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Registration number: 07203418

The Gloucester Old Spot Trading Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

The Gloucester Old Spot Trading Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

The Gloucester Old Spot Trading Limited

(Registration number: 07203418)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

599,409

622,846

Current assets

 

Stocks

10,007

8,855

Debtors

6

15,836

19,103

Cash at bank and in hand

 

202,056

178,701

 

227,899

206,659

Creditors: Amounts falling due within one year

7

(157,667)

(182,461)

Net current assets

 

70,232

24,198

Total assets less current liabilities

 

669,641

647,044

Provisions for liabilities

(11,141)

(13,369)

Net assets

 

658,500

633,675

Capital and reserves

 

Called up share capital

8

190

190

Retained earnings

658,310

633,485

Shareholders' funds

 

658,500

633,675

 

The Gloucester Old Spot Trading Limited

(Registration number: 07203418)
Balance Sheet as at 31 October 2023 (continued)

For the financial year ending 31 October 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 February 2024 and signed on its behalf by:
 

.........................................
S J Daws
Director

 

The Gloucester Old Spot Trading Limited

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

1

General information

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

The address of its registered office is:
The Gloucester Old Spot
Tewkesbury Road
Piff Elm
Cheltenham
Gloucestershire
GL51 9SY
England

2

Accounting policies

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.

 

The Gloucester Old Spot Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

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

Freehold Property

2% Straight Line

Plant & Equipment

25% Straight Line

Office Equipment

25% Straight Line

Fixtures & Fittings

25% Straight Line

Motor Vehicles

25% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line

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.

 

The Gloucester Old Spot Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

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.

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.

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.

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 directors) during the year, was 20 (2022 - 18).

 

The Gloucester Old Spot Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

20,025

20,025

At 31 October 2023

20,025

20,025

Amortisation

At 1 November 2022

20,025

20,025

At 31 October 2023

20,025

20,025

Carrying amount

At 31 October 2023

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 November 2022

708,509

98,825

158,742

11,232

Additions

-

2,510

11,247

1,094

At 31 October 2023

708,509

101,335

169,989

12,326

Depreciation

At 1 November 2022

141,722

78,188

127,534

7,768

Charge for the year

14,062

8,692

13,627

1,157

At 31 October 2023

155,784

86,880

141,161

8,925

Carrying amount

At 31 October 2023

552,725

14,455

28,828

3,401

At 31 October 2022

566,787

20,637

31,208

3,464

 

The Gloucester Old Spot Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

5

Tangible assets (continued)

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

8,500

985,808

Additions

-

14,851

At 31 October 2023

8,500

1,000,659

Depreciation

At 1 November 2022

7,750

362,962

Charge for the year

750

38,288

At 31 October 2023

8,500

401,250

Carrying amount

At 31 October 2023

-

599,409

At 31 October 2022

750

622,846

Included within the net book value of land and buildings above is £552,725 (2022 - £566,787) in respect of freehold land and buildings.
 

6

Debtors

2023
£

2022
£

Prepayments

15,836

19,103

15,836

19,103

 

The Gloucester Old Spot Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

39,810

56,320

Taxation and social security

73,574

79,233

Accruals and deferred income

44,283

46,454

Other creditors

-

454

157,667

182,461

Creditors: amounts falling due after more than one year

2023
£

2022
£

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

190

190

190

190