, limited by shares. It is registered in Northern Ireland ( NI058496 ) with its registered office at 125 - 127 Connsbrook Avenue, Belfast, BT4 1JX. The company was under the control of Mr M Gilmore throughout the current period. Mr M Gilmore is the sole managing director and shareholder.