REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
GADEBRIDGE BEDDING AND FURNITURE LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
GADEBRIDGE BEDDING AND FURNITURE LTD |
GADEBRIDGE BEDDING AND FURNITURE LTD (REGISTERED NUMBER: 01729315) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GADEBRIDGE BEDDING AND FURNITURE LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old School House |
Bridge Road |
Hunton Bridge |
Kings Langley |
Hertfordshire |
WD4 8SZ |
GADEBRIDGE BEDDING AND FURNITURE LTD (REGISTERED NUMBER: 01729315) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
The directors acknowledge their 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. |
GADEBRIDGE BEDDING AND FURNITURE LTD (REGISTERED NUMBER: 01729315) |
BALANCE SHEET - continued |
31ST DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GADEBRIDGE BEDDING AND FURNITURE LTD (REGISTERED NUMBER: 01729315) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Gadebridge Bedding and Furniture Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its |
estimated useful life. |
Fixtures and fittings - 25% on reducing balance |
Motor vehicles - 25% on reducing balance |
Office equipment - 25% on reducing balance |
Freehold buildings - 1% straight line |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
GADEBRIDGE BEDDING AND FURNITURE LTD (REGISTERED NUMBER: 01729315) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Investments |
Investments are held at market value. The directors do not consider the market value to be materially different from the cost in the year. |
Government grants |
Government grants are recognised using the accrual model whereby revenue grants are recognised on a |
systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, shall be recognised in income in the period in which it becomes receivable. |
Coronavirus Job Retention Scheme (CJRS) |
Income in respect of the CJRS is recognised in the period to which the underlying furloughed staff costs relate, the payroll liability has been incurred by the entity, and therefore the conditions to claim have been met. |
Local Authority Support Grants |
These local authority grants do not have any performance conditions attached, as they are designed to provide immediate financial support. They are therefore recognised immediately upon the entity being satisfied that they have the entitlement. |
Bounce Back Loan (BBL) Interest |
Interest on the BBL, covered by the Government for the first twelve months of the loan, is recognised as a cost as accrued. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GADEBRIDGE BEDDING AND FURNITURE LTD (REGISTERED NUMBER: 01729315) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st January 2023 |
and 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Cost or valuation at 31st December 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2013 | 360,900 | - | 360,900 |
Valuation in 2014 | 40,000 | - | 40,000 |
Valuation in 2017 | - | 80,144 | 80,144 |
Valuation in 2018 | - | 995 | 995 |
Valuation in 2019 | - | 4,823 | 4,823 |
400,900 | 85,962 | 486,862 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
GADEBRIDGE BEDDING AND FURNITURE LTD (REGISTERED NUMBER: 01729315) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1st January 2023 |
and 31st December 2023 |