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Gypcom Ltd

Registered Number
04291736
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

Gypcom Ltd
Company Information
for the year from 1 October 2022 to 30 September 2023

Directors

Mr M S Ashton
Mr M L Jones

Company Secretary

Mrs B Jones

Registered Address

Unit 2 G3 Business Park
Dolphin Road
Shoreham-By-Sea
BN43 6AN

Registered Number

04291736 (England and Wales)
Gypcom Ltd
Statement of Financial Position
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6381,480414,479
381,480414,479
Current assets
Stocks727,26031,060
Debtors8235,182141,267
Cash at bank and on hand84,327448,774
346,769621,101
Creditors amounts falling due within one year9(72,772)(354,405)
Net current assets (liabilities)273,997266,696
Total assets less current liabilities655,477681,175
Creditors amounts falling due after one year10-(21,179)
Provisions for liabilities12(19,112)(25,382)
Net assets636,365634,614
Capital and reserves
Called up share capital9292
Profit and loss account636,273634,522
Shareholders' funds636,365634,614
The financial statements were approved and authorised for issue by the Board of Directors on 8 March 2024, and are signed on its behalf by:
Mr M L Jones
Director
Registered Company No. 04291736
Gypcom Ltd
Notes to the Financial Statements
for the year ended 30 September 2023

1.Statutory information
The company is a private company limited by share capital, incorporated in England & Wales. The address of its registered office is: Unit 2 G3 Business Park Dolphin Road Shoreham-By-Sea West Sussex BN43 6AN England The principal place of business is: Unit 2, G3 Business Park Dolphin Road Shoreham-By-Sea West Sussex BN43 6AN
2.Compliance with applicable reporting framework
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
3.Accounting policies
Property, plant and equipment policy
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Reducing balance (%)
Plant and machinery25
Fixtures and fittings25
Vehicles25
Office Equipment33
Intangible assets policy
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Goodwill 5 years straight line
Stocks policy
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Revenue recognition policy
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
Taxation policy
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Leases policy
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
4.Employee information

20232022
Average number of employees during the year32
5.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 October 22100,000100,000
At 30 September 23100,000100,000
Amortisation and impairment
At 01 October 22100,000100,000
At 30 September 23100,000100,000
Net book value
At 30 September 23--
At 30 September 22--
6.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 October 22280,88981,852153,78369,70836,349622,581
At 30 September 23280,88981,852153,78369,70836,349622,581
Depreciation and impairment
At 01 October 22-70,80440,848-96,450208,102
Charge for year-2,26528,2336431,85832,999
At 30 September 23-73,06969,08164398,308241,101
Net book value
At 30 September 23280,8898,78384,70269,065(61,959)381,480
At 30 September 22280,88911,048112,93569,708(60,101)414,479
Included within the net book value of land and buildings above is £280,889 (2022 - £280,889) in respect of freehold land and buildings.
7.Stocks

2023

2022

££
Other stocks27,26031,060
Total27,26031,060
8.Debtors

2023

2022

££
Trade debtors / trade receivables78,55953,596
Amounts owed by group undertakings130,30465,614
Other debtors20,57716,906
Prepayments and accrued income5,7425,151
Total235,182141,267
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables20,95029,846
Bank borrowings and overdrafts4,1754,338
Amounts owed to related parties-212,410
Taxation and social security21,52953,563
Finance lease and HP contracts21,49928,427
Other creditors-6,423
Accrued liabilities and deferred income4,61919,398
Total72,772354,405
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts-7,778
Other creditors-13,401
Total-21,179
11.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts-13,401
12.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)19,11225,382
Total19,11225,382