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Registration number: 03394336

Gulfstream Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Gulfstream Engineering Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Gulfstream Engineering Limited

(Registration number: 03394336)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,252

3,816

Current assets

 

Debtors

6

20,637

39,108

Cash at bank and in hand

 

82,263

57,115

 

102,900

96,223

Creditors: Amounts falling due within one year

7

(20,590)

(16,950)

Net current assets

 

82,310

79,273

Total assets less current liabilities

 

86,562

83,089

Provisions for liabilities

(808)

(725)

Net assets

 

85,754

82,364

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

85,752

82,362

Total equity

 

85,754

82,364

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 November 2023
 

.........................................
Mr L Blackmore
Director

   
     
 

Gulfstream Engineering Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Barclays Bank Chambers
18 High Street
High Street
Tenby
Pembrokeshire
SA70 7HD

These financial statements were authorised for issue by the director on 6 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Gulfstream Engineering Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% reducing balance

Plant and machinery

15% - 33% reducing balance

Office equipment

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Gulfstream Engineering Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Gulfstream Engineering Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

750

783

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

1,326

10,838

1,000

13,164

Additions

-

-

1,535

1,535

Disposals

-

(913)

-

(913)

At 30 June 2023

1,326

9,925

2,535

13,786

Depreciation

At 1 July 2022

634

8,564

150

9,348

Charge for the year

104

289

358

751

Eliminated on disposal

-

(565)

-

(565)

At 30 June 2023

738

8,288

508

9,534

Carrying amount

At 30 June 2023

588

1,637

2,027

4,252

At 30 June 2022

692

2,274

850

3,816

6

Debtors

2023
£

2022
£

Trade debtors

20,637

39,108

20,637

39,108

 

Gulfstream Engineering Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Taxation and social security

 

218

-

Other related parties

 

469

393

Corporation tax liability

 

18,444

15,423

Other creditors

 

1,459

1,134

 

20,590

16,950

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr L Blackmore

Interest free loan repayable on demand

393

(10,736)

10,812

469

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr L Blackmore

Interest free loan repayable on demand

15

(217)

595

393