Registered number
04269797
Gables UK Limited
Unaudited Filleted Accounts
31 July 2023
Gables UK Limited
Registered number: 04269797
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 151,930 140,298
Current assets
Stocks 129,066 165,453
Debtors 4 1,677,731 1,651,359
Cash at bank and in hand 1,075,159 426,711
2,881,956 2,243,523
Creditors: amounts falling due within one year 5 (2,281,884) (1,560,879)
Net current assets 600,072 682,644
Total assets less current liabilities 752,002 822,942
Creditors: amounts falling due after more than one year 6 (80,684) (124,676)
Provisions for liabilities (29,797) (22,145)
Net assets 641,521 676,121
Capital and reserves
Called up share capital 102 102
Profit and loss account 641,419 676,019
Shareholders' funds 641,521 676,121
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr AE Snook
Director
Approved by the board on 29 February 2024
Gables UK Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings Over 5 years
Plant and machinery 15% on written down value
Office computer equipment 25% on written down value
Motor vehicles 25% on written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 25 25
3 Tangible fixed assets
Land and buildings Plant, machinery & office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 6,425 81,172 217,142 304,739
Additions - - 82,662 82,662
Disposals - (22,511) (33,598) (56,109)
At 31 July 2023 6,425 58,661 266,206 331,292
Depreciation
At 1 August 2022 6,424 63,054 94,963 164,441
Charge for the year - 3,517 46,167 49,684
On disposals - (21,339) (13,424) (34,763)
At 31 July 2023 6,424 45,232 127,706 179,362
Net book value
At 31 July 2023 1 13,429 138,500 151,930
At 31 July 2022 1 18,118 122,179 140,298
4 Debtors 2023 2022
£ £
Trade debtors 1,026,207 870,083
Other debtors 651,524 781,276
1,677,731 1,651,359
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 44,000 44,000
Trade creditors 943,069 1,092,195
Amounts owed to group undertakings and undertakings in which the company has a participating interest 807,000 107,000
Taxation and social security costs 324,980 177,822
Other creditors 162,835 139,862
2,281,884 1,560,879
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 80,684 124,676
7 Contingent liabilities
At 31 July 2023 there were no contingent liabilities.
8 Related party transactions
The company is a wholly owned subsidiary of Squirrel Holdings Ltd, a company which is controlled by Mr AE Snook.
Squirrel Holdings Ltd provides management services to the company, charges for which totalled £600000 during the year ended 31 July 2023. This amount was owed to Squirrel Holdings Ltd at the year end and is included in creditors. Creditors include £807000 due to Squirrel Holdings Ltd.
The directors also have a non-interest paying loan account with the company which is used to pay and receive inter-company transactions. Regular withdrawals from the loan account are also made. At 31 July 2023 the company owed Mr and Mrs Snook £1033 (2022: £4696).
Dividends of £43100 have also been credited to Mr L Dodd's loan account. At 31 July 2023 the company owed Mr Dodd £43100 (2022: £24248).
9 Other information
Gables UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 16 Eastway Business Village
Olivers Place
Fulwood
Preston
PR2 9WT
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