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Registered number: 09077892
Gc Accountancy Management Services Ltd
Unaudited Financial Statements
For the Period 1 July 2023 to 31 March 2024
GC Accountancy Management Service Ltd
Howes Farm Office
Doddinghurst Road Pilgrims Hatch
Brentwood
Essex
CM15 0SG
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09077892
31 March 2024 30 June 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 4,287
Tangible Assets 5 3,222 4,122
3,222 8,409
CURRENT ASSETS
Stocks 6 9,647 28,651
Debtors 7 31,869 56,339
Cash at bank and in hand 69,684 39,388
111,200 124,378
Creditors: Amounts Falling Due Within One Year 8 (89,508 ) (108,688 )
NET CURRENT ASSETS (LIABILITIES) 21,692 15,690
TOTAL ASSETS LESS CURRENT LIABILITIES 24,914 24,099
Creditors: Amounts Falling Due After More Than One Year 9 (17,333 ) (23,333 )
NET ASSETS 7,581 766
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 7,481 666
SHAREHOLDERS' FUNDS 7,581 766
Page 1
Page 2
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gordon Cowley
Director
06/03/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gc Accountancy Management Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09077892 . The registered office is Howes Farm Office, Doddinghurst Road Pilgrims Hatch, Brentwood, Essex, CM15 0SG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straightline
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33.3% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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 substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the period was:
31 March 2024 30 June 2023
Office and administration 4 5
4 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 28,316
Disposals (1,951)
As at 31 March 2024 26,365
Amortisation
As at 1 July 2023 24,029
Provided during the period 2,336
As at 31 March 2024 26,365
Net Book Value
As at 31 March 2024 -
As at 1 July 2023 4,287
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 15,188 13,199 28,387
As at 31 March 2024 15,188 13,199 28,387
Depreciation
As at 1 July 2023 11,066 13,199 24,265
Provided during the period 900 - 900
As at 31 March 2024 11,966 13,199 25,165
Net Book Value
As at 31 March 2024 3,222 - 3,222
As at 1 July 2023 4,122 - 4,122
6. Stocks
31 March 2024 30 June 2023
£ £
Stock 9,647 28,651
Stock and work in progress relates to work done but not yet invoiced.
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Page 5
7. Debtors
31 March 2024 30 June 2023
£ £
Due within one year
Trade debtors 31,108 47,608
Prepayments and accrued income 750 8,160
Other debtors 11 -
Net wages - 571
31,869 56,339
8. Creditors: Amounts Falling Due Within One Year
31 March 2024 30 June 2023
£ £
Trade creditors 553 795
Bank loans and overdrafts 116 -
Corporation tax 1,132 1,111
Other taxes and social security 2,612 1,503
VAT 17,231 16,224
Net wages 73 -
Other creditors 20,749 21,031
Accruals and deferred income 100 -
Directors' loan accounts 46,942 68,024
89,508 108,688
9. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 30 June 2023
£ £
Bank loans 17,333 23,333
17,333 23,333
10. Share Capital
31 March 2024 30 June 2023
£ £
Allotted, Called up and fully paid 100 100
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