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COMPANY REGISTRATION NUMBER: 04424547
GIZMOS (NW) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
GIZMOS (NW) LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
7
5,448
7,185
CURRENT ASSETS
Stocks
850
850
Debtors
8
390
4,634
Cash at bank and in hand
90,518
76,081
---------
---------
91,758
81,565
CREDITORS: amounts falling due within one year
9
49,714
34,720
---------
---------
NET CURRENT ASSETS
42,044
46,845
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
47,492
54,030
CREDITORS: amounts falling due after more than one year
10
12,500
22,900
---------
---------
NET ASSETS
34,992
31,130
---------
---------
GIZMOS (NW) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
2024
2023
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
34,892
31,030
---------
---------
SHAREHOLDERS FUNDS
34,992
31,130
---------
---------
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 31st March 2024 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 .
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mr P Marcellini
Director
Company registration number: 04424547
GIZMOS (NW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3-5 Albert Road, Morecambe, Lancashire, LA4 4HD.
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 and represents amounts receivable for goods supplied, stated net of Value Added Tax.
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.
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
-
Fully amortised
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 & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price, after making due allowance for obsolete items. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. DIVIDENDS
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Equity dividends on ordinary shares
38,000
32,000
---------
---------
6. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1st April 2023 and 31st March 2024
50,200
---------
Amortisation
At 1st April 2023 and 31st March 2024
50,200
---------
Carrying amount
At 31st March 2024
---------
At 31st March 2023
---------
7. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1st April 2023
10,699
5,300
15,999
Disposals
( 2,508)
( 2,508)
---------
--------
---------
At 31st March 2024
8,191
5,300
13,491
---------
--------
---------
Depreciation
At 1st April 2023
5,967
2,847
8,814
Charge for the year
902
613
1,515
Disposals
( 2,286)
( 2,286)
---------
--------
---------
At 31st March 2024
4,583
3,460
8,043
---------
--------
---------
Carrying amount
At 31st March 2024
3,608
1,840
5,448
---------
--------
---------
At 31st March 2023
4,732
2,453
7,185
---------
--------
---------
8. DEBTORS
2024
2023
£
£
Prepayments and accrued income
390
1,455
Other debtors
3,179
-----
--------
390
4,634
-----
--------
9. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
496
Accruals and deferred income
8,264
5,137
Corporation tax
10,514
6,153
Social security and other taxes
18,426
9,577
Obligations under finance leases and hire purchase contracts
400
1,200
Director loan accounts
1,614
2,653
---------
---------
49,714
34,720
---------
---------
10. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
Obligations under finance leases and hire purchase contracts
400
---------
---------
12,500
22,900
---------
---------
11. RELATED PARTY TRANSACTIONS
The company was under the control of Mr Marcellini throughout the current and previous year. Mr Marcellini is the managing director. At 31st March 2024 Mr Marcellini's current account stood at £ 1,614 (2023 £ 2,653 ) as shown in creditors note 10.