Company registration number 02923854 (England and Wales)
G & N Limited
Unaudited Financial Statements
For the year ended 31 October 2023
PAGES FOR FILING WITH REGISTRAR
G & N Limited
Contents
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 5
G & N Limited
Balance sheet
For the year ended 31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
48,291
80,391
Current assets
Stocks
140,488
253,606
Debtors
4
68,672
116,938
Cash at bank and in hand
751,808
459,870
960,968
830,414
Creditors: amounts falling due within one year
5
(357,401)
(207,533)
Net current assets
603,567
622,881
Net assets
651,858
703,272
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
651,758
703,172
Total equity
651,858
703,272

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 10 April 2024 and are signed on its behalf by:
Mr G Williams
Mr N Green
Director
Director
Company registration number 02923854 (England and Wales)
G & N Limited
Notes to the Financial Statements
For the year ended 31 October 2023
- 2 -
1
Accounting policies
Company information

G & N Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

The turnover shown in the profit and loss account represents amounts receivable during the year, exclusive of Value Added Tax.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
15% straight line
Motor vehicles
20% straight line
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

G & N Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

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

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
21
21
G & N Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
- 4 -
3
Tangible fixed assets
Office equipment
Motor vehicles
Total
£
£
£
Cost
At 1 November 2022
11,446
243,180
254,626
Disposals
-
0
(17,353)
(17,353)
At 31 October 2023
11,446
225,827
237,273
Depreciation and impairment
At 1 November 2022
11,446
162,789
174,235
Depreciation charged in the year
-
0
17,350
17,350
Eliminated in respect of disposals
-
0
(2,603)
(2,603)
At 31 October 2023
11,446
177,536
188,982
Carrying amount
At 31 October 2023
-
0
48,291
48,291
At 31 October 2022
-
0
80,391
80,391
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,330
32,200
Other debtors
59,342
84,738
68,672
116,938
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
182,029
61,640
Taxation and social security
140,981
122,947
Other creditors
34,391
22,946
357,401
207,533

Included in other creditors are amounts owing under hire purchase agreements of £nil (2022 - £229) which are secured on the assets concerned.

G & N Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
- 5 -
6
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
249,000
398,000
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