Registered number
03218222
GCN Flooring Limited
Filleted Accounts
31 May 2024
GCN Flooring Limited
Registered number: 03218222
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 15,968 20,055
Current assets
Stocks 612,505 593,627
Debtors 4 523,607 580,658
Cash at bank and in hand 560,371 509,055
1,696,483 1,683,340
Creditors: amounts falling due within one year 5 (547,722) (669,533)
Net current assets 1,148,761 1,013,807
Total assets less current liabilities 1,164,729 1,033,862
Creditors: amounts falling due after more than one year 6 (21,671) (39,065)
Net assets 1,143,058 994,797
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,142,958 994,697
Shareholder's funds 1,143,058 994,797
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Jamie Nisbett
Director
Approved by the board on 8 August 2024
GCN Flooring Limited
Notes to the Accounts
for the year ended 31 May 2024
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:
Plant and machinery 15% reducing balance
Motor vehicles 25%reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Prior Year Adjustment
Prior year figures have been restated to reduce the CITB expense by £20,424. The change has resulted in the 2023 Capital and Reserves increasing by £20,424.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 32,820 28,000 60,820
Additions 449 - 449
At 31 May 2024 33,269 28,000 61,269
Depreciation
At 1 June 2023 27,366 13,399 40,765
Charge for the year 886 3,650 4,536
At 31 May 2024 28,252 17,049 45,301
Net book value
At 31 May 2024 5,017 10,951 15,968
At 31 May 2023 5,454 14,601 20,055
4 Debtors 2024 2023
£ £
Trade debtors 406,400 420,151
Other debtors 117,207 160,507
523,607 580,658
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan due to Covid-19 20,015 22,636
Trade creditors 361,603 478,968
Taxation and social security costs 19,059 19,580
Directors loan account 19,156 19,726
Other creditors 127,889 128,623
547,722 669,533
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan due to Covid-19 21,671 39,065
7 Other information
GCN Flooring Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bank Chambers
1-3 Woodford Avenue
Gants Hill, Ilford
Essex
IG2 6UF
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