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REGISTERED NUMBER: 06448010 (England and Wales)















GATLEY LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023






GATLEY LIMITED (REGISTERED NUMBER: 06448010)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 3


GATLEY LIMITED (REGISTERED NUMBER: 06448010)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 4 21,142 25,442
Tangible assets 5 19,253 16,675
40,395 42,117

Current assets
Stocks 31,872 24,300
Debtors 6 229,401 226,456
Cash at bank and in hand 40,203 32,921
301,476 283,677
Creditors
Amounts falling due within one year 7 (239,288 ) (200,432 )
Net current assets 62,188 83,245
Total assets less current liabilities 102,583 125,362

Creditors
Amounts falling due after more than one
year

8

(22,646

)

(42,932

)

Provisions for liabilities (3,405 ) (2,859 )
Net assets 76,532 79,571

Capital and reserves
Called up share capital 100 100
Retained earnings 76,432 79,471
76,532 79,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GATLEY LIMITED (REGISTERED NUMBER: 06448010)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





Mrs Amara Amjad - Director


GATLEY LIMITED (REGISTERED NUMBER: 06448010)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. Statutory information

Gatley Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06448010

Registered office: 220 Liverpool Road, Eccles
Manchester
Lancashire
M30 0PF

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Grants are credited to deferred revenue. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being
amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% per annum straight line basis
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


GATLEY LIMITED (REGISTERED NUMBER: 06448010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

GATLEY LIMITED (REGISTERED NUMBER: 06448010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. Accounting policies - continued

Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3. Employees and directors

The average number of employees during the year was 11 (2022 - 11 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 February 2022
and 31 January 2023 43,000
Amortisation
At 1 February 2022 17,558
Charge for year 4,300
At 31 January 2023 21,858
Net book value
At 31 January 2023 21,142
At 31 January 2022 25,442

GATLEY LIMITED (REGISTERED NUMBER: 06448010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


5. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 February 2022 54,017
Additions 6,417
At 31 January 2023 60,434
Depreciation
At 1 February 2022 37,342
Charge for year 3,839
At 31 January 2023 41,181
Net book value
At 31 January 2023 19,253
At 31 January 2022 16,675

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 118,965 70,677
Other debtors 110,436 155,779
229,401 226,456

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 10,648 -
Trade creditors 167,535 140,932
Taxation and social security 59,199 36,498
Other creditors 1,906 23,002
239,288 200,432

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 22,646 42,932

9. Related party disclosures

At 31 January 2023 the directors owed to company £24,781 (2022: £78,009). No interest has been charged to the directors in respect of this loan which is repayable on demand and classified in debtors due within one year.