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REGISTERED NUMBER: 04115787 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

GJP SHOPFITTERS LIMITED

GJP SHOPFITTERS LIMITED (REGISTERED NUMBER: 04115787)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GJP SHOPFITTERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: G J Phimister
M E Phimister



SECRETARY: M E Phimister



REGISTERED OFFICE: Seekings
Lower Hartlip Road
Hartlip
Sittingbourne
Kent
ME9 7ST



REGISTERED NUMBER: 04115787 (England and Wales)



ACCOUNTANTS: Xeinadin South East Limited
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH



BANKERS: Lloyds TSB
142 - 146 High Street
Chatham
Kent
ME4 4DQ

GJP SHOPFITTERS LIMITED (REGISTERED NUMBER: 04115787)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,894 9,290
Investment property 5 675,000 675,000
682,894 684,290

CURRENT ASSETS
Stocks 1,291,103 1,115,930
Debtors 6 11,412 17,996
Cash at bank 1,407 2,604
1,303,922 1,136,530
CREDITORS
Amounts falling due within one year 7 1,334,275 1,082,250
NET CURRENT (LIABILITIES)/ASSETS (30,353 ) 54,280
TOTAL ASSETS LESS CURRENT
LIABILITIES

652,541

738,570

CREDITORS
Amounts falling due after more than one
year

8

(163,080

)

(166,975

)

PROVISIONS FOR LIABILITIES (25,325 ) (31,470 )
NET ASSETS 464,136 540,125

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings non distributable 10 118,855 113,059
Retained earnings 345,279 427,064
SHAREHOLDERS' FUNDS 464,136 540,125

GJP SHOPFITTERS LIMITED (REGISTERED NUMBER: 04115787)

BALANCE SHEET - continued
30 NOVEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





G J Phimister - Director


GJP SHOPFITTERS LIMITED (REGISTERED NUMBER: 04115787)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

GJP Shopfitters Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 rendering of services.

Turnover from the rendering of shopfitting, building and property development 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Income in respect of rents received are recorded on an accruals basis. Recognised with reference to time so that the amount of revenue reflects the actual right to consideration by reference to the period of rental covered. Rent not billed is included in debtors and accrued Income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 25% on reducing balance

In the opinion of the directors, the freehold property has a high residual value and a long useful economic life. As a result, depreciation is deemed immaterial and is not applied to the freehold property in the accounts.

This is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated, yet it is necessary in order for the financial statements to give a true and fair value.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads, including interest on capital borrowed to finance the project.

GJP SHOPFITTERS LIMITED (REGISTERED NUMBER: 04115787)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets - trade and other debtors are basic financial instruments and debt instruments measured at fair value through the Income Statement and are measured subsequently at amortised cost. Prepayments are not financial instruments.

Cash comprises cash at bank, in hand and short term deposits with an original maturity date of three months or less. Cash at bank is measured at face value.

Financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs are charged to the Income Statement over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Borrowing costs are not capitalised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

GJP SHOPFITTERS LIMITED (REGISTERED NUMBER: 04115787)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2022 4,535 6,452 3,437
Disposals - (1,780 ) -
At 30 November 2023 4,535 4,672 3,437
DEPRECIATION
At 1 December 2022 - 5,358 3,333
Charge for year - 271 26
Eliminated on disposal - (1,768 ) -
At 30 November 2023 - 3,861 3,359
NET BOOK VALUE
At 30 November 2023 4,535 811 78
At 30 November 2022 4,535 1,094 104

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 13,500 2,152 30,076
Disposals - - (1,780 )
At 30 November 2023 13,500 2,152 28,296
DEPRECIATION
At 1 December 2022 10,207 1,888 20,786
Charge for year 823 264 1,384
Eliminated on disposal - - (1,768 )
At 30 November 2023 11,030 2,152 20,402
NET BOOK VALUE
At 30 November 2023 2,470 - 7,894
At 30 November 2022 3,293 264 9,290

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 675,000
NET BOOK VALUE
At 30 November 2023 675,000
At 30 November 2022 675,000

GJP SHOPFITTERS LIMITED (REGISTERED NUMBER: 04115787)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. INVESTMENT PROPERTY - continued

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2018 97,000
Valuation in 2019 (39,794 )
Valuation in 2021 60,000
Valuation in 2022 25,000
Cost 532,794
675,000

If investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 532,794 532,794

Investment properties were valued on an open market basis on 30 November 2023 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 32
Other debtors 11,412 17,964
11,412 17,996

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,123,473 915,924
Trade creditors 22,892 27,830
Taxation and social security 3,600 49,741
Other creditors 184,310 88,755
1,334,275 1,082,250

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 163,080 166,975

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due over more than 5 yrs by
instalments

149,975

149,975

GJP SHOPFITTERS LIMITED (REGISTERED NUMBER: 04115787)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,286,553 1,082,899

A fixed charge dated 24 October 2023 with Spotlight Homes Limited exists over the investment property at Livingstone Road. This charge contains a negative pledge.

A fixed charge dated 24 October 2023 with Spotlight Homes Limited exists over the investment property at Church Street. This charge contains a negative pledge.

A fixed charge dated 24 October 2023 with Spotlight Homes Limited exists over the land adjoining Church Street. This charge contains a negative pledge.

A fixed charge dated 24 October 2023 with Spotlight Homes Limited exists over the garage at Sunnymead Avenue. This charge contains a negative pledge.

A fixed and floating charge dated 30 November 2021 with Spotlight Homes Limited exists over the land and property at St Thomas Hill. This charge contains negative pledge.

A mortgage dated 10 February 2020 with Lendinvest BTL LTD exists on the investment property at Livingstone Road owned by the company. This is an interest only loan.

A fixed and floating charge dated 12 August 2019 with Security Trustee Services Limited exists over the investment property at Church Street. This charge contains negative pledge.

A fixed charge dated 19 March 2019 with Keystone Property Finance Limited exists over the land at Church Street. This charge contains negative pledge.

10. RESERVES
Retained
earnings
non
distributable
£   
At 1 December 2022 113,059
Retained earnings non distributable 5,796

At 30 November 2023 118,855