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Registered number: 07421553
Get Trading Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
djca Limited
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Get Trading Limited For The Year Ended 31 October 2023
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Get Trading Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Get Trading Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Get Trading Limited and state those matters that we have agreed to state to the director of Get Trading Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Get Trading Limited and its director as a body for our work or for this report.
It is your duty to ensure that Get Trading Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Get Trading Limited . You consider that Get Trading Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Get Trading Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Robert Fiford FCCA
29/07/2024
djca Limited
ACCA
154-160 Fleet Street
London
EC4A 2DQ
Page 1
Page 2
Balance Sheet
Registered number: 07421553
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 10,082 19,144
10,082 19,144
CURRENT ASSETS
Stocks 6 13,500 12,000
Debtors 7 198,786 328,856
Cash at bank and in hand - 10,000
212,286 350,856
Creditors: Amounts Falling Due Within One Year 8 (184,154 ) (207,960 )
NET CURRENT ASSETS (LIABILITIES) 28,132 142,896
TOTAL ASSETS LESS CURRENT LIABILITIES 38,214 162,040
Creditors: Amounts Falling Due After More Than One Year 9 (21,383 ) (58,240 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (2,045 ) (3,010 )
NET ASSETS 14,786 100,790
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 14,686 100,690
SHAREHOLDERS' FUNDS 14,786 100,790
Page 2
Page 3
For the year ending 31 October 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 A Wells
Director
29/07/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Get Trading Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07421553 . The registered office is 3 Fleet Street, London, EC4Y 1AU.
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:
Leasehold in accordance with the property
Plant & Machinery 20% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 33% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2022: 12)
11 12
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 29,396 142,922 28,211 2,659 203,188
Additions - 4,300 - - 4,300
Disposals - (16,702 ) (494 ) - (17,196 )
As at 31 October 2023 29,396 130,520 27,717 2,659 190,292
Depreciation
As at 1 November 2022 26,095 127,966 28,036 1,947 184,044
Provided during the period 1,398 7,179 174 299 9,050
Disposals - (12,391 ) (493 ) - (12,884 )
As at 31 October 2023 27,493 122,754 27,717 2,246 180,210
Net Book Value
As at 31 October 2023 1,903 7,766 - 413 10,082
As at 1 November 2022 3,301 14,956 175 712 19,144
5. Investments
6. Stocks
2023 2022
£ £
Finished goods 13,500 12,000
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 162 4,060
Prepayments and accrued income 21,814 16,643
Other debtors 27,619 28,736
Corporation tax recoverable assets - 2,497
Director's loan account 4,366 -
Amounts owed by group undertakings 144,825 276,920
198,786 328,856
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 20,703 26,319
Bank loans and overdrafts 42,892 86,713
Corporation tax 27,586 48,516
Other taxes and social security 24,151 9,100
VAT 58,986 28,762
Other creditors 773 852
Accruals and deferred income 9,063 7,161
Director's loan account - 537
184,154 207,960
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 21,383 58,240
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 2,045 3,010
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 68,188 112,607
Later than one year and not later than five years 55,896 123,208
124,084 235,815
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Andrew Wells - 4,366 - - 4,366
The above loan is unsecured, interest free and repayable on demand.
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