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Registration number: 7547706

GBL (NW) Ltd

trading as Great British Lighting

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

GBL (NW) Ltd

trading as Great British Lighting

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

GBL (NW) Ltd

trading as Great British Lighting

Company Information

Chairman

Andrew Cumpsty

Directors

Terence Burman

Alan Faulder

Alan Smith

Registered office

Unit 1
Denham Way
Fleetwood
Lancashire
FY7 6PR

Accountants

Giles Hewitt & Co Ltd
Chartered Certified Accountants
257 Clifton Dr South
St Annes on Sea
Lytham St Annes
Lancashire
FY8 1HW

 

GBL (NW) Ltd

trading as Great British Lighting

(Registration number: 7547706)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

19,219

11,668

Current assets

 

Stocks

6

9,000

7,000

Debtors

7

174,327

306,600

Cash at bank and in hand

 

485,995

207,895

 

669,322

521,495

Creditors: Amounts falling due within one year

8

(108,386)

(61,166)

Net current assets

 

560,936

460,329

Total assets less current liabilities

 

580,155

471,997

Provisions for liabilities

(5,069)

(2,217)

Net assets

 

575,086

469,780

Capital and reserves

 

Called up share capital

9

91

91

Share premium reserve

15,110

15,110

Capital redemption reserve

2,833

2,833

Retained earnings

557,052

451,746

Shareholders' funds

 

575,086

469,780

 

GBL (NW) Ltd

trading as Great British Lighting

(Registration number: 7547706)
Balance Sheet as at 31 March 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Andrew Cumpsty
Chairman

 

GBL (NW) Ltd

trading as Great British Lighting

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1
Denham Way
Fleetwood
Lancashire
FY7 6PR
United Kingdom

These financial statements were authorised for issue by the Board on 28 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Amounts in respect of contracts part completed at the year end are included in revenue and in trade debtors. Income is recognised according to the stage of completions at the selling price.

Government grants

The company did not receive any grant income in the year.

 

GBL (NW) Ltd

trading as Great British Lighting

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Revenue and cost transactions denominated in a foreign currency and reported in the profit and loss account have been translated at the exchange rate in operation at the date the transaction occurred.

Monetary assets and liabilities denominated in a foreign currency and reported in the balance sheet have been translated using the rate of exchange ruling on the year end date.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of tangible fixed assets less their residual value over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

over 5 years on cost

Office equipment

over 3 years on cost

Motor vehicles

at one third of net book value per annum

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Brand names

over 5 years on cost

 

GBL (NW) Ltd

trading as Great British Lighting

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors including amounts receiveable on contracts are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Amounts recoverable on contracts are measured according to the stage of completion at the selling price.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

GBL (NW) Ltd

trading as Great British Lighting

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 11).

 

GBL (NW) Ltd

trading as Great British Lighting

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Brand names
 £

Total
£

Cost or valuation

At 1 April 2023

2,000

2,000

At 31 March 2024

2,000

2,000

Amortisation

At 1 April 2023

2,000

2,000

At 31 March 2024

2,000

2,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2023

31,201

15,882

61,556

108,639

Additions

1,247

-

12,882

14,129

At 31 March 2024

32,448

15,882

74,438

122,768

Depreciation

At 1 April 2023

28,330

11,219

57,422

96,971

Charge for the year

2,185

1,554

2,839

6,578

At 31 March 2024

30,515

12,773

60,261

103,549

Carrying amount

At 31 March 2024

1,933

3,109

14,177

19,219

At 31 March 2023

2,871

4,663

4,134

11,668

6

Stocks

2024
£

2023
£

Other inventories

9,000

7,000

 

GBL (NW) Ltd

trading as Great British Lighting

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

169,290

284,611

Prepayments

3,339

9,638

Other debtors

1,698

12,351

 

174,327

306,600

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

45,771

15,596

Taxation and social security

51,364

30,471

Accruals and deferred income

9,600

9,443

Other creditors

1,651

5,656

108,386

61,166

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

9,136

91

9,136

91

       

10

Non adjusting events after the financial period

On 9 April 2024 the company purchased 2,000 ordinary 1p shares of its own for a consideration of £126,000.