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Company registration number: 01263665
G & B Foam (High Wycombe) Limited
Unaudited filleted financial statements
31 July 2023
G & B Foam (High Wycombe) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
G & B Foam (High Wycombe) Limited
Directors and other information
Directors B Bailey
J Caldwell (Resigned 1 December 2022)
A F Matthews (Appointed 6 January 2023)
Secretary Mrs A Mathews
Company number 01263665
Registered office The Clock House
Station Approach
Marlow
Bucks
SL7 1NT
Business address Unit 3 Valley Works
Lane End Road
Sands Industrial Estate
Bucks
HP12 4HG
Accountants Pink Affinity Limited
G & B Foam (High Wycombe) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of G & B Foam (High Wycombe) Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G & B Foam (High Wycombe) Limited for the year ended 31 July 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of G & B Foam (High Wycombe) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of G & B Foam (High Wycombe) Limited and state those matters that we have agreed to state to the board of directors of G & B Foam (High Wycombe) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G & B Foam (High Wycombe) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that G & B Foam (High Wycombe) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G & B Foam (High Wycombe) Limited. You consider that G & B Foam (High Wycombe) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of G & B Foam (High Wycombe) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Pink Affinity Limited
25 March 2024
G & B Foam (High Wycombe) Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 18,837 16,341
_______ _______
18,837 16,341
Current assets
Stocks 91,367 86,615
Debtors 6 341,779 303,137
Cash at bank and in hand 1,501,500 1,284,608
_______ _______
1,934,646 1,674,360
Creditors: amounts falling due
within one year 7 ( 1,114,710) ( 1,080,677)
_______ _______
Net current assets 819,936 593,683
_______ _______
Total assets less current liabilities 838,773 610,024
Provisions for liabilities ( 4,710) ( 3,105)
_______ _______
Net assets 834,063 606,919
_______ _______
Capital and reserves
Called up share capital 100 120
Profit and loss account 833,963 606,799
_______ _______
Shareholders funds 834,063 606,919
_______ _______
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 March 2024 , and are signed on behalf of the board by:
B Bailey
Director
Company registration number: 01263665
G & B Foam (High Wycombe) Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is The Clock House, Station Approach, Marlow, Bucks, SL7 1NT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, and are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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 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 in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2022: 26 ).
5. Tangible assets
Long leasehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 1,065 276,791 18,240 296,096
Additions - 8,518 - 8,518
_______ _______ _______ _______
At 31 July 2023 1,065 285,309 18,240 304,614
_______ _______ _______ _______
Depreciation
At 1 August 2022 - 276,107 3,648 279,755
Charge for the year - 2,374 3,648 6,022
_______ _______ _______ _______
At 31 July 2023 - 278,481 7,296 285,777
_______ _______ _______ _______
Carrying amount
At 31 July 2023 1,065 6,828 10,944 18,837
_______ _______ _______ _______
At 31 July 2022 1,065 684 14,592 16,341
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 332,406 281,077
Other debtors 9,373 22,060
_______ _______
341,779 303,137
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 437,012 483,164
Corporation tax 60,168 35,789
Social security and other taxes 177,009 136,163
Other creditors 440,521 425,561
_______ _______
1,114,710 1,080,677
_______ _______