Registered number
09502653
Giorgio Carlos Limited
Filleted Accounts
23 April 2023
Giorgio Carlos Limited
Registered number: 09502653
Balance Sheet
as at 23 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 79,476 64,246
Current assets
Stocks 6,000 5,000
Debtors 4 15,828 23,368
Cash at bank and in hand 51,170 101,859
72,998 130,227
Creditors: amounts falling due within one year 5 (91,939) (92,450)
Net current (liabilities)/assets (18,941) 37,777
Total assets less current liabilities 60,535 102,023
Creditors: amounts falling due after more than one year 6 (42,236) (32,081)
Net assets 18,299 69,942
Capital and reserves
Called up share capital 100 100
Profit and loss account 18,199 69,842
Shareholder's funds 18,299 69,942
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
A Catleugh
Director
Approved by the board on 23 April 2024
Giorgio Carlos Limited
Notes to the Accounts
for the year ended 23 April 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:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 24 April 2022 104,816 30,242 135,058
Additions 1,296 39,992 41,288
At 23 April 2023 106,112 70,234 176,346
Depreciation
At 24 April 2022 44,073 26,739 70,812
Charge for the year 15,185 10,873 26,058
At 23 April 2023 59,258 37,612 96,870
Net book value
At 23 April 2023 46,854 32,622 79,476
At 23 April 2022 60,743 3,503 64,246
4 Debtors 2023 2022
£ £
Other debtors 15,828 23,368
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,600 9,600
Obligations under finance lease and hire purchase contracts 10,068 -
Corporation tax 29,307 62,134
Other taxes and social security costs 32,964 13,216
Other creditors 10,000 7,500
91,939 92,450
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,331 32,081
Obligations under finance lease and hire purchase contracts 19,905 -
42,236 32,081
7 Other information
Giorgio Carlos Limited is a private company limited by shares and incorporated in England. Its registered office is:
55 Brandlings Way
Peterlee
County Durham
SR8 5HG
6 Ultimate controlling party
The company is under the control of the director
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