18 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05838363 2022-07-01 2023-06-30 05838363 2023-06-30 05838363 2022-06-30 05838363 2021-07-01 2022-06-30 05838363 2022-06-30 05838363 core:FurnitureFittings 2022-07-01 2023-06-30 05838363 core:MotorVehicles 2022-07-01 2023-06-30 05838363 bus:Director1 2022-07-01 2023-06-30 05838363 core:WithinOneYear 2023-06-30 05838363 core:WithinOneYear 2022-06-30 05838363 core:AfterOneYear 2023-06-30 05838363 core:AfterOneYear 2022-06-30 05838363 core:ShareCapital 2023-06-30 05838363 core:ShareCapital 2022-06-30 05838363 core:RetainedEarningsAccumulatedLosses 2023-06-30 05838363 core:RetainedEarningsAccumulatedLosses 2022-06-30 05838363 bus:SmallEntities 2022-07-01 2023-06-30 05838363 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 05838363 bus:AbridgedAccounts 2022-07-01 2023-06-30 05838363 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 05838363 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 05838363 core:ComputerEquipment 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 05838363
Guerilla Trading Inc. Limited
Filleted Unaudited Abridged Financial Statements
30 June 2023
Guerilla Trading Inc. Limited
Abridged Financial Statements
Year ended 30 June 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Guerilla Trading Inc. Limited
Abridged Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
31,997
37,544
Current assets
Stocks
3,319,517
2,591,854
Debtors
6
30,950
24,385
Cash at bank and in hand
106,805
75,259
------------
------------
3,457,272
2,691,498
Creditors: amounts falling due within one year
7
1,273,630
825,589
------------
------------
Net current assets
2,183,642
1,865,909
------------
------------
Total assets less current liabilities
2,215,639
1,903,453
Creditors: amounts falling due after more than one year
8
104,000
154,625
Provisions
Taxation including deferred tax
6,079
7,133
------------
------------
Net assets
2,105,560
1,741,695
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,105,460
1,741,595
------------
------------
Shareholders funds
2,105,560
1,741,695
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Guerilla Trading Inc. Limited
Abridged Statement of Financial Position (continued)
30 June 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
Mr T Bowden
Director
Company registration number: 05838363
Guerilla Trading Inc. Limited
Notes to the Abridged Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40-44 Market Street, Ulverston, Cumbria, LA12 7LS.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Any estimate that has a degree of uncertainty or where judgement has been exercised in a particular area is expressly disclosed within the relevant accounting policy.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 19 ).
5. Tangible assets
£
Cost
At 1 July 2022
104,224
Additions
5,119
---------
At 30 June 2023
109,343
---------
Depreciation
At 1 July 2022
66,680
Charge for the year
10,666
---------
At 30 June 2023
77,346
---------
Carrying amount
At 30 June 2023
31,997
---------
At 30 June 2022
37,544
---------
6. Debtors
2023
2022
£
£
Trade debtors
3,396
Prepayments and accrued income
14,414
16,743
Other debtors
13,140
7,642
--------
--------
30,950
24,385
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
66,234
70,101
Trade creditors
770,431
485,558
Accruals and deferred income
2,750
2,370
Corporation tax
143,823
145,638
Social security and other taxes
112,227
76,917
Director loan accounts
30,121
133
Other creditors
148,044
44,872
------------
---------
1,273,630
825,589
------------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
104,000
149,842
Other creditors
4,783
---------
---------
104,000
154,625
---------
---------
9. Director's advances, credits and guarantees
The director's loan account remained in credit throughout this and pervious period .
10. Related party transactions
Included within other creditors is an amount of £16,886 payable to Working Class Web Ltd (Co reg: 07706016). Mr T Bowden , director, is also a director of Working Class Web Limited.