REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
G.N.G. FOAM CONVERTERS (LANCS) LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Park House |
200 Drake Street |
Rochdale |
Lancashire |
OL16 1PJ |
BANKERS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors |
Investments |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 6 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Additions |
Disposals | ( |
) |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
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 |