Company Registration No. 04070559 (England and Wales)
GILMORE JACOBS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
GILMORE JACOBS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
GILMORE JACOBS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,831
2,155
Investment properties
4
3,125,000
3,100,000
Investments
5
19,082,499
19,134,499
22,209,330
22,236,654
Current assets
Debtors
6
15,781,923
5,722,370
Investments
7
34,250,123
38,660,354
Cash at bank and in hand
8,609,461
15,440,483
58,641,507
59,823,207
Creditors: amounts falling due within one year
8
(795,904)
(872,056)
Net current assets
57,845,603
58,951,151
Total assets less current liabilities
80,054,933
81,187,805
Provisions for liabilities
(404,111)
(985,516)
Net assets
79,650,822
80,202,289
Capital and reserves
Called up share capital
200
200
Non-distributable profits reserve
9
1,128,704
727,996
Distributable profit and loss reserves
78,521,918
79,474,093
Total equity
79,650,822
80,202,289
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GILMORE JACOBS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 November 2020 and are signed on its behalf by:
Mrs M Gresham Radcliffe
Director
Company Registration No. 04070559
GILMORE JACOBS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2018
200
-
75,990,632
75,990,832
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
727,996
3,483,461
4,211,457
Balance at 31 March 2019
200
727,996
79,474,093
80,202,289
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
400,708
(952,175)
(551,467)
Balance at 31 March 2020
200
1,128,704
78,521,918
79,650,822
GILMORE JACOBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
1
Accounting policies
Company information
Gilmore Jacobs Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7 Nelson Street, Southend-on-Sea, Essex, SS1 1EH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
GILMORE JACOBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GILMORE JACOBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 6 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
GILMORE JACOBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 7 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
GILMORE JACOBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019 and 31 March 2020
18,480
Depreciation and impairment
At 1 April 2019
16,325
Depreciation charged in the year
324
At 31 March 2020
16,649
Carrying amount
At 31 March 2020
1,831
At 31 March 2019
2,155
4
Investment property
2020
£
Fair value
At 1 April 2019
3,100,000
Revaluations
25,000
At 31 March 2020
3,125,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out personally by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The change in fair value of £25,000 has been recognised in the profit and loss account.
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
14,206,600
14,206,600
Other investments other than loans
4,875,899
4,927,899
19,082,499
19,134,499
GILMORE JACOBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
5
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 April 2019
14,206,600
4,927,899
19,134,499
Valuation changes
-
(6,160)
(6,160)
Disposals
-
(45,840)
(45,840)
At 31 March 2020
14,206,600
4,875,899
19,082,499
Carrying amount
At 31 March 2020
14,206,600
4,875,899
19,082,499
At 31 March 2019
14,206,600
4,927,899
19,134,499
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,306,777
1,435,971
Amounts owed by group undertakings
331,636
331,636
Other debtors
14,143,510
3,954,763
15,781,923
5,722,370
7
Current asset investments
2020
2019
£
£
Other investments
34,250,123
38,660,354
Included in current asset investments are listed investments held at fair value, based on the quoted market values at the Balance Sheet date. The market value at the year end was £34,231,762, and the change in fair value of £3,836,827 has been recognised in the profit and loss account.
GILMORE JACOBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 10 -
8
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
423,964
487,433
Other taxation and social security
113,894
93,463
Other creditors
258,046
291,160
795,904
872,056
9
Non-distributable profits reserve
2020
2019
£
£
At the beginning of the year
727,996
-
Non distributable profits in the year
400,708
727,996
At the end of the year
1,128,704
727,996
10
Events after the reporting date
The effects of the worldwide Covid-19 pandemic began impacting in the UK from March 2020
.
This has led to a significant shut-down of both social and economic activity in
the UK and in many other countries around the globe.
It is impossible to determine what the long term impact will be on future company activities
. The impact of the pandemic has been taken into account in determining the fair value of the company's investments, and no further adjustments are required to the company's results for the year ended 31 March 2020.
2020-03-31
2019-04-01
false
CCH Software
CCH Accounts Production 2020.310
No description of principal activity
Mrs M Gresham Radcliffe
A Radcliffe
Mrs M Gresham Radcliffe
Mrs M Gresham Radcliffe
04070559
2019-04-01
2020-03-31
04070559
2020-03-31
04070559
2019-03-31
04070559
core:OtherPropertyPlantEquipment
2020-03-31
04070559
core:OtherPropertyPlantEquipment
2019-03-31
04070559
core:CurrentFinancialInstruments
core:WithinOneYear
2020-03-31
04070559
core:CurrentFinancialInstruments
core:WithinOneYear
2019-03-31
04070559
core:CurrentFinancialInstruments
2020-03-31
04070559
core:CurrentFinancialInstruments
2019-03-31
04070559
core:ShareCapital
2020-03-31
04070559
core:ShareCapital
2019-03-31
04070559
core:FurtherSpecificReserve1ComponentTotalEquity
2020-03-31
04070559
core:FurtherSpecificReserve1ComponentTotalEquity
2019-03-31
04070559
core:RetainedEarningsAccumulatedLosses
2020-03-31
04070559
core:RetainedEarningsAccumulatedLosses
2019-03-31
04070559
core:ShareCapital
2018-03-31
04070559
core:RetainedEarningsAccumulatedLosses
2018-03-31
04070559
2018-03-31
04070559
bus:CompanySecretaryDirector1
2019-04-01
2020-03-31
04070559
core:RetainedEarningsAccumulatedLosses
2018-04-01
2019-03-31
04070559
2018-04-01
2019-03-31
04070559
core:RetainedEarningsAccumulatedLosses
2019-04-01
2020-03-31
04070559
core:FurnitureFittings
2019-04-01
2020-03-31
04070559
core:ComputerEquipment
2019-04-01
2020-03-31
04070559
core:OtherPropertyPlantEquipment
2019-03-31
04070559
core:OtherPropertyPlantEquipment
2019-04-01
2020-03-31
04070559
2019-03-31
04070559
core:Non-currentFinancialInstruments
2020-03-31
04070559
core:Non-currentFinancialInstruments
2019-03-31
04070559
core:WithinOneYear
2020-03-31
04070559
core:WithinOneYear
2019-03-31
04070559
bus:PrivateLimitedCompanyLtd
2019-04-01
2020-03-31
04070559
bus:SmallCompaniesRegimeForAccounts
2019-04-01
2020-03-31
04070559
bus:FRS102
2019-04-01
2020-03-31
04070559
bus:AuditExemptWithAccountantsReport
2019-04-01
2020-03-31
04070559
bus:Director1
2019-04-01
2020-03-31
04070559
bus:Director2
2019-04-01
2020-03-31
04070559
bus:Director3
2019-04-01
2020-03-31
04070559
bus:CompanySecretary1
2019-04-01
2020-03-31
04070559
bus:FullAccounts
2019-04-01
2020-03-31
xbrli:pure
xbrli:shares
iso4217:GBP