24 false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2021 - FRS102_2021 193,980 193,980 xbrli:pure xbrli:shares iso4217:GBP 04725336 2022-05-01 2023-04-30 04725336 2023-04-30 04725336 2022-04-30 04725336 2021-05-01 2022-04-30 04725336 2022-04-30 04725336 core:FurnitureFittings 2022-05-01 2023-04-30 04725336 core:MotorVehicles 2022-05-01 2023-04-30 04725336 bus:Director1 2022-05-01 2023-04-30 04725336 bus:Director3 2022-05-01 2023-04-30 04725336 core:WithinOneYear 2023-04-30 04725336 core:WithinOneYear 2022-04-30 04725336 core:NetGoodwill 2023-04-30 04725336 core:FurnitureFittings 2022-04-30 04725336 core:MotorVehicles 2022-04-30 04725336 core:FurnitureFittings 2023-04-30 04725336 core:MotorVehicles 2023-04-30 04725336 core:AfterOneYear 2023-04-30 04725336 core:AfterOneYear 2022-04-30 04725336 core:ShareCapital 2023-04-30 04725336 core:ShareCapital 2022-04-30 04725336 core:RetainedEarningsAccumulatedLosses 2023-04-30 04725336 core:RetainedEarningsAccumulatedLosses 2022-04-30 04725336 core:FurnitureFittings 2022-04-30 04725336 core:MotorVehicles 2022-04-30 04725336 bus:Director3 2022-04-30 04725336 bus:Director3 2023-04-30 04725336 bus:Director3 2021-04-30 04725336 bus:Director3 2022-04-30 04725336 bus:Director3 2021-05-01 2022-04-30 04725336 bus:SmallEntities 2022-05-01 2023-04-30 04725336 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 04725336 bus:FullAccounts 2022-05-01 2023-04-30 04725336 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 04725336 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 04725336 core:ComputerEquipment 2022-05-01 2023-04-30 04725336 core:ComputerEquipment 2022-04-30 04725336 core:ComputerEquipment 2023-04-30
COMPANY REGISTRATION NUMBER: 04725336
G. B. Refinish Supplies Ltd
Filleted Unaudited Financial Statements
30 April 2023
G. B. Refinish Supplies Ltd
Financial Statements
Year ended 30 April 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
G. B. Refinish Supplies Ltd
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
201,913
214,479
Current assets
Stocks
257,484
231,783
Debtors
7
670,424
628,009
Cash at bank and in hand
198,077
243,828
------------
------------
1,125,985
1,103,620
Creditors: amounts falling due within one year
8
( 834,335)
( 728,678)
------------
------------
Net current assets
291,650
374,942
---------
---------
Total assets less current liabilities
493,563
589,421
Creditors: amounts falling due after more than one year
9
( 76,697)
( 100,506)
Provisions
Taxation including deferred tax
( 12,577)
( 10,107)
---------
---------
Net assets
404,289
478,808
---------
---------
G. B. Refinish Supplies Ltd
Statement of Financial Position (continued)
30 April 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
403,289
477,808
---------
---------
Shareholders funds
404,289
478,808
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 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 12 October 2023 , and are signed on behalf of the board by:
Mr J Barclay
Director
Company registration number: 04725336
G. B. Refinish Supplies Ltd
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 15, Quadrant Court, Crossways Business Park, Dartford, Kent, DA9 9AY.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents the value of services provided during the year exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 .
Defined contribution plans
The company makes defined contributions to pension schemes. The assets of these schemes are held seperately by an insurance company. Contributions are charged at the time they become payable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 25 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
193,980
---------
Amortisation
At 1 May 2022 and 30 April 2023
193,980
---------
Carrying amount
At 30 April 2023
---------
At 30 April 2022
---------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2022
41,882
315,263
36,871
394,016
Additions
583
44,678
2,910
48,171
Disposals
( 3,057)
( 3,057)
--------
---------
--------
---------
At 30 April 2023
42,465
359,941
36,724
439,130
--------
---------
--------
---------
Depreciation
At 1 May 2022
37,653
121,704
20,180
179,537
Charge for the year
722
54,909
5,106
60,737
Disposals
( 3,057)
( 3,057)
--------
---------
--------
---------
At 30 April 2023
38,375
176,613
22,229
237,217
--------
---------
--------
---------
Carrying amount
At 30 April 2023
4,090
183,328
14,495
201,913
--------
---------
--------
---------
At 30 April 2022
4,229
193,559
16,691
214,479
--------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
640,912
585,512
Other debtors
29,512
42,497
---------
---------
670,424
628,009
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
644,536
529,237
Accruals and deferred income
29,917
31,632
Corporation tax
28,471
19,201
Social security and other taxes
85,069
92,384
Obligations under finance leases and hire purchase contracts
35,192
41,257
Director loan accounts
1,150
237
Other creditors
4,730
---------
---------
834,335
728,678
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,667
31,667
Obligations under finance leases and hire purchase contracts
55,030
68,839
--------
---------
76,697
100,506
--------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs E Barclay
( 4,730)
67,794
( 49,765)
13,299
-------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs E Barclay
( 19,227)
40,662
( 26,165)
( 4,730)
--------
--------
--------
-------