Gilliland Developments Ltd Filleted accounts for Companies House (small and micro)

GILLILAND DEVELOPMENTS LTD - Company Information

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COMPANY REGISTRATION NUMBER: NI054171

Gilliland Developments Ltd

Filleted Unaudited Abridged Financial Statements

28 February 2023

Gilliland Developments Ltd

Abridged Statement of Financial Position

28 February 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	4		631	610

Current assets

Stocks	266,101	216,101
Debtors	12,665	10,879
Cash at bank and in hand	1,998	18,927
	---------	---------
	280,764	245,907

Creditors: amounts falling due within one year	471,890		449,975
	---------		---------
Net current liabilities		191,126	204,068
		---------	---------
Total assets less current liabilities		( 190,495)	( 203,458)
		---------	---------
Net liabilities		( 190,495)	( 203,458)
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 190,595)	( 203,558)
	---------	---------
Shareholders deficit	( 190,495)	( 203,458)
	---------	---------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 28 February 2023 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 abridged financial statements for the year in question in accordance with section 476 ;

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

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

Gilliland Developments Ltd

Abridged Statement of Financial Position (continued)

28 February 2023

These abridged financial statements were approved by the board of directors and authorised for issue on 20 October 2023 , and are signed on behalf of the board by:

Sarah Gilliland Director

Company registration number: NI054171

Gilliland Developments Ltd

Notes to the Abridged Financial Statements

Year ended 28 February 2023

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 50 Commercial Road, Banbridge, Co Down, BT32 3ES.

2. Statement of compliance

These abridged 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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

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.

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:

Plant and Machinery	-	20% reducing balance
Fixtures and Fittings	-	20% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Tangible assets

	£
Cost
At 1 March 2022	13,935
Additions	179
	--------
At 28 February 2023	14,114
	--------
Depreciation
At 1 March 2022	13,325
Charge for the year	158
	--------
At 28 February 2023	13,483
	--------
Carrying amount
At 28 February 2023	631
	--------
At 28 February 2022	610
	--------

5. Related party transactions

The company was under the control of its director throughout the current and previous year. The amount of £448,400 (£450,775 - 2021) in respect of an unsecured loan from the director to the company is included in 'Creditors falling due within one year'. The loan is repayable on demand and no interest is chargeable. The amount of £2,375 was repaid to the director during the year.