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COMPANY REGISTRATION NUMBER: 04816360
GB Finance Services Limited
Filleted Unaudited Financial Statements
31 October 2023
GB Finance Services Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
30,519
39,252
Current assets
Stocks
433,475
261,555
Debtors
6
12,585
9,200
Cash at bank and in hand
69,414
62,363
---------
---------
515,474
333,118
Creditors: amounts falling due within one year
7
372,250
213,184
---------
---------
Net current assets
143,224
119,934
---------
---------
Total assets less current liabilities
173,743
159,186
Creditors: amounts falling due after more than one year
8
15,833
25,833
Provisions
Taxation including deferred tax
5,799
7,458
---------
---------
Net assets
152,111
125,895
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
152,011
125,795
---------
---------
Shareholders funds
152,111
125,895
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GB Finance Services Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mr T G Lightfoot
Mrs T G Lightfoot
Director
Director
Company registration number: 04816360
GB Finance Services Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1 Telford House, Warwick Road, Carlisle, Cumbria, CA1 2BT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
5,694
5,000
50,500
915
62,109
Additions
1,964
1,964
-------
-------
--------
-------
--------
At 31 October 2023
5,694
5,000
50,500
2,879
64,073
-------
-------
--------
-------
--------
Depreciation
At 1 November 2022
4,728
4,894
12,625
610
22,857
Charge for the year
241
27
9,469
960
10,697
-------
-------
--------
-------
--------
At 31 October 2023
4,969
4,921
22,094
1,570
33,554
-------
-------
--------
-------
--------
Carrying amount
At 31 October 2023
725
79
28,406
1,309
30,519
-------
-------
--------
-------
--------
At 31 October 2022
966
106
37,875
305
39,252
-------
-------
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
12,585
9,200
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
14,820
11,092
Corporation tax
8,719
4,662
Social security and other taxes
18,081
11,315
Other creditors
320,630
176,115
---------
---------
372,250
213,184
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,833
25,833
--------
--------
9. Related party transactions
The company was under the control of Mr T G Lightfoot & Mrs T G Lightfoot throughout the current and previous year. Mr & Mrs Lightfoot are the only directors and collectively hold all of the issued share capital. During the year dividends of £ 4,000 (2022 - £4,000) were paid to Mr & Mrs Lightfoot. On the balance sheet date the company owed Mr & Mrs Lightfoot £ 319,430 (2022 - £175,615) and this is included in Other creditors.