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Registered number: 08591990
Go Commercial Finance Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 08591990
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 389,505 291,881
389,505 291,881
CURRENT ASSETS
Debtors 5 80,185 66,533
Cash at bank and in hand 1,609 6,046
81,794 72,579
Creditors: Amounts Falling Due Within One Year 6 (65,313 ) (38,602 )
NET CURRENT ASSETS (LIABILITIES) 16,481 33,977
TOTAL ASSETS LESS CURRENT LIABILITIES 405,986 325,858
Creditors: Amounts Falling Due After More Than One Year 7 (218,800 ) (256,570 )
NET ASSETS 187,186 69,288
CAPITAL AND RESERVES
Called up share capital 8 1 1
Revaluation reserve 9 176,595 76,595
Profit and Loss Account 10,590 (7,308 )
SHAREHOLDERS' FUNDS 187,186 69,288
Page 1
Page 2
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D Vieira
Director
16/04/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Go Commercial Finance Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08591990 . The registered office is 1 St. Marys Avenue, Y Barri, Vale Of Glamorgan, CF63 4LR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation charged
Plant & Machinery 20% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 20% reducing balance
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 2)
1 2
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost or Valuation
As at 1 April 2022 280,000 529 32,431 764 313,724
Revaluation 100,000 - - - 100,000
As at 31 March 2023 380,000 529 32,431 764 413,724
Depreciation
As at 1 April 2022 - 141 21,529 173 21,843
Provided during the period - 78 2,180 118 2,376
As at 31 March 2023 - 219 23,709 291 24,219
Net Book Value
As at 31 March 2023 380,000 310 8,722 473 389,505
As at 1 April 2022 280,000 388 10,902 591 291,881
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Page 4
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 620 310
Amounts owed by group undertakings 30,917 22,463
Other debtors 48,648 43,760
80,185 66,533
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 58,543 36,783
Other creditors 418 572
Taxation and social security 6,352 1,247
65,313 38,602
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 218,800 256,570
218,800 256,570
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
9. Reserves
Revaluation Reserve
£
As at 1 April 2022 76,595
Surplus on revaluation 100,000
As at 31 March 2023 176,595
Page 4