Registration number:
Gillen Machine Tools Limited
for the Year Ended 30 April 2021
Gillen Machine Tools Limited
(Registration number: NI024776)
Balance Sheet as at 30 April 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Gillen Machine Tools Limited
(Registration number: NI024776)
Balance Sheet as at 30 April 2021
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Gillen Machine Tools Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & machinery |
20% reducing balance |
Fixtures & fittings |
20% reducing balance |
Leasehold improvements |
25% reducing balance |
Gillen Machine Tools Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are
recognised in the income statement in operating expenses.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Gillen Machine Tools Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
Tangible assets |
Land and buildings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 May 2020 |
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Additions |
- |
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At 30 April 2021 |
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Depreciation |
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At 1 May 2020 |
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Charge for the year |
- |
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At 30 April 2021 |
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Carrying amount |
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At 30 April 2021 |
- |
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At 30 April 2020 |
- |
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Stocks |
2021 |
2020 |
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Stocks |
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Gillen Machine Tools Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
Debtors |
2021 |
2020 |
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Trade debtors |
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Directors' current account |
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- |
Other debtors |
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Creditors |
2021 |
2020 |
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Trade creditors |
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Directors current account |
- |
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Taxation and social security |
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Accruals |
9,591 |
15,295 |
Corporation tax |
44,152 |
37,939 |
Payments on account |
363,516 |
150,560 |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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10 |
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10 |