Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-310true192023-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.16falseThe company's principal activity is the provision of home improvementstruefalse 07875671 2023-01-01 2023-12-31 07875671 2022-01-01 2022-12-31 07875671 2023-12-31 07875671 2022-12-31 07875671 c:Director1 2023-01-01 2023-12-31 07875671 c:Director2 2023-01-01 2023-12-31 07875671 d:Buildings 2023-01-01 2023-12-31 07875671 d:Buildings 2023-12-31 07875671 d:Buildings 2022-12-31 07875671 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07875671 d:Buildings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07875671 d:LandBuildings 2023-12-31 07875671 d:LandBuildings 2022-12-31 07875671 d:PlantMachinery 2023-01-01 2023-12-31 07875671 d:PlantMachinery 2023-12-31 07875671 d:PlantMachinery 2022-12-31 07875671 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07875671 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07875671 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07875671 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 07875671 d:Goodwill 2023-01-01 2023-12-31 07875671 d:Goodwill 2023-12-31 07875671 d:Goodwill 2022-12-31 07875671 d:CurrentFinancialInstruments 2023-12-31 07875671 d:CurrentFinancialInstruments 2022-12-31 07875671 d:Non-currentFinancialInstruments 2023-12-31 07875671 d:Non-currentFinancialInstruments 2022-12-31 07875671 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07875671 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07875671 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07875671 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07875671 d:ShareCapital 2023-12-31 07875671 d:ShareCapital 2022-12-31 07875671 d:RetainedEarningsAccumulatedLosses 2023-12-31 07875671 d:RetainedEarningsAccumulatedLosses 2022-12-31 07875671 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07875671 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07875671 d:OtherDeferredTax 2023-12-31 07875671 d:OtherDeferredTax 2022-12-31 07875671 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07875671 c:OrdinaryShareClass1 2023-12-31 07875671 c:OrdinaryShareClass1 2022-12-31 07875671 c:OrdinaryShareClass2 2023-01-01 2023-12-31 07875671 c:OrdinaryShareClass2 2023-12-31 07875671 c:OrdinaryShareClass2 2022-12-31 07875671 c:OrdinaryShareClass3 2023-01-01 2023-12-31 07875671 c:OrdinaryShareClass3 2023-12-31 07875671 c:OrdinaryShareClass3 2022-12-31 07875671 c:OrdinaryShareClass4 2023-01-01 2023-12-31 07875671 c:OrdinaryShareClass4 2023-12-31 07875671 c:OrdinaryShareClass4 2022-12-31 07875671 c:OrdinaryShareClass5 2023-01-01 2023-12-31 07875671 c:OrdinaryShareClass5 2023-12-31 07875671 c:OrdinaryShareClass5 2022-12-31 07875671 c:FRS102 2023-01-01 2023-12-31 07875671 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07875671 c:FullAccounts 2023-01-01 2023-12-31 07875671 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07875671 d:WithinOneYear 2023-12-31 07875671 d:WithinOneYear 2022-12-31 07875671 d:BetweenOneFiveYears 2023-12-31 07875671 d:BetweenOneFiveYears 2022-12-31 07875671 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 07875671 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 07875671 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 07875671 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 07875671 2 2023-01-01 2023-12-31 07875671 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 07875671 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07875671









GAP HOME IMPROVEMENTS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GAP HOME IMPROVEMENTS LTD
REGISTERED NUMBER: 07875671

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
36,000
40,500

Tangible assets
 5 
303,554
48,423

  
339,554
88,923

CURRENT ASSETS
  

Stocks
 6 
145,550
176,852

Debtors: amounts falling due within one year
 7 
48,648
99,726

Cash at bank and in hand
  
161,314
113,157

  
355,512
389,735

Creditors: amounts falling due within one year
 8 
(428,825)
(444,521)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(73,313)
 
 
(54,786)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
266,241
34,137

Creditors: amounts falling due after more than one year
 9 
(190,897)
(24,163)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 11 
(69,802)
(6,001)

  
 
 
(69,802)
 
 
(6,001)

NET (LIABILITIES)/ASSETS
  
5,542
3,973


CAPITAL AND RESERVES
  

Called up share capital 
 12 
1,100
1,100

Profit and loss account
  
4,442
2,873

  
5,542
3,973


Page 1

 
GAP HOME IMPROVEMENTS LTD
REGISTERED NUMBER: 07875671
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr P A Watts
Mrs G A Watts
Director
Director


Date: 19 September 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
GAP HOME IMPROVEMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

GAP Home Improvements Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Rear of Roxton Garden Centre, Bedford Road, Roxton, Bedford, MK44 3DY.
The Company's functional and presentational currency is GBP. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
GAP HOME IMPROVEMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

INTANGIBLE ASSETS

GOODWILL
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

 The estimated useful lives range as follows:

Goodwill
-
20 years



 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Showsite buildings
-
10 years
Plant and machinery
-
3 to 8 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.6

STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Work in progress is valued based on the stage of completion of the contract. Stock is reviewed for impairment regularly and any provisions for impairment are immediately recognised in the profit and loss account.

