Company Registration No. 02965774 (England and Wales)
Rod Gaskin Limited
Unaudited accounts
for the year ended 31 December 2023
Rod Gaskin Limited
Unaudited accounts
Contents
Rod Gaskin Limited
Company Information
for the year ended 31 December 2023
Directors
R F Gaskin
B D Gaskin
T A Gaskin
Company Number
02965774 (England and Wales)
Registered Office
Windmill Farm
Colemore
Alton
Hampshire
GU34 3PY
Rod Gaskin Limited
Statement of financial position
as at 31 December 2023
Tangible assets
851,890
635,884
Investment property
-
458,004
Inventories
1,317,681
1,302,867
Cash at bank and in hand
1,029,571
466,615
Creditors: amounts falling due within one year
(1,806,147)
(1,419,340)
Net current assets
1,037,335
691,062
Total assets less current liabilities
1,889,225
1,784,950
Creditors: amounts falling due after more than one year
(28,658)
(200,044)
Provisions for liabilities
Deferred tax
(91,000)
(48,100)
Net assets
1,769,567
1,536,806
Called up share capital
26,022
26,022
Capital redemption reserve
2,000
2,000
Profit and loss account
1,741,545
1,508,784
Shareholders' funds
1,769,567
1,536,806
For the year ending 31 December 2023 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by
R F Gaskin
Director
Company Registration No. 02965774
Rod Gaskin Limited
Notes to the Accounts
for the year ended 31 December 2023
Rod Gaskin Limited is a private company, limited by shares, registered in England and Wales, registration number 02965774. The registered office is Windmill Farm, Colemore, Alton, Hampshire, GU34 3PY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
3 years
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Rod Gaskin Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
411,503
149,918
441,166
1,002,587
Additions
484,732
72,226
110,427
667,385
Disposals
(397,034)
(20,878)
(52,895)
(470,807)
At 31 December 2023
499,201
201,266
498,698
1,199,165
At 1 January 2023
42,570
89,936
234,197
366,703
Charge for the year
6,267
20,251
65,012
91,530
On disposals
(41,846)
(17,389)
(51,723)
(110,958)
At 31 December 2023
6,991
92,798
247,486
347,275
At 31 December 2023
492,210
108,468
251,212
851,890
At 31 December 2022
368,933
59,982
206,969
635,884
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
183,620
184,937
Fair value at 1 January 2023
458,004
Transfers to tangible fixed assets
(458,004)
The investment property was a freehold commercial property adjoining the company's trading premises. It was purchased in October 2020 and market value at 31 December 2022 was considered to be the purchase price. It was let at a commercial rent until March 2023 when it was occupied for the company's own business.
Amounts falling due within one year
Trade debtors
478,958
328,387
Accrued income and prepayments
17,272
12,533
Rod Gaskin Limited
Notes to the Accounts
for the year ended 31 December 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
22,000
Obligations under finance leases and hire purchase contracts
47,311
54,100
Trade creditors
1,451,645
1,176,005
Amounts owed to group undertakings and other participating interests
3,164
-
Taxes and social security
291,051
115,877
Loans from directors
12,976
51,358
Obligations under finance leases and hire purchase contracts are secured on the relevant assets. Charges to secure any bank borrowing were satisfied on 12 January 2024.
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
28,658
40,641
Bank loans were paid off during the year. Outstanding charges in favour of the bank were satisfied on 12 January 2024. Obligations under finance leases and hire purchase contracts are secured on the relevant assets. These liabilities are repayable by instalments within five years.
9
Deferred taxation
2023
2022
Accelerated capital allowances
91,000
48,100
Provision at start of year
48,100
26,800
Charged to the profit and loss account
42,900
21,300
Provision at end of year
91,000
48,100
The provision for deferred tax relates to Accelerated Capital Allowances. Provision has been made at 25%.
10
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
134,925
53,970
Rod Gaskin Limited
Notes to the Accounts
for the year ended 31 December 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Advance in respect of dividends
-
40,389
40,389
-
The amount advanced was repaid within the year. Interest was charged at the HMRC rate.
12
Transactions with related parties
In December 2023 the director/shareholders exchanged their shares for shares in a holding company TBR 1994 Ltd.
Creditors include amounts owed to directors as disclosed. These amounts are repayable on demand and no interest is charged.
13
Average number of employees
During the year the average number of employees was 21 (2022: 18).