Global Granite Stones Limited
Registered number: 08249383
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 112,175 66,009
Current assets
Stocks 1,825,865 1,905,001
Debtors 4 1,738,375 1,923,572
Cash at bank and in hand 110,136 86,751
3,674,376 3,915,324
Creditors: amounts falling due within one year 5 (2,827,305) (3,069,362)
Net current assets 847,071 845,962
Total assets less current liabilities 959,246 911,971
Creditors: amounts falling due after more than one year 6 (155,499) (149,935)
Net assets 803,747 762,036
Capital and reserves
Called up share capital 100 100
Profit and loss account 803,647 761,936
Shareholder's funds 803,747 762,036
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.
Ankit Toshniwal
Director
Approved by the board on 28 August 2024
Global Granite Stones Limited
Notes to the Accounts
for the year ended 30 November 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 from the sale of goods 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:
Leasehold land and buulding 5% reducing balance
Motor vehicle 20% reducing balance
Fixtures, fittings, tools and equipment 18% 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.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 20 14
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 63,272 48,235 21,095 132,602
Additions - - 68,966 68,966
At 30 November 2023 63,272 48,235 90,061 201,568
Depreciation
At 1 December 2022 25,910 25,290 15,393 66,593
Charge for the year 3,736 4,130 14,934 22,800
At 30 November 2023 29,646 29,420 30,327 89,393
Net book value
At 30 November 2023 33,626 18,815 59,734 112,175
At 30 November 2022 37,362 22,945 5,702 66,009
4 Debtors 2023 2022
£ £
Trade debtors 1,738,375 1,923,572
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 12,168 -
Trade creditors 2,742,522 2,882,388
Corporation tax 25,018 67,325
Directors Loan Account - 48,871
Other taxes and social security costs 31,884 68,975
Other creditors 15,713 1,803
2,827,305 3,069,362
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 106,817 149,935
Obligations under finance lease and hire purchase contracts 48,682 -
155,499 149,935
7 Other information
Global Granite Stones Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Landscape Garden Centre
Leydenhatch Lane
Swanley
Kent
BR8 7PS
6 Dividend 2023 2022
£ £
Dividends for which the company became liable during the year:
Dividends paid 45,000 45,000
7 Control
Through out the year, company was controlled by Ankit Toshniwal as being director and
100% shareholder of the company.
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