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Registration number: 04942406

GB Flowers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

GB Flowers Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

GB Flowers Limited

Company Information

Directors

L J Graham

M A Hughes

Company secretary

L J Graham

Registered office

Priory Market
Henry Boot Way
Priory Park East
Hull
East Yorkshire
HU4 7EA

 

GB Flowers Limited

(Registration number: 04942406)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

40,000

60,000

Tangible assets

5

4,100

5,467

 

44,100

65,467

Current assets

 

Debtors

6

69,945

67,865

Cash at bank and in hand

 

169,918

208,142

 

239,863

276,007

Creditors: Amounts falling due within one year

7

(165,137)

(219,170)

Net current assets

 

74,726

56,837

Net assets

 

118,826

122,304

Capital and reserves

 

Called up share capital

8

67

67

Capital redemption reserve

33

33

Retained earnings

118,726

122,204

Shareholders' funds

 

118,826

122,304

For the financial year ending 31 May 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 1 August 2022 and signed on its behalf by:
 

.........................................
L J Graham
Company secretary and director

.........................................
M A Hughes
Director

 

GB Flowers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 04942406.

The address of its registered office is:
Priory Market
Henry Boot Way
Priory Park East
Hull
East Yorkshire
HU4 7EA

These financial statements were authorised for issue by the Board on 1 August 2022.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover arises from the sale of goods. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the sale of goods in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met of each of the companies activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

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 in the countries where the company operates and generates taxable income.

 

GB Flowers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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 and machinery

25% reducing balance

Furniture and fittings

25% reducing balance

Motor vehciles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% cost

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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

GB Flowers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 5 (2021 - 6).

 

GB Flowers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2021

400,000

400,000

At 31 May 2022

400,000

400,000

Amortisation

At 1 June 2021

340,000

340,000

Amortisation charge

20,000

20,000

At 31 May 2022

360,000

360,000

Carrying amount

At 31 May 2022

40,000

40,000

At 31 May 2021

60,000

60,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2021

15,522

27,404

33,915

76,841

At 31 May 2022

15,522

27,404

33,915

76,841

Depreciation

At 1 June 2021

15,522

27,404

28,448

71,374

Charge for the year

-

-

1,367

1,367

At 31 May 2022

15,522

27,404

29,815

72,741

Carrying amount

At 31 May 2022

-

-

4,100

4,100

At 31 May 2021

-

-

5,467

5,467

Included within the net book value of land and buildings above is £Nil (2021 - £Nil) in respect of freehold land and buildings.
 

6

Debtors

Current

2022
£

2021
£

Trade debtors

59,270

59,729

Prepayments

9,712

8,136

Other debtors

963

-

 

69,945

67,865

 

GB Flowers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

54,287

66,444

Taxation and social security

 

33,509

42,361

Other creditors

 

74,097

107,124

Accruals and deferred income

 

3,244

3,241

 

165,137

219,170

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary share of £1 each

67

67

67

67

         

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £30,000 (2021 - £30,000).

10

Related party transactions

At the year end the company owed the directors £72,953 (2021: £107,040) in respect of a current account balance. Loans made to the company by the directors are unsecured, interest free and repayable on demand.

Transactions with Directors

2022

At 1 June 2021
£

Advances to Director
£

Repayments by Director
£

At 31 May 2022
£

M A Hughes

Unsecured, interest free and repayable on demand

43,331

(72,794)

28,500

(963)