GERUISH ENTERPRISES LIMITED
Registered number: 07503292
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,284 1,626
2,284 1,626
Current assets
Stocks 4,000 4,000
Debtors 4 50,465 31,198
Cash at bank and in hand 4,000 34,250
58,465 69,448
Creditors: amounts falling due within one year 5 (87,740) (92,579)
Net current liabilities (29,275) (23,131)
Total assets less current liabilities (26,991) (21,505)
Creditors: amounts falling due after more than one year 6 (75,982) (69,978)
Net liabilities (102,973) (91,483)
Capital and reserves
Called up share capital 2 2
Profit and loss account (102,975) (91,485)
Shareholders' funds (102,973) (91,483)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. Andrew Walsh
Director
Approved by the board on 13 October 2023
GERUISH ENTERPRISES LIMITED
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Electrical systems, bakery equipment over 4 years
Fixtures and fittings, kitchen items over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 25 25
3 Tangible fixed assets
Bakery equipment Total
£ £
Cost
At 1 February 2022 112,030 112,030
Additions 1,351 1,351
At 31 January 2023 113,381 113,381
Depreciation
At 1 February 2022 110,404 110,404
Charge for the year 693 693
At 31 January 2023 111,097 111,097
Net book value
At 31 January 2023 2,284 2,284
At 31 January 2022 1,626 1,626
4 Debtors 2023 2022
£ £
Trade debtors 5,364 9,171
VAT repayable 218 -
Mr. Andrew Walsh 22,740 -
Deferred tax asset 21,695 21,695
Prepayments 448 332
50,465 31,198
Amounts due after more than one year included above 21,695 21,695
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 11,623 9,293
Private loan 4,000 4,000
Trade creditors 8,153 11,166
Mr. Andrew Walsh - 16,512
Corporation tax - -
VAT - 12,565
Employees 44,743 17,295
PAYE & NI 11,318 14,646
Accruals 7,903 7,102
87,740 92,579
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans and overdrafts 48,109 58,566
Obligations under finance lease and hire purchase contracts 27,873 11,412
75,982 69,978
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 32,000 32,000
8 Ultimate controlling party and related party transactions
The company was under the control of Mr. Andrew Walsh & Mrs. Angela Walsh throughout the current period.
No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities (effective April 2008), except for those disclosed below.
2023 2022
£ £
Balance owing (to) / from Mr. Andrew Walsh 22,740 (16,512)
Interest at 2.25% per annum is charged on balances over £10,000 owed to the company.
9 Going Concern
The company has negative shareholders' funds and relies on the support of Mr. Andrew Walsh and external creditors above who have indicated their willingness to continue to support the business. A deferred tax asset has been recognised in these accounts on the basis that the bakery has recorded an operating cash inflow and a taxable profit for the period, and the directors expect this to continue into future years.
10 Other information
GERUISH ENTERPRISES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
39 Simonscales Lane
Cockermouth CA13 9DH
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