Company Registration No. 00433758 (England and Wales)
H.Gilbert Limited
Unaudited accounts
for the year ended 31 December 2018
H.Gilbert Limited
Unaudited accounts
Contents
H.Gilbert Limited
Company Information
for the year ended 31 December 2018
Directors
Mr D F Gilbert
Mr P H Gilbert
Mrs W S Gilbert
Mrs S A M Gilbert
Mrs D O Godbolt
Company Number
00433758 (England and Wales)
Registered Office
Munro House
Portsmouth Road
Cobham
Surrey
KT11 1PP
UNITED KINGDOM
Accountants
Wellden Turnbull Limited
Munro House
Portsmouth Road
Cobham
Surrey
KT11 1PP
H.Gilbert Limited
Statement of financial position
as at
31 December 2018
Investment property
1,750,000
1,750,000
Cash at bank and in hand
18,306
21,197
Creditors: amounts falling due within one year
(17,016)
(19,490)
Net current assets
18,070
18,690
Total assets less current liabilities
1,768,289
1,768,948
Provisions for liabilities
Deferred tax
(338,538)
(338,538)
Net assets
1,429,751
1,430,410
Called up share capital
3,000
3,000
Profit and loss account
1,426,751
1,427,410
Shareholders' funds
1,429,751
1,430,410
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 8 September 2019.
Mr P H Gilbert
Director
Company Registration No. 00433758
H.Gilbert Limited
Notes to the Accounts
for the year ended 31 December 2018
H.Gilbert Limited is a private company, limited by shares, registered in England and Wales, registration number 00433758. The registered office is Munro House, Portsmouth Road, Cobham, Surrey, KT11 1PP, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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:
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% on reducing balance method
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
H.Gilbert Limited
Notes to the Accounts
for the year ended 31 December 2018
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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
H.Gilbert Limited
Notes to the Accounts
for the year ended 31 December 2018
4
Tangible fixed assets
Fixtures & fittings
Cost or valuation
At cost
At 31 December 2018
17,018
At 31 December 2018
16,799
5
Investment property
2018
Fair value at 1 January 2018
1,750,000
At 31 December 2018
1,750,000
Accrued income and prepayments
341
341
Other debtors
16,439
16,642
7
Creditors: amounts falling due within one year
2018
2017
Taxes and social security
1,989
2,552
Loans from directors
2,748
2,021
8
Share capital
2018
2017
Allotted, called up and fully paid:
3,000 Ordinary shares of £1 each
3,000
3,000
9
Transactions with related parties
At the year end, P H Gilbert owed £13,588 (2017 - £13,792) to the company. This loan is interest free and repayable on demand.
D Gilbert was owed £720 (2017 - £505), S Gilbert was owed 1,202 (2017 - £816) and W Gilbert was owed 826 (2017 - £700) by the Company at the year end. The balances are in respect of undrawn salary and expenses.
H.Gilbert Limited
Notes to the Accounts
for the year ended 31 December 2018
10
Average number of employees
During the year the average number of employees was 4 (2017: 4).