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REGISTERED NUMBER: 02208663 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

G.N.G. FOAM CONVERTERS (LANCS) LIMITED

G.N.G. FOAM CONVERTERS (LANCS) LIMITED (REGISTERED NUMBER: 02208663)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


G.N.G. FOAM CONVERTERS (LANCS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mrs. A. Needham
Miss G. Press
M. P. Needham
M. A. Burke



SECRETARY: Miss G. Press



REGISTERED OFFICE: Penndale Industrial Estate
Todmorden Road
Littleborough
Lancashire
OL15 9EG



REGISTERED NUMBER: 02208663 (England and Wales)



ACCOUNTANTS: Wyatt Morris Golland Ltd
Park House
200 Drake Street
Rochdale
Lancashire
OL16 1PJ



BANKERS: Barclays Bank PLC
1 Yorkshire Street
Rochdale
Lancashire

G.N.G. FOAM CONVERTERS (LANCS) LIMITED (REGISTERED NUMBER: 02208663)

ABRIDGED BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 855,692 866,490

CURRENT ASSETS
Stocks 153,164 90,683
Debtors 1,395,175 1,240,478
Investments 249,566 240,055
Cash at bank and in hand 2,452,134 2,580,011
4,250,039 4,151,227
CREDITORS
Amounts falling due within one year 1,130,101 1,296,631
NET CURRENT ASSETS 3,119,938 2,854,596
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,975,630

3,721,086

CREDITORS
Amounts falling due after more than one year (82,620 ) (83,584 )

PROVISIONS FOR LIABILITIES (62,048 ) (62,676 )
NET ASSETS 3,830,962 3,574,826

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Revaluation reserve 6 218,022 218,022
Retained earnings 3,602,940 3,346,804
SHAREHOLDERS' FUNDS 3,830,962 3,574,826

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

G.N.G. FOAM CONVERTERS (LANCS) LIMITED (REGISTERED NUMBER: 02208663)

ABRIDGED BALANCE SHEET - continued
30 NOVEMBER 2023


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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:





M. P. Needham - Director


G.N.G. FOAM CONVERTERS (LANCS) LIMITED (REGISTERED NUMBER: 02208663)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

G.N.G. Foam Converters (Lancs) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Functional and presentation currency
The individual financial statements are presented in the currency of the primary economic environment in which the entity operates that being the United Kingdom. For the purpose of the financial statements, the results and financial position are presented in Sterling (£).

Significant judgements and estimates
In the process of applying the entity’s accounting policies management have not made any judgements that would have a significant effect on the amounts recognised in the financial statements. No estimations have been made that would have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of foam products as specified in the strategic report is recognised when all of the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction can be measured reliably;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:-
Plant and machinery-15% on net book value
Fixtures and fittings-15% on net book value
Motor vehicles-25% on net book value
Computer equipment-33% on cost

No depreciation as been provided on the freehold property as the land value is considered to be in excess of cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

G.N.G. FOAM CONVERTERS (LANCS) LIMITED (REGISTERED NUMBER: 02208663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets including trade debtors and other debtors, and cash and bank balances are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Financial assets, are assessed for indicators of impairment at the end of each accounting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Investments comprise of a managed fund of investments in quoted bonds and gilts which are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using the quoted values stated at the balance sheet date.

Trade creditors and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants - covid19
Following the outbreak of the Covid-19 Pandemic the company furloughed members of staff and took advantage of the government job retention scheme. Grant income is accrued for in the period matching the period the wages were due for.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 70 (2022 - 72 ) .

G.N.G. FOAM CONVERTERS (LANCS) LIMITED (REGISTERED NUMBER: 02208663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 December 2022 4,379,618
Additions 112,644
Disposals (128,105 )
At 30 November 2023 4,364,157
DEPRECIATION
At 1 December 2022 3,513,128
Charge for year 94,569
Eliminated on disposal (99,232 )
At 30 November 2023 3,508,465
NET BOOK VALUE
At 30 November 2023 855,692
At 30 November 2022 866,490

Cost or valuation at 30 November 2023 is represented by:

Totals
£   
Valuation in 1990 250,000
Cost 4,114,157
4,364,157

Fixed assets, included in the above, which are held under finance leases are as follows:

Totals
£   
COST OR VALUATION
At 1 December 2022 134,336
Additions 42,640
Disposals (45,255 )
At 30 November 2023 131,721
DEPRECIATION
At 1 December 2022 59,678
Charge for year 24,153
Eliminated on disposal (24,572 )
At 30 November 2023 59,259
NET BOOK VALUE
At 30 November 2023 72,462
At 30 November 2022 74,658

G.N.G. FOAM CONVERTERS (LANCS) LIMITED (REGISTERED NUMBER: 02208663)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Finance leases 99,890 100,150

The hire purchase creditors are secured on the assets to which they relate.

6. RESERVES
Revaluation
reserve
£   
At 1 December 2022
and 30 November 2023 218,022