The Guildford Polishing Company Limited 07403686 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the provision of french polishing and allied services. Digita Accounts Production Advanced 6.30.9574.0 true true 07403686 2023-01-01 2023-12-31 07403686 2023-12-31 07403686 bus:OrdinaryShareClass1 2023-12-31 07403686 bus:OrdinaryShareClass2 2023-12-31 07403686 core:RetainedEarningsAccumulatedLosses 2023-12-31 07403686 core:ShareCapital 2023-12-31 07403686 core:CurrentFinancialInstruments 2023-12-31 07403686 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07403686 core:Goodwill 2023-12-31 07403686 core:FurnitureFittingsToolsEquipment 2023-12-31 07403686 core:MotorVehicles 2023-12-31 07403686 bus:SmallEntities 2023-01-01 2023-12-31 07403686 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07403686 bus:FullAccounts 2023-01-01 2023-12-31 07403686 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07403686 bus:RegisteredOffice 2023-01-01 2023-12-31 07403686 bus:Director1 2023-01-01 2023-12-31 07403686 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07403686 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 07403686 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07403686 core:Goodwill 2023-01-01 2023-12-31 07403686 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07403686 core:MotorVehicles 2023-01-01 2023-12-31 07403686 core:OfficeEquipment 2023-01-01 2023-12-31 07403686 core:PlantMachinery 2023-01-01 2023-12-31 07403686 countries:England 2023-01-01 2023-12-31 07403686 2022-12-31 07403686 core:Goodwill 2022-12-31 07403686 core:FurnitureFittingsToolsEquipment 2022-12-31 07403686 core:MotorVehicles 2022-12-31 07403686 2022-01-01 2022-12-31 07403686 2022-12-31 07403686 bus:OrdinaryShareClass1 2022-12-31 07403686 bus:OrdinaryShareClass2 2022-12-31 07403686 core:RetainedEarningsAccumulatedLosses 2022-12-31 07403686 core:ShareCapital 2022-12-31 07403686 core:CurrentFinancialInstruments 2022-12-31 07403686 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07403686 core:Goodwill 2022-12-31 07403686 core:FurnitureFittingsToolsEquipment 2022-12-31 07403686 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07403686

The Guildford Polishing Company Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

The Guildford Polishing Company Limited

(Registration number: 07403686)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Intangible assets

4

 

1

 

1

Tangible assets

5

 

68

 

137

   

69

 

138

Current assets

   

 

Debtors

6

22,140

 

13,795

 

Cash at bank and in hand

 

18,401

 

16,734

 

 

40,541

 

30,529

 

Creditors: Amounts falling due within one year

7

(9,657)

 

(9,288)

 

Net current assets

   

30,884

 

21,241

Net assets

   

30,953

 

21,379

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

30,853

 

21,279

 

Shareholders' funds

   

30,953

 

21,379

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 April 2024
 

.........................................
Mr G L Cook
Director

 

The Guildford Polishing Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
15 Baillie Road
Guildford
Surrey
GU1 3LN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except where disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities and is shown net of value added tax, returns, rebates and discounts where applicable.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and appropriate stages of completion have been reached on each of the company's contracts.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on cost

 

The Guildford Polishing Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Motor vehicles

25% on cost

Office equipment

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. They are recognised initially at the transaction price less provision for impairment. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are measured at the transaction price. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is such a right, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing them.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

The Guildford Polishing Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

1

1

At 31 December 2023

1

1

Amortisation

Carrying amount

At 31 December 2023

1

1

At 31 December 2022

1

1

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,494

500

2,994

At 31 December 2023

2,494

500

2,994

Depreciation

At 1 January 2023

2,357

500

2,857

Charge for the year

69

-

69

At 31 December 2023

2,426

500

2,926

Carrying amount

At 31 December 2023

68

-

68

At 31 December 2022

137

-

137

 

The Guildford Polishing Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

21,445

13,044

Prepayments

695

475

Other debtors

-

276

 

22,140

13,795

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

8,024

6,728

Accruals and deferred income

1,600

1,600

Other creditors

33

960

9,657

9,288

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary of £1 each

75

75

75

75

B Ordinary of £1 each

25

25

25

25

 

100

100

100

100

9

Related party transactions

Dividends paid to the director

   

2023
£

 

2022
£

Mr G L Cook

       

Interim dividends

 

17,300

 

27,000