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Registered number: 01167642
Badger Converters Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01167642
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,318 14,421
Investments 5 1,999 1,999
13,317 16,420
CURRENT ASSETS
Stocks 6 124,890 121,342
Debtors 7 265,052 280,791
Cash at bank and in hand 514,270 472,315
904,212 874,448
Creditors: Amounts Falling Due Within One Year 8 (76,427 ) (93,863 )
NET CURRENT ASSETS (LIABILITIES) 827,785 780,585
TOTAL ASSETS LESS CURRENT LIABILITIES 841,102 797,005
NET ASSETS 841,102 797,005
CAPITAL AND RESERVES
Called up share capital 9 1,150 1,150
Capital redemption reserve 150 150
Profit and Loss Account 839,802 795,705
SHAREHOLDERS' FUNDS 841,102 797,005
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Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jonathan Harris
Director
30th July 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Badger Converters Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01167642 . The registered office is The Laurentians, Elm Road, East Bergholt, Suffolk, CO7 6SL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% Straight Line
Motor Vehicles 20% Straight Line
Fixtures & Fittings 20% Straight Line
Computer Equipment 20% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 17)
14 17
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 359,089 48,721 9,255 2,029 419,094
Additions 3,673 - - 140 3,813
As at 31 December 2023 362,762 48,721 9,255 2,169 422,907
Depreciation
As at 1 January 2023 348,336 48,721 7,406 210 404,673
Provided during the period 5,835 - 647 434 6,916
As at 31 December 2023 354,171 48,721 8,053 644 411,589
Net Book Value
As at 31 December 2023 8,591 - 1,202 1,525 11,318
As at 1 January 2023 10,753 - 1,849 1,819 14,421
5. Investments
Unlisted
£
Cost
As at 1 January 2023 1,999
As at 31 December 2023 1,999
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 1,999
As at 1 January 2023 1,999
6. Stocks
2023 2022
£ £
Materials 124,890 121,342
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 172,162 194,406
Prepayments and accrued income 8,339 7,908
Deferred tax current asset 2,977 2,903
Called up share capital not paid 1,000 1,000
Amounts owed by group undertakings 80,574 74,574
265,052 280,791
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 11,276 15,181
Corporation tax 12,564 22,760
Other taxes and social security 14,777 14,990
VAT 31,460 34,882
Accruals and deferred income 6,350 6,050
76,427 93,863
9. Share Capital
2023 2022
£ £
Called Up Share Capital not Paid 1,000 1,000
Called Up Share Capital has been paid up 150 150
Amount of Allotted, Called Up Share Capital 1,150 1,150
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