2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 20,000 1,000 1,000 2,000 18,000 19,000 xbrli:pure xbrli:shares iso4217:GBP 13616864 2022-12-01 2023-11-30 13616864 2023-11-30 13616864 2022-11-30 13616864 2021-09-13 2022-11-30 13616864 2022-11-30 13616864 2021-09-12 13616864 core:NetGoodwill 2022-12-01 2023-11-30 13616864 core:FurnitureFittings 2022-12-01 2023-11-30 13616864 bus:Director1 2022-12-01 2023-11-30 13616864 bus:Director2 2022-12-01 2023-11-30 13616864 core:NetGoodwill 2022-11-30 13616864 core:NetGoodwill 2023-11-30 13616864 core:LandBuildings core:LongLeaseholdAssets 2022-11-30 13616864 core:FurnitureFittings 2022-11-30 13616864 core:LandBuildings core:LongLeaseholdAssets 2023-11-30 13616864 core:FurnitureFittings 2023-11-30 13616864 core:WithinOneYear 2023-11-30 13616864 core:WithinOneYear 2022-11-30 13616864 core:AfterOneYear 2023-11-30 13616864 core:AfterOneYear 2022-11-30 13616864 core:ShareCapital 2023-11-30 13616864 core:ShareCapital 2022-11-30 13616864 core:RetainedEarningsAccumulatedLosses 2023-11-30 13616864 core:RetainedEarningsAccumulatedLosses 2022-11-30 13616864 core:NetGoodwill 2022-11-30 13616864 core:LandBuildings core:LongLeaseholdAssets 2022-11-30 13616864 core:FurnitureFittings 2022-11-30 13616864 bus:Director1 2022-11-30 13616864 bus:Director1 2023-11-30 13616864 bus:Director2 2022-11-30 13616864 bus:Director2 2023-11-30 13616864 bus:Director1 2022-11-30 13616864 bus:Director2 2022-11-30 13616864 bus:Director1 2021-09-13 2022-11-30 13616864 bus:Director2 2021-09-13 2022-11-30 13616864 bus:SmallEntities 2022-12-01 2023-11-30 13616864 bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 13616864 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 13616864 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13616864 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 13616864
GG Food & Wines Limited
Filleted Unaudited Financial Statements
30 November 2023
GG Food & Wines Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
18,000
19,000
Tangible assets
6
5,181
4,762
--------
--------
23,181
23,762
Current assets
Stocks
48,784
39,112
Debtors
7
12,000
1,000
Cash at bank and in hand
33,103
30,223
--------
--------
93,887
70,335
Creditors: amounts falling due within one year
8
89,909
67,217
--------
--------
Net current assets
3,978
3,118
--------
--------
Total assets less current liabilities
27,159
26,880
Creditors: amounts falling due after more than one year
9
25,896
25,896
--------
--------
Net assets
1,263
984
--------
--------
Capital and reserves
Called up share capital
100
2
Profit and loss account
1,163
982
-------
----
Shareholders funds
1,263
984
-------
----
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 statement of comprehensive income has not been delivered.
For the year ending 30 November 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 .
GG Food & Wines Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
Mr G Singh
Director
Company registration number: 13616864
GG Food & Wines Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 68 Mortlake High Street, London, SW14 8HR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
-
5% straight line
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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and fittings
-
20% reducing balance
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 stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
20,000
--------
Amortisation
At 1 December 2022
1,000
Charge for the year
1,000
--------
At 30 November 2023
2,000
--------
Carrying amount
At 30 November 2023
18,000
--------
At 30 November 2022
19,000
--------
6. Tangible assets
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 December 2022
3,662
1,375
5,037
Additions
799
799
-------
-------
-------
At 30 November 2023
3,662
2,174
5,836
-------
-------
-------
Depreciation
At 1 December 2022
275
275
Charge for the year
380
380
-------
-------
-------
At 30 November 2023
655
655
-------
-------
-------
Carrying amount
At 30 November 2023
3,662
1,519
5,181
-------
-------
-------
At 30 November 2022
3,662
1,100
4,762
-------
-------
-------
7. Debtors
2023
2022
£
£
Other debtors
12,000
1,000
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,791
1,055
Corporation tax
6,141
1,996
Social security and other taxes
2,250
1,419
Other creditors
79,727
62,747
--------
--------
89,909
67,217
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
25,896
25,896
--------
--------
10. 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
Balance outstanding
£
£
£
Mr G Singh
( 29,717)
( 14,275)
( 43,992)
Mr G Singh
( 29,718)
( 1,586)
( 31,304)
--------
--------
--------
( 59,435)
( 15,861)
( 75,296)
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr G Singh
( 29,717)
( 29,717)
Mr G Singh
( 29,718)
( 29,718)
----
--------
--------
( 59,435)
( 59,435)
----
--------
--------