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REGISTERED NUMBER: 01557848 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

G.J. BANKS (I.W.) LIMITED

G.J. BANKS (I.W.) LIMITED (REGISTERED NUMBER: 01557848)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


G.J. BANKS (I.W.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mrs J C Sivell
Mr M J Sivell





SECRETARY: Mrs J C Sivell





REGISTERED OFFICE: 9 Mill Hill Road
Cowes
Isle of Wight
PO31 7EA





REGISTERED NUMBER: 01557848 (England and Wales)





ACCOUNTANTS: Garbetts (IOW) Limited
Exchange House
St Cross Lane
Newport
Isle of Wight
PO30 5BZ

G.J. BANKS (I.W.) LIMITED (REGISTERED NUMBER: 01557848)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,431 80,181
Investment property 5 360,000 180,000
390,431 260,181

CURRENT ASSETS
Stocks 688,868 680,098
Debtors 6 85,605 98,247
Cash at bank 335,533 212,060
1,110,006 990,405
CREDITORS
Amounts falling due within one year 7 145,272 130,405
NET CURRENT ASSETS 964,734 860,000
TOTAL ASSETS LESS CURRENT LIABILITIES 1,355,165 1,120,181

PROVISIONS FOR LIABILITIES 31,736 9,967
NET ASSETS 1,323,429 1,110,214

CAPITAL AND RESERVES
Called up share capital 38 38
Other reserves 132,330 25,010
Retained earnings 1,191,061 1,085,166
SHAREHOLDERS' FUNDS 1,323,429 1,110,214

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.J. BANKS (I.W.) LIMITED (REGISTERED NUMBER: 01557848)

BALANCE SHEET - continued
31 MAY 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 13 February 2024 and were signed on its behalf by:





Mrs J C Sivell - Director


G.J. BANKS (I.W.) LIMITED (REGISTERED NUMBER: 01557848)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

G.J. Banks (I.W.) 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 20% on cost and 10% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

G.J. BANKS (I.W.) LIMITED (REGISTERED NUMBER: 01557848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 June 2022 66,495 156,730 223,225
Additions 9,000 4,129 13,129
Reclassification/transfer (75,495 ) - (75,495 )
At 31 May 2023 - 160,859 160,859
DEPRECIATION
At 1 June 2022 25,122 117,922 143,044
Charge for year - 12,506 12,506
Reclassification/transfer (25,122 ) - (25,122 )
At 31 May 2023 - 130,428 130,428
NET BOOK VALUE
At 31 May 2023 - 30,431 30,431
At 31 May 2022 41,373 38,808 80,181

G.J. BANKS (I.W.) LIMITED (REGISTERED NUMBER: 01557848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 180,000
Additions 22,307
Revaluations 82,198
Reclassification/transfer 75,495
At 31 May 2023 360,000
DEPRECIATION
Revaluation adjustments (25,122 )
Reclassification/transfer 25,122
At 31 May 2023 -
NET BOOK VALUE
At 31 May 2023 360,000
At 31 May 2022 180,000

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2014 40,000
Valuation in 2022 (14,990 )
Valuation in 2023 82,198
Cost 252,792
360,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 252,792 154,990

Investment property was valued on an open market basis on 31 May 2023 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 54,442 63,534
Amounts recoverable on contract 31,069 34,532
Other debtors 94 181
85,605 98,247

G.J. BANKS (I.W.) LIMITED (REGISTERED NUMBER: 01557848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account 4,430 1,894
Trade creditors 22,381 21,163
Taxation and social security 106,876 62,992
Other creditors 11,585 44,356
145,272 130,405