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Company registration number: 08478528
G&E Fires, Stoves & Bathrooms Limited
Unaudited filleted financial statements
31 July 2023
G&E Fires, Stoves & Bathrooms Limited
Contents
Statement of financial position
Notes to the financial statements
G&E Fires, Stoves & Bathrooms Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 24,834 4,057
_______ _______
24,834 4,057
Current assets
Stocks 70,591 35,274
Debtors 6 133,561 113,712
Cash at bank and in hand 93,110 85,066
_______ _______
297,262 234,052
Creditors: amounts falling due
within one year 7 ( 199,531) ( 140,207)
_______ _______
Net current assets 97,731 93,845
_______ _______
Total assets less current liabilities 122,565 97,902
Creditors: amounts falling due
after more than one year 8 ( 19,167) ( 29,167)
Provisions for liabilities 9 ( 4,724) ( 613)
_______ _______
Net assets 98,674 68,122
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 98,574 68,022
_______ _______
Shareholders funds 98,674 68,122
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 February 2024 , and are signed on behalf of the board by:
Mrs Tracey Dawson
Director
Company registration number: 08478528
G&E Fires, Stoves & Bathrooms Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is G & E Fires, Stoves & Bathrooms Limited, Deansfield House, 98 Lancaster Road, Newcastle-under-Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 20 % reducing balance
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £
Cost
At 1 August 2022 6,888 2,000 12,694 21,582
Additions 259 25,495 3,082 28,836
_______ _______ _______ _______
At 31 July 2023 7,147 27,495 15,776 50,418
_______ _______ _______ _______
Depreciation
At 1 August 2022 4,820 1,665 11,040 17,525
Charge for the year 538 5,166 2,355 8,059
_______ _______ _______ _______
At 31 July 2023 5,358 6,831 13,395 25,584
_______ _______ _______ _______
Carrying amount
At 31 July 2023 1,789 20,664 2,381 24,834
_______ _______ _______ _______
At 31 July 2022 2,068 335 1,654 4,057
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 56,651 46,184
Work in progress 7,500 6,500
Purchase ledger debit balances 17,473 9,827
Amounts owed by related parties 50,000 50,000
Prepayments and accrued income 1,937 1,201
_______ _______
133,561 113,712
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loan 10,000 10,000
Trade creditors 70,682 33,170
Corporation tax 28,404 29,155
Social security and other taxes 12,849 11,065
Director loan account 56,814 32,800
Customer deposits on account 19,379 22,782
Accruals and deferred income 900 900
Pension contributions 503 335
_______ _______
199,531 140,207
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loan 19,167 29,167
_______ _______
9. Provisions
Deferred tax (note 10)
£
At 1 August 2022 613
Additions 4,111
_______
At 31 July 2023 4,724
_______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 9) 4,724 613
_______ _______
11. Related party transactions
Mrs Tracey Dawson and Mr Darren Dawson are related parties by virtue of their shareholding in the company.The following transactions took place between the shareholders and the company during the year:Amounts due to the related party as at 1 August 2022 : £32,800Payments to related party : (£31,873)Amounts received from related party : £55,887Amounts due to the related party as at 31 July 2023 : £56,814During the year Mrs Tracey Dawson and Mr Darren Dawson received equity dividends on ordinary shares in the sum of £50,000. (2022 : £50,000)