Page 4

 
GAP HOME IMPROVEMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

DIVIDENDS

Equity dividends are recognised when they become legally payable.

 
2.12

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
GAP HOME IMPROVEMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

CURRENT AND DEFERRED TAXATION

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 16 (2022 - 19).

Page 6

 
GAP HOME IMPROVEMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 January 2023
90,000



At 31 December 2023

90,000



AMORTISATION


At 1 January 2023
49,500


Charge for the year on owned assets
4,500



At 31 December 2023

54,000



NET BOOK VALUE



At 31 December 2023
36,000



At 31 December 2022
40,500



Page 7

 
GAP HOME IMPROVEMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


TANGIBLE FIXED ASSETS





Showsite  buildings
Plant and machinery
Total

£
£
£



COST OR VALUATION


At 1 January 2023
121,900
95,447
217,347


Additions
104
291,396
291,500


Disposals
-
(24,123)
(24,123)



At 31 December 2023

122,004
362,720
484,724



DEPRECIATION


At 1 January 2023
96,260
72,664
168,924


Charge for the year on owned assets
12,296
2,803
15,099


Charge for the year on financed assets
-
21,270
21,270


Disposals
-
(24,123)
(24,123)



At 31 December 2023

108,556
72,614
181,170



NET BOOK VALUE



At 31 December 2023
13,448
290,106
303,554



At 31 December 2022
25,640
22,783
48,423




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
13,448
25,640

13,448
25,640


Included in plant and machinery are assets held under finance lease and hire purchase contracts with a combined net book value of £271,754 (2022 - £NIL).

Page 8

 
GAP HOME IMPROVEMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


STOCKS

2023
2022
£
£

Work in progress
105,235
136,552

Materials, signs and protective clothing
40,315
40,300

145,550
176,852



7.


DEBTORS

2023
2022
£
£


Trade debtors
33,058
85,406

Other debtors
13,483
11,250

Called up share capital not paid
-
100

Prepayments and accrued income
2,107
2,970

48,648
99,726


Page 9

 
GAP HOME IMPROVEMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank loans
10,000
10,000

Payments received on account
1,262
5,362

Trade creditors
173,922
288,104

Corporation tax
3,232
46,100

Other taxation and social security
97,584
67,523

Obligations under finance lease and hire purchase contracts
73,758
-

Other creditors
63,175
19,241

Accruals and deferred income
5,892
8,191

428,825
444,521


Included in bank loans is a Government backed 'bounce back' loan of £10,000 (2022 - £10,000), which was drawn down in May 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable by the Company during the first 12 months. After this 12 month period, interest was charged at 2.5% per annum. The first instalment was paid in June 2021.
Other creditors include contributions of £1,478 (2022 - £1,617) payable to the Company's defined contribution pension scheme at the balance sheet date.
Obligations under finance lease and hire purchase contracts are secured on the assets concerned.


9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
14,182
24,163

Net obligations under finance leases and hire purchase contracts
176,715
-

190,897
24,163


Included in bank loans is a Government backed 'bounce back' loan of £14,182 (2022 - £24,163), which was drawn down in May 2020. This loan is 100% guaranteed by the Government and there were no fees or interest payable by the Company during the first 12 months. After this 12 month period, interest was charged at 2.5% per annum. The first instalment was paid in June 2021.
Obligations under finance lease and hire purchase contracts are secured on the assets concerned.

Page 10

 
GAP HOME IMPROVEMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
73,759
-

Between 1-5 years
176,715
-

250,474
-


11.


DEFERRED TAXATION




2023


£






At beginning of year
(6,001)


Charged to profit or loss
(63,801)



AT END OF YEAR
(69,802)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(69,957)
(6,174)

Short term timing differences
155
173

(69,802)
(6,001)

Page 11

 
GAP HOME IMPROVEMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000

ALLOTTED, CALLED UP AND FULLY PAID



250 (2022 - 250) B shares of £0.10 each
25
25
250 (2022 - 250) C shares of £0.10 each
25
25
250 (2022 - 250) D shares of £0.10 each
25
25
250 (2022 - 250) E shares of £0.10 each
25
25

100

100



13.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
12,100
8,067

Later than 1 year and not later than 5 years
8,067
-

20,167
8,067

 
Page 12