Registration number:
Georgesand Enterprises Limited
for the
Year Ended 31 October 2023
Georgesand Enterprises Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Georgesand Enterprises Limited
Company Information
Directors |
Mr S P Jolley Mrs K Griffiths |
Registered office |
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Accountants |
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Georgesand Enterprises Limited
(Registration number: 07089073)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Tangible assets |
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Investments |
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- |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Retained earnings |
(59,041) |
(10,984) |
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Shareholders' deficit |
(58,841) |
(10,784) |
For the financial 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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Georgesand Enterprises Limited
(Registration number: 07089073)
Balance Sheet as at 31 October 2023
(continued)
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Georgesand Enterprises Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements show a deficit on net assets. This has arisen due to delays in sales of the latest development. Sales have taken place after the year end that will return the company to profitability next year. The shareholders have indicated that they will continue to provide financial support to the company to enable it to continue trading for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the going concern basis being no longer appropriate.
Georgesand Enterprises Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)
2 |
Accounting policies (continued) |
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.
Tax
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.
Deferred tax is recognised on all 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. 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 substantially enacted by the end of the reporting period.
Tangible assets
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% of written down value per annum |
Plant and machinery |
15% of cost per annum |
Fixtures and fittings |
20% of cost per annum |
Georgesand Enterprises Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)
2 |
Accounting policies (continued) |
Computer equipment |
33% of cost per annum |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and net realisable value, as follows:
Cost incurred in bringing each product to its present location and condition:-
Materials - Purchase cost on a first in first out basis.
Work in progress - Cost of direct materials, labour plus a proportion to cover attributable overheads.
Net realisable value is based on the estimated selling price less further costs expected to be incurred to completion and disposal.
Georgesand Enterprises Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Assets obtained under hire purchase agreements and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Georgesand Enterprises Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2022 |
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At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
- |
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At 31 October 2022 |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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- |
Georgesand Enterprises Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)
5 |
Investments (continued) |
Subsidiaries |
£ |
Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 October 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Wigbridge, Woolhope Cockshoot, Putley, Ledbury, Herefordshire, HR8 2QS England |
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Subsidiary undertakings |
Georgesand Investments Limited The principal activity of Georgesand Investments Limited is |
Georgesand Enterprises Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)
Stocks |
2023 |
2022 |
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Other inventories |
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Debtors |
Note |
2023 |
2022 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Prepayments |
- |
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Other debtors |
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Georgesand Enterprises Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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200 |
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200 |
Georgesand Enterprises Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
(continued)
Related party transactions |
Loans to related parties
2023 |
Subsidiary |
Total |
Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans to related parties