Registered number
02204033
G. & N. International Limited
Filleted Accounts
31 January 2023
G. & N. International Limited
Registered number: 02204033
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,301 26,626
Current assets
Stocks 831 831
Debtors 4 46,152 48,021
Cash at bank and in hand 29,114 31,375
76,097 80,227
Creditors: amounts falling due within one year 5 (41,386) (52,374)
Net current assets 34,711 27,853
Total assets less current liabilities 56,012 54,479
Creditors: amounts falling due after more than one year 6 (25,973) (30,970)
Net assets 30,039 23,509
Capital and reserves
Called up share capital 200 200
Profit and loss account 29,839 23,309
Shareholders' funds 30,039 23,509
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.
P M Nineham
Director
Approved by the board on 20 October 2023
G. & N. International 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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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.
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.
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 17 10
3 Tangible fixed assets
Office and other Equipment Plant and machinery etc Total
£ £ £
Cost
At 1 February 2022 36,347 55,762 92,109
At 31 January 2023 36,347 55,762 92,109
Depreciation
At 1 February 2022 28,032 37,451 65,483
At 31 January 2023 29,695 41,113 70,808
Net book value
At 31 January 2023 6,652 14,649 21,301
At 31 January 2022 8,315 18,311 26,626
4 Debtors 2023 2022
£ £
Trade debtors 45,306 47,175
Other debtors 846 846
46,152 48,021
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,324 5,000
Trade creditors 2,223 20,595
Taxation and social security costs 26,229 26,779
41,386 52,374
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 12,503 17,500
Director's Current account 13,470 13,470
25,973 30,970
7 Other information
G. & N. International Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit D1 Cirrus Court
Aviation Business Park
Christchurch
Dorset
BH23 6BW
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