Company Registration No. 11673847 (England and Wales)
GG & BB LIMITED
Unaudited accounts
for the year ended 30 November 2023
GG & BB LIMITED
Unaudited accounts
Contents
GG & BB LIMITED
Company Information
for the year ended 30 November 2023
Director
Mr Robert Gleeson
Company Number
11673847 (England and Wales)
Registered Office
3 Lansdowne Road
Norwich
Norfolk
NR6 6NF
United Kingdom
Accountants
Together Accounting Limited
17-19 St Georges Street
Norwich
Norfolk
NR3 1AB
GG & BB LIMITED
Statement of financial position
as at 30 November 2023
Tangible assets
126,426
4,616
Inventories
157,819
130,000
Cash at bank and in hand
152,072
128,315
Creditors: amounts falling due within one year
(409,531)
(264,545)
Net current assets
36,690
86,729
Total assets less current liabilities
163,116
91,345
Creditors: amounts falling due after more than one year
(48,464)
(9,997)
Provisions for liabilities
Deferred tax
(24,022)
(2,169)
Called up share capital
1
1
Profit and loss account
90,629
79,178
Shareholders' funds
90,630
79,179
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 April 2024 and were signed on its behalf by
Mr Robert Gleeson
Director
Company Registration No. 11673847
GG & BB LIMITED
Notes to the Accounts
for the year ended 30 November 2023
GG & BB LIMITED is a private company, limited by shares, registered in England and Wales, registration number 11673847. The registered office is 3 Lansdowne Road, Norwich, Norfolk, NR6 6NF, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% - Reducing Balance Method
Fixtures & fittings
25% - Straight Line Method
Computer equipment
33% - Straight Line Method
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
GG & BB LIMITED
Notes to the Accounts
for the year ended 30 November 2023
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 December 2022
-
2,256
13,774
16,030
Additions
98,768
39,168
8,207
146,143
At 30 November 2023
98,768
41,424
21,981
162,173
At 1 December 2022
-
1,085
10,329
11,414
Charge for the year
13,514
7,367
3,452
24,333
At 30 November 2023
13,514
8,452
13,781
35,747
At 30 November 2023
85,254
32,972
8,200
126,426
At 30 November 2022
-
1,171
3,445
4,616
Amounts falling due within one year
Trade debtors
13,444
15,984
Accrued income and prepayments
16,503
-
Other debtors
106,383
76,975
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
80,599
53,749
Obligations under finance leases and hire purchase contracts
23,809
-
Trade creditors
225,399
112,154
Taxes and social security
6,157
13,844
Other creditors
11,595
56,623
GG & BB LIMITED
Notes to the Accounts
for the year ended 30 November 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
41,197
-
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
9
Operating lease commitments
2023
2022
At 30 November 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
23,808
-
Later than one year and not later than five years
59,594
-
As at 30 11 2023 the directors owed the company £46,537 (2022: £41,263). The loan is included in other debtors due within one year in note 5 to the financial statements and is repayable on demand. The loan is interest free.
11
Average number of employees
During the year the average number of employees was 8 (2022: 5).