Registered number
05000478
GPJ Sheetmetal Limited
Filleted Accounts
31 December 2023
GPJ Sheetmetal Limited
Registered number: 05000478
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 27,955 16,644
Current assets
Stocks 850 850
Debtors 4 49,239 53,647
Cash at bank and in hand 59,436 73,030
109,525 127,527
Creditors: amounts falling due within one year 5 (26,477) (66,104)
Net current assets 83,048 61,423
Total assets less current liabilities 111,003 78,067
Creditors: amounts falling due after more than one year 6 (21,764) (30,966)
Provisions for liabilities (5,312) (3,162)
Net assets 83,927 43,939
Capital and reserves
Called up share capital 3 3
Profit and loss account 83,924 43,936
Shareholders' funds 83,927 43,939
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G. Jenkins
Director
Approved by the board on 19 September 2024
GPJ Sheetmetal Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Commercial vehicles over 4 years
Plant and machinery over 5 years
Office equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Office equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 8,350 99,161 23,730 131,241
Additions - 24,697 - 24,697
At 31 December 2023 8,350 123,858 23,730 155,938
Depreciation
At 1 January 2023 8,350 82,517 23,730 114,597
Charge for the year - 13,386 - 13,386
At 31 December 2023 8,350 95,903 23,730 127,983
Net book value
At 31 December 2023 - 27,955 - 27,955
At 31 December 2022 - 16,644 - 16,644
4 Debtors 2023 2022
£ £
Trade debtors 46,286 36,990
Other debtors 2,953 16,657
49,239 53,647
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,989 37,709
Taxation and social security costs 19,432 8,323
Directors loan 1,693 18,207
Other creditors 363 1,865
26,477 66,104
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,764 30,966
7 Loans from directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr G and Mrs J Jenkins
Current account 18,207 51,000 (67,514) 1,693
18,207 51,000 (67,514) 1,693
8 Controlling party
Throughout the current and previous period the company was under the control of Mr and Mrs G Jenkins who own 100% of the issued share capital.
9 Other information
GPJ Sheetmetal Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Holmer Terrace
Holmer
Hereford
HR4 9RH
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