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Registration number: 10564051

GB DIY Store Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

GB DIY Store Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 14

 

GB DIY Store Ltd

Company Information

Directors

Mr David Rourke

Mr Nathan Rourke

Registered office

Unit 1
Fox Covert Way
Mansfield
NG19 0FR

Accountants

Bookkeeping Plus Solutions Limited
14 Cotswold Grove
Mansfield
Nottinghamshire
NG18 3HH

 

GB DIY Store Ltd

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr David Rourke

Mr Nathan Rourke

Principal activity

The principal activity of the company is Retail Sale Via Mail Order Houses or via internet

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................
Mr David Rourke
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
GB DIY Store Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GB DIY Store Ltd for the year ended 31 March 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that GB DIY Store Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GB DIY Store Ltd. You consider that GB DIY Store Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of GB DIY Store Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bookkeeping Plus Solutions Limited
14 Cotswold Grove
Mansfield
Nottinghamshire
NG18 3HH

15 October 2024

 

GB DIY Store Ltd

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

2,114,456

1,676,845

Cost of sales

 

(1,505,570)

(1,241,564)

Gross profit

 

608,886

435,281

Administrative expenses

 

(354,399)

(266,425)

Operating profit

 

254,487

168,856

Other interest receivable and similar income

 

716

617

Interest payable and similar expenses

 

(1,701)

(259)

   

(985)

358

Profit before tax

4

253,502

169,214

Tax on profit

 

(65,526)

(27,029)

Profit for the financial year

 

187,976

142,185

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

GB DIY Store Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

187,976

142,185

Total comprehensive income for the year

187,976

142,185

 

GB DIY Store Ltd

(Registration number: 10564051)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

25,195

26,954

Current assets

 

Stocks

6

102,941

75,069

Debtors

7

95,706

33,519

Cash at bank and in hand

 

477,122

382,911

 

675,769

491,499

Creditors: Amounts falling due within one year

8

(333,511)

(269,878)

Net current assets

 

342,258

221,621

Total assets less current liabilities

 

367,453

248,575

Creditors: Amounts falling due after more than one year

8

(27,812)

(20,910)

Net assets

 

339,641

227,665

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

339,441

227,465

Shareholders' funds

 

339,641

227,665

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.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................
Mr David Rourke
Director

 

GB DIY Store Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

200

227,465

227,665

Profit for the year

-

187,976

187,976

Dividends

-

(76,000)

(76,000)

At 31 March 2024

200

339,441

339,641

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

200

161,280

161,480

Profit for the year

-

142,185

142,185

Dividends

-

(76,000)

(76,000)

At 31 March 2023

200

227,465

227,665

 

GB DIY Store Ltd

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:
Unit 1
Fox Covert Way
Mansfield
NG19 0FR
United Kingdom

These financial statements were authorised for issue by the Board on 15 October 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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

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 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.

 

GB DIY Store Ltd

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

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

Motor Vehicles

25% Reducing balance

Plant and machinery

20% Straight Line

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

GB DIY Store Ltd

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

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 8 (2023 - 8).

 

GB DIY Store Ltd

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

9,234

8,985

 

GB DIY Store Ltd

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

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

-

35,939

35,939

Additions

7,474

-

7,474

At 31 March 2024

7,474

35,939

43,413

Depreciation

At 1 April 2023

-

8,985

8,985

Charge for the year

2,494

6,739

9,233

At 31 March 2024

2,494

15,724

18,218

Carrying amount

At 31 March 2024

4,980

20,215

25,195

At 31 March 2023

-

26,954

26,954

6

Stocks

2024
£

2023
£

Other inventories

102,941

75,069

7

Debtors

Current

2024
£

2023
£

Trade debtors

95,706

33,519

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

24,134

27,685

Trade creditors

 

188,718

191,023

Taxation and social security

 

119,811

50,270

Accruals and deferred income

 

848

900

 

333,511

269,878

 

GB DIY Store Ltd

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

27,812

20,910

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

100

100

100

100

 

200

200

200

200

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

27,812

20,910

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

24,134

27,685

11

Dividends

   

2024

 

2023

   

£

 

£

         

12

Related party transactions

 

GB DIY Store Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

29,334

24,000