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Registration number: 04347088

GX Home Improvements Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

GX Home Improvements Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

GX Home Improvements Limited

Company Information

Directors

Mr S King

Mr R M King

Registered office

39 Lower Road
Chalfont St Peter
Buckinghamshire
SL9 9AL

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

GX Home Improvements Limited

(Registration number: 04347088)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,089

3,634

Current assets

 

Stocks

5

110,000

110,000

Debtors

6

221,949

261,226

Cash at bank and in hand

 

75,778

168,220

 

407,727

539,446

Creditors: Amounts falling due within one year

7

(404,943)

(492,051)

Net current assets

 

2,784

47,395

Total assets less current liabilities

 

5,873

51,029

Creditors: Amounts falling due after more than one year

7

(29,610)

(45,146)

Provisions for liabilities

-

(775)

Net (liabilities)/assets

 

(23,737)

5,108

Capital and reserves

 

Called up share capital

4

4

Retained earnings

(23,741)

5,104

Shareholders' (deficit)/funds

 

(23,737)

5,108

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

 

GX Home Improvements Limited

(Registration number: 04347088)
Balance Sheet as at 31 March 2023

.........................................
Mr R M King
Director

 

GX Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
39 Lower Road
Chalfont St Peter
Buckinghamshire
SL9 9AL
England

These financial statements were authorised for issue by the Board on 17 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 company's balance sheet currently suggests an insolvent position at the balance sheet date. However, the director has arranged adequate funding to finance the company's continuing activities and enable it to pay its debts as and when they fall due for payment. He considers that the company is a going concern and the accounts have been prepared on this 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.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

 

GX Home Improvements Limited

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

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.

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

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

Plant and machinery

25% reducing balance

Fixtures and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

GX Home Improvements Limited

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

Trade 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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

GX Home Improvements Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

20,124

22,452

42,576

At 31 March 2023

20,124

22,452

42,576

Depreciation

At 1 April 2022

20,124

18,818

38,942

Charge for the year

-

545

545

At 31 March 2023

20,124

19,363

39,487

Carrying amount

At 31 March 2023

-

3,089

3,089

At 31 March 2022

-

3,634

3,634

5

Stocks

2023
£

2022
£

Other inventories

110,000

110,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

-

27,481

Prepayments

1,131

7,061

Other debtors

220,818

226,684

 

221,949

261,226

 

GX Home Improvements Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

-

4,854

Trade creditors

 

80,910

44,336

Taxation and social security

 

20,837

33,673

Accruals and deferred income

 

4,425

10,425

Other creditors

 

267,076

368,273

Corporation tax

 

31,695

30,490

 

404,943

492,051

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

29,610

45,146

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

29,610

45,146

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

4,854

 

GX Home Improvements Limited

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

9

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr S King

Advance

101,185

5,910

107,095

       
     

Mr R M King

Advance

-

5,850

5,850

       
     

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Mr S King

Advance

-

101,185

101,185