Registered number
02976257
G J LATHAM LIMITED
Filleted Accounts
31 October 2023
G J LATHAM LIMITED
Registered number: 02976257
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 17,244 18,185
Current assets
Stocks 400 400
Debtors 4 1,389 2,270
Cash at bank and in hand 66,799 68,844
68,588 71,514
Creditors: amounts falling due within one year 5 (45,661) (38,668)
Net current assets 22,927 32,846
Net assets 40,171 51,031
Capital and reserves
Called up share capital 2 2
Profit and loss account 40,169 51,029
Shareholders' funds 40,171 51,031
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G J Latham
Director
Approved by the board on 25 June 2024
G J LATHAM LIMITED
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Workshop Improvements 2% per annum on cost
Plant and machinery 15% per annum of net book value
Motor vehicles 25% per annum of net book value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Workshop Improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 31,878 31,426 5,700 69,004
At 31 October 2023 31,878 31,426 5,700 69,004
Depreciation
At 1 November 2022 15,332 30,357 5,130 50,819
Charge for the year 638 160 143 941
At 31 October 2023 15,970 30,517 5,273 51,760
Net book value
At 31 October 2023 15,908 909 427 17,244
At 31 October 2022 16,546 1,069 570 18,185
4 Debtors 2023 2022
£ £
Trade debtors - 2,270
Corporation tax 1,389 -
1,389 2,270
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,034 4,334
Accruals and deferred income 1,395 1,851
Taxation and social security costs - 2,857
Directors loans 43,232 29,626
45,661 38,668
6 Events after the reporting date
There were no material post balance sheet events up to the 25th June 2024, being the date of approval of the financial statements by the board of directors.
7 Other information
G J LATHAM LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Ivy House Farm
Wrenbury Heath Road, Sound
Near Nantwich
Cheshire
CW5 8BB
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