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REGISTERED NUMBER: 06861086 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 September 2023

for

G V Decorators Limited

G V Decorators Limited (Registered number: 06861086)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G V Decorators Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: C J Veazey
P Veazey





SECRETARY: Mrs Z N Veazey





REGISTERED OFFICE: 10 Letitia Industrial Estate
Letitia Street
Middlesbrough
TS5 4BE





REGISTERED NUMBER: 06861086 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff LLP
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

G V Decorators Limited (Registered number: 06861086)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 63,600 28,069
63,601 28,070

CURRENT ASSETS
Stocks 12,000 10,500
Debtors 6 307,885 323,280
Cash at bank 557,154 500,344
877,039 834,124
CREDITORS
Amounts falling due within one year 7 136,050 184,999
NET CURRENT ASSETS 740,989 649,125
TOTAL ASSETS LESS CURRENT
LIABILITIES

804,590

677,195

CREDITORS
Amounts falling due after more than one
year

8

(21,448

)

-

PROVISIONS FOR LIABILITIES (13,250 ) (2,100 )
NET ASSETS 769,892 675,095

CAPITAL AND RESERVES
Called up share capital 10 16 16
Capital redemption reserve 11 14 14
Retained earnings 11 769,862 675,065
SHAREHOLDERS' FUNDS 769,892 675,095

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 V Decorators Limited (Registered number: 06861086)

Balance Sheet - continued
30 September 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:





C J Veazey - Director


G V Decorators Limited (Registered number: 06861086)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

G V Decorators 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences.

G V Decorators Limited (Registered number: 06861086)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

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.

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.

Debtors and creditors receivable/payable
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 217,802
AMORTISATION
At 1 October 2022
and 30 September 2023 217,801
NET BOOK VALUE
At 30 September 2023 1
At 30 September 2022 1

G V Decorators Limited (Registered number: 06861086)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 4,581 5,570 84,434 4,819 99,404
Additions - - 54,553 - 54,553
Disposals - - (15,962 ) - (15,962 )
At 30 September 2023 4,581 5,570 123,025 4,819 137,995
DEPRECIATION
At 1 October 2022 4,408 4,661 58,142 4,124 71,335
Charge for year 43 137 14,112 695 14,987
Eliminated on disposal - - (11,927 ) - (11,927 )
At 30 September 2023 4,451 4,798 60,327 4,819 74,395
NET BOOK VALUE
At 30 September 2023 130 772 62,698 - 63,600
At 30 September 2022 173 909 26,292 695 28,069

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2022 8,000
Additions 54,553
Transfer to ownership (8,000 )
At 30 September 2023 54,553
DEPRECIATION
At 1 October 2022 2,501
Charge for year 9,558
Transfer to ownership (3,876 )
At 30 September 2023 8,183
NET BOOK VALUE
At 30 September 2023 46,370
At 30 September 2022 5,499

G V Decorators Limited (Registered number: 06861086)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 247,469 300,695
Amounts recoverable on
contracts 576 6,757
Retentions 14,833 14,414
S455 taxation 1,414 1,414
Directors' current accounts 43,593 -
307,885 323,280

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 15,120 1,923
Trade creditors 5,940 20,096
Taxation 41,834 83,498
Social security and other taxes 21,793 19,852
VAT 15,092 12,670
Other creditors 6,941 7,990
Directors' current accounts - 8,861
Accrued expenses 29,330 30,109
136,050 184,999

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 21,448 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 36,568 1,923

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10 A Shares £1 6 6
10 C Shares £1 10 10
16 16

G V Decorators Limited (Registered number: 06861086)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

11. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2022 675,065 14 675,079
Profit for the year 184,797 184,797
Dividends (90,000 ) (90,000 )
At 30 September 2023 769,862 14 769,876

12. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet relate to obligations under non-cancellable operating leases and amount to £20,013 (2022: £46,626).

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the directors owed the company £43,593 (2022 : £Nil). During the year, the company advanced to its directors £49,376 (2022 : £Nil) and the company received repayments of £5,783 (2022 : £Nil). Interest is charged at 2/2.5% on this loan.

14. RELATED PARTY DISCLOSURES

The company paid rent of £12,000 (2022: £12,000) to a pension scheme held for the benefit of a director.