Registered number
11934034
Guy and Thomas Limited
Filleted Accounts
30 April 2024
Guy and Thomas Limited
Registered number: 11934034
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Current assets
Stocks - 13,049
Debtors 4 916 3,814
Cash at bank and in hand 25,130 15,409
26,046 32,272
Creditors: amounts falling due within one year 5 (17,900) (19,120)
Net current assets 8,146 13,152
Net assets 8,146 13,152
Capital and reserves
Called up share capital 100 100
Profit and loss account 8,046 13,052
Shareholders' funds 8,146 13,152
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.
Mr A J Guy
Director
Approved by the board on 9 August 2024
Guy and Thomas Limited
Notes to the Accounts
for the year ended 30 April 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 from the sale of goods, and is shown inclusive of VAT, as the company uses the Flat Rate VAT Scheme. Turnover is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Computer equipment over 3 years
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
Cost £
At 1 May 2023 975
Disposals (975)
At 30 April 2024 -
Depreciation
At 1 May 2023 975
On disposals (975)
At 30 April 2024 -
Net book value
At 30 April 2024 -
4 Debtors 2024 2023
£ £
Trade debtors - 3,814
Other debtors 916 -
916 3,814
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs - 5,006
Other creditors 17,900 14,114
17,900 19,120
6 Related party transactions
The company has entered into a licence agreement with the directors in respect of business use of their home, whereby a fair proportion of expenses are paid. During the year £650 was paid (2023 £840).
7 Other information
Guy and Thomas Limited is a private company limited by shares and incorporated in England. Its registered office is:
40 The Village
Old Warden
Beds
SG18 9HQ
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