ACCOUNTS - Final Accounts

GILLHAM HAYWARD LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-01-01 03127157 2017-01-01 2017-12-31 03127157 2016-01-01 2016-12-31 03127157 2017-12-31 03127157 2016-12-31 03127157 2016-01-01 03127157 c:Director2 2017-01-01 2017-12-31 03127157 d:Buildings d:LongLeaseholdAssets 2017-01-01 2017-12-31 03127157 d:Buildings d:LongLeaseholdAssets 2017-12-31 03127157 d:Buildings d:LongLeaseholdAssets 2016-12-31 03127157 d:Buildings d:ShortLeaseholdAssets 2017-01-01 2017-12-31 03127157 d:PlantMachinery 2017-01-01 2017-12-31 03127157 d:PlantMachinery 2017-12-31 03127157 d:PlantMachinery 2016-12-31 03127157 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 03127157 d:MotorVehicles 2017-01-01 2017-12-31 03127157 d:FurnitureFittings 2017-01-01 2017-12-31 03127157 d:FurnitureFittings 2017-12-31 03127157 d:FurnitureFittings 2016-12-31 03127157 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 03127157 d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 03127157 d:CurrentFinancialInstruments 2017-12-31 03127157 d:CurrentFinancialInstruments 2016-12-31 03127157 d:Non-currentFinancialInstruments 2017-12-31 03127157 d:Non-currentFinancialInstruments 2016-12-31 03127157 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-31 03127157 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 03127157 d:Non-currentFinancialInstruments d:AfterOneYear 2017-12-31 03127157 d:Non-currentFinancialInstruments d:AfterOneYear 2016-12-31 03127157 d:ShareCapital 2017-12-31 03127157 d:ShareCapital 2016-12-31 03127157 d:ShareCapital 2016-01-01 03127157 d:CapitalRedemptionReserve 2017-12-31 03127157 d:CapitalRedemptionReserve 2016-12-31 03127157 d:CapitalRedemptionReserve 2016-01-01 03127157 d:RetainedEarningsAccumulatedLosses 2017-01-01 2017-12-31 03127157 d:RetainedEarningsAccumulatedLosses 2017-12-31 03127157 d:RetainedEarningsAccumulatedLosses 2016-01-01 2016-12-31 03127157 d:RetainedEarningsAccumulatedLosses 2016-12-31 03127157 d:RetainedEarningsAccumulatedLosses 2016-01-01 03127157 c:FRS102 2017-01-01 2017-12-31 03127157 c:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 03127157 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 03127157 c:AbridgedAccounts 2017-01-01 2017-12-31 iso4217:GBP xbrli:pure

Registered number: 03127157

Gillham Hayward Limited

Unaudited

Financial statements

For the Year Ended 31 December 2017

Gillham Hayward Limited

Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Gillham Hayward Limited for the Year Ended 31 December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gillham Hayward Limited for the year ended 31 December 2017 which comprise the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Gillham Hayward Limited, as a body, in accordance with the terms of our engagement letter dated 21 September 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Gillham Hayward Limited and state those matters that we have agreed to state to the Board of Directors of Gillham Hayward Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gillham Hayward Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gillham Hayward Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Gillham Hayward Limited. You consider that Gillham Hayward Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Gillham Hayward Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Chartered Accountants

Montague Place

Quayside

Chatham Maritime

Chatham

Kent

ME4 4QU

17 December 2018

Page 1

Gillham Hayward Limited

Registered number: 03127157

Balance Sheet

As at 31 December 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		107,700		53,664
Investments	5		164,234		164,234
			271,934		217,898
Current assets
Stocks		748,837		246,175
Debtors: amounts falling due within one year	6	130,063		304,424
Cash at bank and in hand		1,883,346		294,873
		2,762,246		845,472
Creditors: amounts falling due within one year	7	(230,322)		(244,316)
Net current assets			2,531,924		601,156
Total assets less current liabilities			2,803,858		819,054
Creditors: amounts falling due after more than one year			(1,665,132)		(664,663)

Net assets			1,138,726		154,391

Capital and reserves
Called up share capital	8	79,694	79,694
Capital redemption reserve	9	20,306	20,306
Profit and Loss Account		1,038,726	54,391
		1,138,726	154,391

Page 2

Gillham Hayward Limited

Registered number: 03127157

Balance Sheet (continued)

As at 31 December 2017

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 year 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.

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 statement of comprehensive income 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 on 17 December 2018.

D R Hayward

Director

Page 3

Gillham Hayward Limited

Statement of Changes in Equity

For the Year Ended 31 December 2017

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2016	79,694	20,306	53,255	153,255

Profit for the year	-	-	1,136	1,136

At 1 January 2017	79,694	20,306	54,391	154,391

Profit for the year	-	-	1,003,832	1,003,832
Dividends: Equity capital	-	-	(19,497)	(19,497)
At 31 December 2017	79,694	20,306	1,038,726	1,138,726

	The notes on pages 5 to 11 form part of these financial statements.

Page 4

Gillham Hayward Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

1.	General information

Gillham Hayward Limited is a limited liability company incorporated in England. The company's registered office is Montague Place, Quayside, Chatham Maritime, Chatham, Kent, ME4 4QU. The principal place of business is 356 Luton Road, Luton, Chatham, Kent, ME4 5BD.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Revenue

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

Gillham Hayward Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

2.Accounting policies (continued)

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

2.5

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

2.8

Current and deferred taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

Gillham Hayward Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

2.Accounting policies (continued)

2.9

Tangible fixed assets

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.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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:

Short term leasehold property	-	over the duration of the lease
Plant and machinery	-	15/25% straight line
Motor vehicles	-	33% straight line
Furniture, fittings and equipment	-	10/20% straight line

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 Statement of Comprehensive Income.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 7

Gillham Hayward Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

2.Accounting policies (continued)

2.14

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 11 (2016 - 11).

Page 8

Gillham Hayward Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

4.	Tangible fixed assets

	Short term leasehold property	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£	£
Cost
At 1 January 2017	145,491	157,407	214,555	517,453
Additions	-	64,039	889	64,928
At 31 December 2017	145,491	221,446	215,444	582,381
Depreciation
At 1 January 2017	93,195	156,589	214,005	463,789
Charge for the year on owned assets	436	9,817	639	10,892
At 31 December 2017	93,631	166,406	214,644	474,681
Net book value
At 31 December 2017	51,860	55,040	800	107,700
At 31 December 2016	52,296	818	550	53,664

Page 9

Gillham Hayward Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2017	164,234
	At 31 December 2017	164,234

	Net book value
	At 31 December 2017	164,234
	At 31 December 2016	164,234

The wholly owned subsidiary of Gillham Hayward Limited is W Davis & Sons (Sevenoaks) Limited. This company is incorporated in England & Wales and has a principal activity of the sale and service of used motor vehicles together with the sale of spare parts and accessories.

Debtors

					2017	2016
					£	£


Trade debtors	104,075	182,675
Other debtors	6,263	108,209
Prepayments and accrued income	19,725	13,540
	130,063	304,424

7.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank loans	39,500	36,500
Trade creditors	172,672	173,209
Corporation tax	663	860
Other taxation and social security	6,987	9,741
Accruals and deferred income	10,500	24,006
	230,322	244,316

Page 10

Gillham Hayward Limited

Notes to the Financial Statements

For the Year Ended 31 December 2017

8.	Share capital
		2017	2016
		£	£

Allotted, called up and fully paid

79,694 (2016 - 79,694) Ordinary shares of £1.00 each	79,694	79,694

Reserves

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Profit & loss account

This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.

Page 11