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Registered number: 12774081
George Moulds Decorators Ltd
Financial Statements
For the Period 1 August 2023 to 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12774081
31 March 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 18,000 -
Tangible Assets 5 1,500 -
19,500 -
CURRENT ASSETS
Debtors 6 21,421 -
Cash at bank and in hand 18,981 1
40,402 1
Creditors: Amounts Falling Due Within One Year 7 (44,367 ) -
NET CURRENT ASSETS (LIABILITIES) (3,965 ) 1
TOTAL ASSETS LESS CURRENT LIABILITIES 15,535 1
NET ASSETS 15,535 1
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 15,534 -
SHAREHOLDERS' FUNDS 15,535 1
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 George Moulds
Director
3 September 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
George Moulds Decorators Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12774081 . The registered office is 16 Queen Street, Ilkeston, Derbyshire, DE7 5GT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services 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.
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 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Motor Vehicles 25% straight line
2.5. 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. 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. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
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.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 1 (2023: NIL)
1 -
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4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 -
Additions 20,000
As at 31 March 2024 20,000
Amortisation
As at 1 August 2023 -
Provided during the period 2,000
As at 31 March 2024 2,000
Net Book Value
As at 31 March 2024 18,000
As at 1 August 2023 -
5. Tangible Assets
Motor Vehicles
£
Cost
As at 1 August 2023 -
Additions 2,000
As at 31 March 2024 2,000
Depreciation
As at 1 August 2023 -
Provided during the period 500
As at 31 March 2024 500
Net Book Value
As at 31 March 2024 1,500
As at 1 August 2023 -
6. Debtors
31 March 2024 31 July 2023
£ £
Due within one year
Trade debtors 21,421 -
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Page 5
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 July 2023
£ £
Trade creditors 522 -
Corporation tax 4,465 -
Other taxes and social security 265 -
VAT 1,403 -
Net wages 1,000 -
Accruals and deferred income 5,020 -
Director's loan account 31,692 -
44,367 -
8. Share Capital
31 March 2024 31 July 2023
£ £
Allotted, Called up and fully paid 1 1
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