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REGISTERED NUMBER: 01016231 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

GRAEME ASH (SHOPFITTERS) LIMITED

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRAEME ASH (SHOPFITTERS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: G P Ash





SECRETARY: Mrs S B Ash





REGISTERED OFFICE: Kingsway North
Team Valley Trading Estate
Gateshead
Tyne and Wear
NE11 0LG





REGISTERED NUMBER: 01016231 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 590,027 337,863

CURRENT ASSETS
Stocks 90,920 580,540
Debtors 5 418,877 343,738
Cash at bank and in hand 80,799 264,340
590,596 1,188,618
CREDITORS
Amounts falling due within one year 6 402,653 1,009,754
NET CURRENT ASSETS 187,943 178,864
TOTAL ASSETS LESS CURRENT
LIABILITIES

777,970

516,727

CREDITORS
Amounts falling due after more than one
year

7

26,389

35,322
NET ASSETS 751,581 481,405

CAPITAL AND RESERVES
Called up share capital 9 33,510 33,510
Revaluation reserve 10 345,633 83,705
Retained earnings 372,438 364,190
SHAREHOLDERS' FUNDS 751,581 481,405

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

BALANCE SHEET - continued
30 JUNE 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 director and authorised for issue on 13 March 2024 and were signed by:





G P Ash - Director


GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Graeme Ash (Shopfitters) 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 represents income generated from the principal business activity, which is interior refurbishment contracting. Income is attributed to the profit and loss account as contract activity progresses in a manner appropriate to the stage of completion of each individual contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - straight line basis over term of lease
Plant and machinery - 25% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Long term contracts are assessed on a contract-by-contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Where it is considered that the outcome of a long-term contract can be assessed with reasonable certainty before its conclusion, the prudently calculated attributable profit is recognised in the profit and loss account as the difference between the reported turnover and related costs for the contract.

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.

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 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.

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.

Revaluation of fixed assets
The director ensures that the properties are revalued by a qualified surveyor at least every five years and that in all other circumstances, the properties are valued by the director to ensure that any diminution in value is recognised in the accounts.

Going concern
The director has considered the company's ability to continue as a going concern for a period of in excess of 12 months from the date of this report. They have assessed the financial performance, financial position and cash flow requirements and are confident that the company can continue as a going concern. For this reason the financial statements have been prepared using the going concern basis.

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instrument.

Financial instruments are recognised in the company's balance sheet when the company becomes party to contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 24 ) .

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 July 2022 345,000 177,688 522,688
Revaluations 245,000 - 245,000
At 30 June 2023 590,000 177,688 767,688
DEPRECIATION
At 1 July 2022 12,300 172,525 184,825
Charge for year 6,150 5,136 11,286
Revaluation adjustments (18,450 ) - (18,450 )
At 30 June 2023 - 177,661 177,661
NET BOOK VALUE
At 30 June 2023 590,000 27 590,027
At 30 June 2022 332,700 5,163 337,863

Cost or valuation at 30 June 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 590,000 177,688 767,688

If land and buildings had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 394,455 394,455

Land and buildings were valued on an open market basis on 20 November 2023 by Bradley Hall Chartered Surveyors .

If Land and Buildings had not been re-valued, it would have been included at the historical cost of £394,455.

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 July 2022 20,299
Transfer to ownership (20,299 )
At 30 June 2023 -
DEPRECIATION
At 1 July 2022 16,917
Transfer to ownership (16,917 )
At 30 June 2023 -
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 3,382

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 118,895 119,392
Amounts recoverable on contract 277,804 206,195
Other debtors 22,178 18,151
418,877 343,738

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 39,530 50,041
Trade creditors 254,058 750,338
Taxation and social security 72,938 154,219
Other creditors 36,127 55,156
402,653 1,009,754

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 26,389 35,322

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Directors' current account 733 373

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
33,108 Ordinary £1 33,108 33,108
402 "A" Ordinary £1 402 402
33,510 33,510

10. RESERVES
Revaluation
reserve
£   
At 1 July 2022 83,705
Revaluation in year 263,450
Transfer (1,522 )

At 30 June 2023 345,633

11. RELATED PARTY DISCLOSURES

During the year the director maintained an interest bearing loan to the company. As at 30 June 2023 the balance outstanding was £733 (2022: £373). This balance is secured against the leasehold property at Kingsway, Team Valley Trading Estate, out of which the company trades. Despite being interest bearing no interest has been charged during the year.