Company registration number 01318327 (England and Wales)
GREAT YARMOUTH CEILINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
GREAT YARMOUTH CEILINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GREAT YARMOUTH CEILINGS LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
422,647
324,070
Current assets
Stocks
4,996
19,000
Debtors
4
1,854,465
2,388,377
Cash at bank and in hand
1,186,332
1,368,009
3,045,793
3,775,386
Creditors: amounts falling due within one year
5
(822,029)
(1,352,526)
Net current assets
2,223,764
2,422,860
Total assets less current liabilities
2,646,411
2,746,930
Creditors: amounts falling due after more than one year
6
(217,667)
(366,667)
Provisions for liabilities
(47,053)
(23,977)
Net assets
2,381,691
2,356,286
Capital and reserves
Called up share capital
2,001
2,001
Profit and loss reserves
2,379,690
2,354,285
Total equity
2,381,691
2,356,286

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

GREAT YARMOUTH CEILINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 March 2024 and are signed on its behalf by:
Mr K Adams
Director
Company registration number 01318327 (England and Wales)
GREAT YARMOUTH CEILINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Great Yarmouth Ceilings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Monument Estate, Fenner Road, Great Yarmouth, Norfolk, England, NR30 3PS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
- 0% straight line
Plant and equipment
- 15% reducing balance
Fixtures and fittings
- 15% reducing balance
Computers
- 15% reducing balance / 25% straight line (as of June 2020)
Motor vehicles
- 25% reducing balance
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GREAT YARMOUTH CEILINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
8
GREAT YARMOUTH CEILINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2022
175,000
343,937
518,937
Additions
-
0
210,084
210,084
Disposals
-
0
(76,659)
(76,659)
At 31 May 2023
175,000
477,362
652,362
Depreciation and impairment
At 1 June 2022
-
0
194,868
194,868
Depreciation charged in the year
-
0
76,224
76,224
Eliminated in respect of disposals
-
0
(41,377)
(41,377)
At 31 May 2023
-
0
229,715
229,715
Carrying amount
At 31 May 2023
175,000
247,647
422,647
At 31 May 2022
175,000
149,070
324,070
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
726,816
744,084
Amounts owed by group undertakings
916,520
1,389,893
Other debtors
211,129
254,400
1,854,465
2,388,377
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
100,000
100,000
Trade creditors
490,335
605,002
Amounts owed to group undertakings
-
0
289,114
Corporation tax
119,058
65,055
Other taxation and social security
54,558
49,717
Other creditors
58,078
243,638
822,029
1,352,526
GREAT YARMOUTH CEILINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
217,667
366,667
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