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Registration number: 00428303

Giltbrook Dyers and Cleaners Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Giltbrook Dyers and Cleaners Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Giltbrook Dyers and Cleaners Limited

Company Information

Directors

Mr C M Jackson

Mrs M Jackson

Company secretary

Mrs M Jackson

Registered office

Mercian Close
Manners Industrial Estate
Ilkeston
Derbyshire
DE7 8HG

Accountants

RWB CA Limited
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

 

Giltbrook Dyers and Cleaners Limited

(Registration number: 00428303)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

500,354

509,434

Current assets

 

Stocks

6

593,254

474,953

Debtors

7

405,299

390,577

Cash at bank and in hand

 

399,700

507,298

 

1,398,253

1,372,828

Creditors: Amounts falling due within one year

8

(380,442)

(350,125)

Net current assets

 

1,017,811

1,022,703

Total assets less current liabilities

 

1,518,165

1,532,137

Creditors: Amounts falling due after more than one year

8

(33,044)

(20,099)

Provisions for liabilities

(90,961)

(71,474)

Net assets

 

1,394,160

1,440,564

Capital and reserves

 

Called up share capital

10

15,345

15,345

Retained earnings

1,378,815

1,425,219

Shareholders' funds

 

1,394,160

1,440,564

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.

 

Giltbrook Dyers and Cleaners Limited

(Registration number: 00428303)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mr C M Jackson
Director

 

Giltbrook Dyers and Cleaners Limited

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 and Wales.

The address of its registered office is:
Mercian Close
Manners Industrial Estate
Ilkeston
Derbyshire
DE7 8HG

These financial statements were authorised for issue by the Board on 11 September 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.

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.

 

Giltbrook Dyers and Cleaners Limited

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

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

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 assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

10% straight line

Fixtures and Fittings

15% and 25% straight line

Motor Vehicles

25% reducing balance

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 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. 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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

Giltbrook Dyers and Cleaners Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 37 (2023 - 33).

 

Giltbrook Dyers and Cleaners Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

109,785

80,457

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

1,394,971

1,394,971

Additions

102,788

102,788

Disposals

(31,100)

(31,100)

At 31 March 2024

1,466,659

1,466,659

Depreciation

At 1 April 2023

885,537

885,537

Charge for the year

109,785

109,785

Eliminated on disposal

(29,017)

(29,017)

At 31 March 2024

966,305

966,305

Carrying amount

At 31 March 2024

500,354

500,354

At 31 March 2023

509,434

509,434

6

Stocks

2024
£

2023
£

Raw materials and consumables

593,254

474,953

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

350,923

338,722

Amounts owed by group undertakings and undertakings in which the company has a participating interest

36,284

36,254

Prepayments

 

16,992

12,011

Other debtors

 

1,100

3,590

 

405,299

390,577

 

Giltbrook Dyers and Cleaners Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

30,483

10,166

Trade creditors

 

120,586

134,235

Taxation and social security

 

119,148

87,145

Accruals and deferred income

 

104,455

113,809

Other creditors

 

5,770

4,770

 

380,442

350,125

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

33,044

20,099

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

30,483

10,166

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

33,044

20,099

Secured Liabilities

Finance leases of £63,527 (2023: £30,265) are secured over the assets to which they relate.

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

P Ordinary shares of £0.50 each

15,345

7,673

15,345

7,673

T Ordinary shares of £0.50 each

15,345

7,673

15,345

7,673

30,690

15,345

30,690

15,345

 

Giltbrook Dyers and Cleaners Limited

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

11

Parent and ultimate parent undertaking

The company's immediate parent is The Giltbrook Dyers & Cleaners (Holdings) Limited, incorporated in England and Wales.