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COMPANY REGISTRATION NUMBER: 02820359
The Warehouse (Glos) Limited
Filleted Unaudited Financial Statements
31 March 2024
The Warehouse (Glos) Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The Warehouse (Glos) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
488,534
522,833
Current assets
Stocks
52,512
58,153
Debtors
6
58,211
78,946
Cash at bank and in hand
31,795
40,224
---------
---------
142,518
177,323
Creditors: amounts falling due within one year
7
184,635
191,893
---------
---------
Net current liabilities
42,117
14,570
---------
---------
Total assets less current liabilities
446,417
508,263
Creditors: amounts falling due after more than one year
8
77,692
89,692
---------
---------
Net assets
368,725
418,571
---------
---------
The Warehouse (Glos) Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
443,713
443,713
Share premium account
4,522
4,522
Profit and loss account
( 79,510)
( 29,664)
---------
---------
Shareholders funds
368,725
418,571
---------
---------
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 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 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 .
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
D I Stevens
R A Stevens
Director
Director
Company registration number: 02820359
The Warehouse (Glos) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Warehouse, Parliament Street, Gloucester, GL1 1HY. The company's accounting reference date was changed for the previous financial statements to be coterminous with the fiscal year. The previous financial statements were for a seventeen month period and therefore the comparatives are not entirely comparable with this year's twelve month period.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the invoiced amount of goods and services provided, stated net of any credit notes and value added tax. Revenue is recognised at the point of sale.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
0% and 2% on cost
Solar system
-
10% on cost
Plant and machinery
-
10% and 20% on cost
Fixtures and fittings
-
10% on cost
Climbing wall
-
20% on cost
Caving system
-
14% on cost
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Pension costs
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 44 (2023: 40 ).
5. Tangible assets
At 1 April 2023 and 31 March 2024
£
Cost
Freehold property
789,853
Caving system
131,302
Plant and machinery
93,309
Fixtures and fittings
32,191
Climbing wall
408,225
Solar system
31,665
------------
1,486,545
------------
At 1 April 2023
Charge for the year
At 31 March 2024
£
£
£
Depreciation
Freehold property
316,375
13,331
329,706
Caving system
129,270
1,691
130,961
Plant and machinery
78,913
4,672
83,585
Fixtures and fittings
29,925
811
30,736
Climbing wall
386,536
10,627
397,163
Solar system
22,693
3,167
25,860
---------
--------
---------
963,712
34,299
998,011
---------
--------
---------
At 31 March 2024
At 31 March 2023
£
£
Carrying amount
Freehold property
460,147
473,478
Caving system
341
2,032
Plant and machinery
9,724
14,396
Fixtures and fittings
1,455
2,266
Climbing wall
11,062
21,689
Solar system
5,805
8,972
---------
---------
488,534
522,833
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
40,133
65,204
Other debtors
18,078
13,742
--------
--------
58,211
78,946
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
12,000
12,000
Trade creditors
29,861
24,632
Social security and other taxes
28,052
37,549
Other creditors
114,722
117,712
---------
---------
184,635
191,893
---------
---------
The company has granted fixed and floating charges on its assets to secure the bank loans.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
14,000
26,000
Other creditors
63,692
63,692
--------
--------
77,692
89,692
--------
--------
The company has granted fixed and floating charges on its assets to secure the bank loans.