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COMPANY REGISTRATION NUMBER: 04761918
GIGHOUSE (WHOLESALE) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2021
GIGHOUSE (WHOLESALE) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
GIGHOUSE (WHOLESALE) LIMITED
BALANCE SHEET
31 December 2021
2021
2020
Note
£
£
Current assets
Stocks
6
6,500
6,700
Debtors
7
68,677
63,400
Cash at bank and in hand
17,286
10,633
------------
------------
92,463
80,733
Creditors: amounts falling due within one year
8
( 106,331)
( 98,062)
------------
------------
Net current liabilities
( 13,868)
( 17,329)
------------
------------
Total assets less current liabilities
( 13,868)
( 17,329)
------------
------------
Net liabilities
( 13,868)
( 17,329)
------------
------------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
( 13,968)
( 17,429)
------------
------------
Shareholders deficit
( 13,868)
( 17,329)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 2021 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 August 2022 , and are signed on behalf of the board by:
A Parkinson Director
Company registration number: 04761918
GIGHOUSE (WHOLESALE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Laburnum Villa, Chapel Street, Market Rasen, Lincoln, LN8 3AG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared upon the going concern concept which is reliant upon the continued support of the company's creditors.
Turnover
Turnover represents the invoiced value of goods sold net of value added tax less any credit notes raised.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% straight line
Computer equipment
-
33% straight line
In the year of acquisition tangible fixed assets are depreciated from 1 January.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2021 and 31 December 2021
1,422
1,154
2,576
------------
------------
------------
Depreciation
At 1 January 2021 and 31 December 2021
1,422
1,154
2,576
------------
------------
------------
Carrying amount
At 31 December 2021
------------
------------
------------
At 31 December 2020
------------
------------
------------
6. Stocks
2021
2020
£
£
Raw materials and consumables
6,500
6,700
------------
------------
7. Debtors
2021
2020
£
£
Trade debtors
68,677
63,400
------------
------------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
55,066
48,642
Accruals and deferred income
5,743
5,372
Social security and other taxes
1,246
1,183
Directors' loan account
44,276
42,865
------------
------------
106,331
98,062
------------
------------
9. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
10. Related party transactions
The directors' loan account of £44,276 (2020: £42,865) set out at note 8 above is unsecured. The interest charge for the year was £3,480 (2020: £3,200). Control of the company The company is controlled by A Parkinson .