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COMPANY REGISTRATION NUMBER: 02702124
Geerings Print Limited
Filleted Unaudited Financial Statements
31 March 2024
Geerings Print Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Geerings Print Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
4,201
5,700
Current assets
Stocks
525
14,781
Debtors
6
87,996
95,853
Cash at bank and in hand
16,275
11,622
---------
---------
104,796
122,256
Creditors: amounts falling due within one year
7
134,275
126,731
---------
---------
Net current liabilities
29,479
4,475
--------
-------
Total assets less current liabilities
( 25,278)
1,225
Creditors: amounts falling due after more than one year
8
23,333
43,333
--------
--------
Net liabilities
( 48,611)
( 42,108)
--------
--------
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss account
( 148,611)
( 142,108)
---------
---------
Shareholders deficit
( 48,611)
( 42,108)
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 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 .
Geerings Print Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr M P Almond
Director
Company registration number: 02702124
Geerings Print Limited
Notes to the Financial Statements
Year ended 31 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 Cobbs Wood House, Chart Road, Ashford, Kent, TN23 1EP.
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.
Going concern
The directors have considered the appropriateness of the preparation of the accounts on a going concern basis and believe that the company has sufficient financial support and projected future trading performance to continue as a going concern.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account in other administrative expenses Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 19 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
10,810
76,686
87,496
Additions
191
191
Disposals
( 647)
( 208)
( 855)
--------
--------
--------
At 31 March 2024
10,163
76,669
86,832
--------
--------
--------
Depreciation
At 1 April 2023
8,894
72,902
81,796
Charge for the year
549
1,051
1,600
Disposals
( 647)
( 118)
( 765)
--------
--------
--------
At 31 March 2024
8,796
73,835
82,631
--------
--------
--------
Carrying amount
At 31 March 2024
1,367
2,834
4,201
--------
--------
--------
At 31 March 2023
1,916
3,784
5,700
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
80,070
88,785
Other debtors
7,926
7,068
--------
--------
87,996
95,853
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
20,000
20,000
Trade creditors
53,620
38,997
Corporation tax
300
Social security and other taxes
5,322
6,136
Other creditors
55,333
61,298
---------
---------
134,275
126,731
---------
---------
The bank loans and overdrafts are secured by way of a fixed and floating charge over the assets of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
23,333
43,333
--------
--------
The bank loans and overdrafts are secured by way of a fixed and floating charge over the assets of the company.