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Registered number: 02962664
GILLEN'S LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 MARCH 2018
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GILLEN'S LIMITED
REGISTERED NUMBER: 02962664
BALANCE SHEET
AS AT 31 MARCH 2018
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Page 1
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GILLEN'S LIMITED
REGISTERED NUMBER: 02962664
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 10 form part of these financial statements.
Page 2
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GILLEN'S LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2018
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Surplus on revaluation of other fixed assets
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Dividends: Equity capital
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Transfer to profit and loss account
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Transfer from revaluation reserve
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Dividends: Equity capital
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Transfer to profit and loss account
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The notes on pages 4 to 10 form part of these financial statements.
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Page 3
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GILLEN'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
The company is a private company, limited by share capital, incorporated in England and Wales and its registered office is:
The Golden Lion
Dunston Road
Hartlepool
TS26 0EN
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The directors, having made due and careful enquiry are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Page 4
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GILLEN'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
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The average monthly number of employees, including directors, during the period was 22 (2017 - 26).
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Page 5
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GILLEN'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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Charge for the period on owned assets
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The net book value of land and buildings may be further analysed as follows:
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Page 6
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GILLEN'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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Investments in subsidiary company
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The following were subsidiary undertakings of the company:
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Leo's Home Made Sweets Limited
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The aggregate of the share capital and reserves as at 31 March 2018 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Leo's Home Made Sweets Limited
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Page 7
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GILLEN'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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Due after more than one year
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Prepayments and accrued income
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Cash and cash equivalents
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Page 8
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GILLEN'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Share capital treated as debt
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Share premium account
The share premium account represents the value of shares issued in the past at a value above par.
Revaluation reserve
The revaluation reserve represents the valuation of the freehold land and buildings of £444,578.
Profit & loss account
The profit and loss reserve represents cumulative profits or losses net of dividends paid and other adjustments.
Page 9
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GILLEN'S LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
Gillen's Limited has agreed to continue to financially support Gillens Wynyard Service Station Limited and Gillen's Sports Bar Limited for the foreseeable future.
The company has in place an unlimited cross guarantee in respect of bank borrowings with Gillen's Sports Bar Limited. At 31 March 2018 the total borrowings in respect of both businesses amount to £1,384.
The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £346 (2017 - £426). Contributions totalling £51 (2017 - £79) were payable to the fund at the balance sheet date
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Related party transactions
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At 31 March 2018 £Nil (1 April 2017: £90,919) was included in other debtors and £44,552 (1 April 2017: £45,552) was included in trade debtors and £28,611 (1 April 2017: £28,611) was included in trade creditors which are due to/from a partnership in which Mr L Gillen, Mrs L Walker and Mrs T Liddle have a controlling interest.
During the year the company received interest of £12,268 from this partnership.
At 31 March 2018 £39,392 (1 April 2017: £39,392) was due to Leo's Home Made Sweets Limited, a subsidiary.
Mr L Gillen, Mrs L Walker and Mrs T Liddle have a controlling interest in Gillens Sports Bar Limited and Gillens Wynyard Service Station Limited.
Included below are the following amounts owed to Gillen's Limited:-
At 31 March 2018 £204,124 (1 April 2017: £175,938) was included in other debtors and £156,016 (1 April 2017: £156,016) was included in trade debtors which are due from Gillens Wynyard Service Station Limited.
At 31 March 2018 £11,510 (1 April 2017: £11,510) was included in trade debtors and £91,471 (1 April 2017: £73,810) was included in other creditors which are due to/from Gillens Sports Bar Limited.
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The prior period financial statements relate to a 14 month period from 1 February 2016 to 31 March 2017.
Page 10
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