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Company registration number: 8585375
The Gun Room (UK) Ltd
Unaudited filleted financial statements
31 October 2023
The Gun Room (UK) Ltd
Contents
Directors and other information
Balance sheet
Notes to the financial statements
The Gun Room (UK) Ltd
Directors and other information
Directors Mr J Rogers
Mrs S Rogers
Company number 8585375
Registered office Endsleigh
Ivybridge
Devon
PL21 9JL
Business address Endsleigh
Ivybridge
Devon
PL21 9JL
Accountants Franklins Accountants LLP
Astor House
2 Alexandra Road
Plymouth
Devon
PL4 7JR
The Gun Room (UK) Ltd
Balance sheet
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 571,363 570,056
_______ _______
571,363 570,056
Current assets
Stocks 625,300 705,120
Debtors 8 71,891 18,833
Cash at bank and in hand 22,557 48,841
_______ _______
719,748 772,794
Creditors: amounts falling due
within one year 9 ( 390,531) ( 427,345)
_______ _______
Net current assets 329,217 345,449
_______ _______
Total assets less current liabilities 900,580 915,505
Creditors: amounts falling due
after more than one year 10 ( 413,175) ( 448,749)
Provisions for liabilities ( 23,212) ( 22,885)
_______ _______
Net assets 464,193 443,871
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 464,093 443,771
_______ _______
Shareholders funds 464,193 443,871
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
Mr J Rogers
Director
Company registration number: 8585375
The Gun Room (UK) Ltd
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Gun Room, Endsleigh, Ivybridge, Devon, PL21 9JL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - written off in equal annual instalments over its estimated useful economic life of 6 years.
Combined other intangible assets - written off in equal annual instalments over its estimated useful economic life of 3 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 0 %
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 9 ).
5. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 12,897 17,755
_______ _______
Deferred tax:
Origination and reversal of timing differences 327 3,731
_______ _______
Tax on profit 13,224 21,486
_______ _______
6. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 November 2022 and 31 October 2023 131,000 7,377 138,377
_______ _______ _______
Amortisation
At 1 November 2022 and 31 October 2023 131,000 7,377 138,377
_______ _______ _______
Carrying amount
At 31 October 2023 - - -
_______ _______ _______
At 31 October 2022 - - -
_______ _______ _______
7. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2022 478,516 6,172 122,809 69,116 676,613
Additions - 6,800 397 16,709 23,906
_______ _______ _______ _______ _______
At 31 October 2023 478,516 12,972 123,206 85,825 700,519
_______ _______ _______ _______ _______
Depreciation
At 1 November 2022 - 2,891 70,663 33,004 106,558
Charge for the year - 1,512 7,881 13,205 22,598
_______ _______ _______ _______ _______
At 31 October 2023 - 4,403 78,544 46,209 129,156
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2023 478,516 8,569 44,662 39,616 571,363
_______ _______ _______ _______ _______
At 31 October 2022 478,516 3,281 52,146 36,112 570,055
_______ _______ _______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 10,739 5,400
Other debtors 61,152 13,433
_______ _______
71,891 18,833
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 72,046 48,607
Trade creditors 266,088 326,717
Corporation tax 12,897 17,755
Social security and other taxes 3,939 714
Other creditors 35,561 33,552
_______ _______
390,531 427,345
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 413,175 448,749
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr J Rogers 2,489 33,087 ( 5,000) 30,576
Mrs S Rogers 2,489 48,587 ( 20,500) 30,576
_______ _______ _______ _______
4,978 81,674 ( 25,500) 61,152
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr J Rogers ( 62,602) 65,091 - 2,489
Mrs S Rogers ( 62,602) 65,091 - 2,489
_______ _______ _______ _______
( 125,204) 130,182 - 4,978
_______ _______ _______ _______
The company has loaned the directors £61,152.38 at the year end date. This loan is interest free and repayable in less than 9 months.
12. Controlling party
The company is controlled by Mr J Rogers and Mrs S Rogers (directors and shareholders).