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REGISTERED NUMBER: 00806327 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Gorleston Tackle Centre Limited

Gorleston Tackle Centre Limited (Registered number: 00806327)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


Gorleston Tackle Centre Limited (Registered number: 00806327)

Abridged Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 429,512 320,427

CURRENT ASSETS
Stocks 81,650 69,256
Debtors 3,123 9,888
Cash at bank and in hand 10,037 14,365
94,810 93,509
CREDITORS
Amounts falling due within one year 92,953 49,180
NET CURRENT ASSETS 1,857 44,329
TOTAL ASSETS LESS CURRENT
LIABILITIES

431,369

364,756

CREDITORS
Amounts falling due after more than one
year

5

(97,580

)

(112,238

)

PROVISIONS FOR LIABILITIES (75,150 ) (2,055 )
NET ASSETS 258,639 250,463

CAPITAL AND RESERVES
Called up share capital 300 300
Fair value reserve 247,222 225,454
Retained earnings 11,117 24,709
SHAREHOLDERS' FUNDS 258,639 250,463

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Gorleston Tackle Centre Limited (Registered number: 00806327)

Abridged Balance Sheet - continued
31 March 2023


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

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





Mr J N Amies - Director


Gorleston Tackle Centre Limited (Registered number: 00806327)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Gorleston Tackle Centre 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: 00806327

Registered office: 7/8 Pier Walk
Gorleston On Sea
Gt Yarmouth
Norfolk
NR31 6DA

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 as modified by the revaluation of certain assets.

The financial statements are prepared in Sterling, which is the functional currency of the entity, and rounded to the nearest pound.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services as they are supplied during the year, exclusive of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% 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.

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 balance sheet date.


Gorleston Tackle Centre Limited (Registered number: 00806327)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 7 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 April 2022 358,256
Additions 20,000
Revaluations 91,311
At 31 March 2023 469,567
DEPRECIATION
At 1 April 2022 37,829
Charge for year 2,226
At 31 March 2023 40,055
NET BOOK VALUE
At 31 March 2023 429,512
At 31 March 2022 320,427

Gorleston Tackle Centre Limited (Registered number: 00806327)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2023 is represented by:

Totals
£   
Valuation in 1990 110,122
Valuation in 1995 12,000
Valuation in 2017 26,528
Valuation in 2018 24,828
Valuation in 2019 115,333
Valuation in 2023 91,311
Cost 19,878
400,000

If freehold property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 19,878 19,878

Freehold property was valued on an open market basis on 31 March 2023 by the director .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST OR VALUATION
At 1 April 2022 13,032
Transfer to ownership (13,032 )
At 31 March 2023 -
DEPRECIATION
At 1 April 2022 7,706
Charge for year 1,065
Transfer to ownership (8,771 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 5,326

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.23 31.3.22
£    £   
Repayable by instalments
Bank loan over 5 years 46,822 54,609

Gorleston Tackle Centre Limited (Registered number: 00806327)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdrafts 16,523 -
Bank loans 115,420 128,557
Hire purchase contracts - 2,897
131,943 131,454

The bank overdraft and loan are secured by a legal charge over the freehold property and directors personal guarantee of up to £80,000.

The hire purchase liabilities are secured against the underlying assets.

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
Mr J N Amies
Balance outstanding at start of year 9,541 30,302
Amounts advanced 33,120 34,239
Amounts repaid (42,714 ) (55,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (53 ) 9,541

The company charged interest of £95 (2022 - £482) on the overdrawn directors' loan balance in the year.