Gillson Bros Limited

Contents

Company Information	1
Statement of Financial Position	2 to 3
Notes to the Unaudited Financial Statements	4 to 12

Company Information

Directors

Mr W Tottle

Mrs D Tottle

Mrs C Tottle

Company secretary

Mrs D Tottle

Registered office

Unit 4
East Quay
Bridgwater
Somerset
TA6 4DB

Gillson Bros Limited

(Registration number: 00395670)
Statement of Financial Position as at 31 May 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	5	54,574	61,840
Investment property	6	2,709,461	2,709,461
		2,764,035	2,771,301
Current assets
Debtors	7	16,179	5,005
Cash at bank and in hand		279,900	285,923
		296,079	290,928
Creditors: Amounts falling due within one year	8	(33,446)	(35,090)
Net current assets		262,633	255,838
Total assets less current liabilities		3,026,668	3,027,139
Creditors: Amounts falling due after more than one year	8	-	(2,014)
Provisions for liabilities		(366,820)	(368,315)
Net assets		2,659,848	2,656,810
Capital and reserves
Called up share capital		10,000	10,000
Revaluation reserve		11,162	11,504
Other reserves		1,903,576	1,903,576
Profit and loss account		735,110	731,730
Shareholders' funds		2,659,848	2,656,810

For the financial year ending 31 May 2026 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Gillson Bros Limited

(Registration number: 00395670)
Statement of Financial Position as at 31 May 2026 (continued)

Approved and authorised by the Board on 2 October 2026 and signed on its behalf by:

.................................
Mr W Tottle
Director

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2026

1	General information

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

The address of its registered office is:
Unit 4
East Quay
Bridgwater
Somerset
TA6 4DB

Principal activity

The principal activity of the company is rental of industrial premises within the UK.

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 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 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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2026 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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 initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2026 (continued)

2	Accounting policies (continued)

Investment property

Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenses.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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.

Leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Financial instruments

Recognition and measurement
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.

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2026 (continued)

2	Accounting policies (continued)

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:

Depreciation method and rate for tangible assets
Asset class	Depreciation method and rate
Freehold property	1% straight line
Plant and machinery	15% reducing balance
Motor vehicles	25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2025 - 3).

4

Taxation

Tax charged/(credited) in the statement of comprehensive income

	2026 £	2025 £
Current taxation
UK corporation tax	3,476	8,987
Deferred taxation
Arising from origination and reversal of timing differences	(1,496)	109,361
Tax expense in the income statement	1,980	118,348

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2026 (continued)

5	Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
£

Total
£

Cost or valuation

At 1 June 2025

49,645

28,658

53,000

131,303

At 31 May 2026

49,645

28,658

53,000

131,303

Depreciation

At 1 June 2025

14,884

25,204

29,375

69,463

Charge for the year

993

367

5,906

7,266

At 31 May 2026

15,877

25,571

35,281

76,729

Carrying amount

At 31 May 2026

33,768

3,087

17,719

54,574

At 31 May 2025

34,761

3,454

23,625

61,840

Included within the net book value of land and buildings above is £33,768 (2025 - £34,761) in respect of freehold land and buildings.

6	Investment properties

	2026 £
At 1 June	2,709,461
At 31 May	2,709,461

Investment properties are revalued by the directors at the end of each financial year in line with current market conditions.

Investment property is held at its current fair value with changes in the fair value posted through the profit and loss account each year.

All properties held by the company were revalued by Tamlyn and Son, Chartered Surveyors in July 1999 on an open market value basis. The property includes 7 units, of which one is used by the company, and the remaining units are rented. The rented units are shown as investment property, and the unit used by the company as freehold property.

The historical cost of the Investment Property valued at £2,709,461 (2025: £2,709,461) is £443,934 (2025: £443,934)

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2026 (continued)

7

Debtors

	2026 £	2025 £
Trade debtors	12,207	913
Prepayments	3,972	4,092
	16,179	5,005

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2026 (continued)

8

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings	11	1,747	10,149
Trade creditors		750	16
Taxation and social security		17,935	19,058
Accruals and deferred income		10,517	4,100
Other creditors		2,497	1,767
		33,446	35,090

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Due after one year
Loans and borrowings	11	-	2,014

9	Provisions for liabilities

	Deferred tax £	Total £
At 1 June 2025	368,315	368,315
Increase (decrease) in existing provisions	(1,495)	(1,495)
At 31 May 2026	366,820	366,820

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

	Revaluation reserve £	Retained earnings £	Total £
Surplus/deficit on property, plant and equipment revaluation	-	342	342
Surplus/deficit on revaluation of other assets	(342)	-	(342)
	(342)	342	-

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2026 (continued)

10	Reserves (continued)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

	Revaluation reserve £	Retained earnings £	Total £
Surplus/deficit on property, plant and equipment revaluation	-	342	342
Surplus/deficit on revaluation of other assets	(342)	-	(342)
	(342)	342	-

Profit and loss account:

This reserve records retained earnings and accumulated losses and are made up of £737,090 (2024: £731,730) of distributable reserves.

Revaluation reserve:

This reserve is made up of £11,162 (2025: £11,504) which relates to the revaluation of the freehold property. The additional depreciation charge due to the revaluation is charged to the profit and loss at a rate of 2% annually.

Other reserves:

This reserve is made up of £1,903,576 (2025: £1,903,576) of non-distributable reserves which relates to the fair value movement of investment properties of £1,903,576 (2025: £1,903,576) less deferred tax on the revalued investment properties of £361,950 (2025: £361,950).

11	Loans and borrowings

Non-current loans and borrowings

	2026 £	2025 £

Bank borrowings	-	2,014

Current loans and borrowings

	2026 £	2025 £

Bank borrowings	1,747	10,149

Bank borrowings

Gillson Bros Limited

Notes to the Unaudited Financial Statements for the year ended 31 May 2026 (continued)

11	Loans and borrowings (continued)

The bank borrowings of the company are secured by first legal mortgage over industrial units, East Quay, Bridgwater, first legal mortgage over 0.5 acres of land, East Quay, Bridgwater, and an unscheduled mortgage debenture, incorporating fixed and floating charge over all current and future assets of the company.

	Land and buildings £	Plant and machinery £	Motor vehicles £	Total £
Cost or valuation
At 1 June 2025	49,645	28,658	53,000	131,303
At 31 May 2026	49,645	28,658	53,000	131,303
Depreciation
At 1 June 2025	14,884	25,204	29,375	69,463
Charge for the year	993	367	5,906	7,266
At 31 May 2026	15,877	25,571	35,281	76,729
Carrying amount
At 31 May 2026	33,768	3,087	17,719	54,574
At 31 May 2025	34,761	3,454	23,625	61,840