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REGISTERED NUMBER: 03989900 (England and Wales)












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: G Woodward





Secretary: Mrs S Morris





Registered office: 10 The Southend
Ledbury
Herefordshire
HR8 2EY





Registered number: 03989900 (England and Wales)





Accountants: Crowthers Chartered 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 21,816 28,406

CURRENT ASSETS
Inventories 20,835 16,650
Debtors 5 18,116 36,855
Cash at bank and in hand 26,409 92
65,360 53,597
CREDITORS
Amounts falling due within one year 6 70,596 61,828
NET CURRENT LIABILITIES (5,236 ) (8,231 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,580

20,175

CREDITORS
Amounts falling due after more than one
year

7

(9,693

)

(12,892

)

PROVISIONS FOR LIABILITIES (4,370 ) (5,397 )
NET ASSETS 2,517 1,886

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings 2,317 1,686
SHAREHOLDERS' FUNDS 2,517 1,886

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

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

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


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 November 2023 and were signed by:





G Woodward - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance and 15% on reducing balance

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 12 (2022 - 11 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
Cost
At 1 September 2022
and 31 August 2023 73,388
Depreciation
At 1 September 2022 44,982
Charge for year 6,590
At 31 August 2023 51,572
Net book value
At 31 August 2023 21,816
At 31 August 2022 28,406

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 10,997 15,848
Section 455 Tax debtor 4,442 4,442
Directors' current accounts - 13,667
Prepayments and accrued income 2,677 2,898
18,116 36,855

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 3,640 12,177
Trade creditors 23,732 18,962
Tax 14,822 8,082
Social security and other taxes 25,143 20,039
Other creditors 826 668
Directors' current accounts 333 -
Accrued expenses 2,100 1,900
70,596 61,828

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 9,693 12,892

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 - 7,737
Bounce back loan 3,640 4,440
3,640 12,177

Amounts falling due between one and two years:
Bounce back loan 9,693 12,892

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 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
£    £   
G Woodward
Balance outstanding at start of year 13,667 (333 )
Amounts advanced 39,000 39,000
Amounts repaid (53,000 ) (25,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (333 ) 13,667