REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 August 2023 |
for |
Gas Appliance Showroom and Fireplace |
Centre Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 August 2023 |
for |
Gas Appliance Showroom and Fireplace |
Centre Limited |
Gas Appliance Showroom and Fireplace |
Centre Limited (Registered number: 03989900) |
Contents of the Financial Statements |
for the Year Ended 31 August 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Gas Appliance Showroom and Fireplace |
Centre Limited |
Company Information |
for the Year Ended 31 August 2023 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
10 The Southend |
Ledbury |
Herefordshire |
HR8 2EY |
Gas Appliance Showroom and Fireplace |
Centre Limited (Registered number: 03989900) |
Statement of Financial Position |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Gas Appliance Showroom and Fireplace |
Centre Limited (Registered number: 03989900) |
Statement of Financial Position - continued |
31 August 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Gas Appliance Showroom and Fireplace |
Centre Limited (Registered number: 03989900) |
Notes to the Financial Statements |
for the Year Ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Gas Appliance Showroom and Fireplace Centre Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The functional currency of Gas Appliance Showroom and Fireplace Centre Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Therefore actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Within the company, the area where significant judgements and estimates are made by the directors is in the stock valuation. Stock of materials is valued at the most recent supplier cost but is reviewed on an ongoing basis. At the year-end, the directors have no concerns over the recoverability of the company's stock balance as shown on The Statement of Financial Position. |
Turnover |
Turnover represents the value of goods sold during the period, net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer. |
Uninvoiced deliveries at the year end are included in accrued income. Invoiced deliveries are included in debtors. Where customers pay in advance for goods, the amount is recorded as deferred income until the goods have been delivered. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stock of goods is valued at the lower of cost and net realisable value. |
Cost represents the purchase price of goods plus an apportionment of the relevant costs in transporting the goods to the company's storage locations. |
Net realisable value represents the selling price of completed goods less any costs necessary to complete the goods. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
Gas Appliance Showroom and Fireplace |
Centre Limited (Registered number: 03989900) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) 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 |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 September 2022 |
and 31 August 2023 |
Depreciation |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
Net book value |
At 31 August 2023 |
At 31 August 2022 |
Gas Appliance Showroom and Fireplace |
Centre Limited (Registered number: 03989900) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Section 455 Tax debtor | 4,442 | 4,442 |
Directors' current accounts | - | 13,667 |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 333 | - |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 8) |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bounce back loan | 3,640 | 4,440 |
Amounts falling due between one and two years: |
Bounce back loan |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
Gas Appliance Showroom and Fireplace |
Centre Limited (Registered number: 03989900) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2023 |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |