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REGISTERED NUMBER: 05556274 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31st March 2024

for

Lil Gary's Plaice Limited

Lil Gary's Plaice Limited (Registered number: 05556274)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lil Gary's Plaice Limited

Company Information
for the year ended 31st March 2024







DIRECTORS: Mr G Wright
Mrs T Wright



REGISTERED OFFICE: 32 Swaffham Road
Watton
Norfolk
IP25 6LA



REGISTERED NUMBER: 05556274 (England and Wales)



ACCOUNTANTS: TWR Accountants
The Old Registrars
57a High Street
Brandon
Suffolk
IP27 0AU



BANKERS: Barclays
34 Market Place
East Dereham
Norfolk
NR19 2AS

Lil Gary's Plaice Limited (Registered number: 05556274)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,232 35,114

CURRENT ASSETS
Stocks 3,950 4,050
Debtors 5 30,002 38,398
Cash at bank and in hand 10,031 5,730
43,983 48,178
CREDITORS
Amounts falling due within one year 6 75,415 81,416
NET CURRENT LIABILITIES (31,432 ) (33,238 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,800 1,876

PROVISIONS FOR LIABILITIES 489 653
NET ASSETS 2,311 1,223

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 2,301 1,213
SHAREHOLDERS' FUNDS 2,311 1,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lil Gary's Plaice Limited (Registered number: 05556274)

Balance Sheet - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd October 2024 and were signed on its behalf by:





Mr G Wright - Director


Lil Gary's Plaice Limited (Registered number: 05556274)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

Lil Gary's Plaice Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

Lil Gary's Plaice Limited (Registered number: 05556274)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Long and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1st April 2023
and 31st March 2024 31,584 19,242 274 51,100
DEPRECIATION
At 1st April 2023 - 15,828 158 15,986
Charge for year - 853 29 882
At 31st March 2024 - 16,681 187 16,868
NET BOOK VALUE
At 31st March 2024 31,584 2,561 87 34,232
At 31st March 2023 31,584 3,414 116 35,114

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Directors' current accounts 14,816 23,296
Prepayments 1,328 1,244
16,144 24,540

Amounts falling due after more than one year:
Tax 13,858 13,858

Aggregate amounts 30,002 38,398

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 24,557 41,371
Trade creditors 13,705 8,927
Tax 16,723 15,944
Social security and other taxes 318 274
VAT 15,778 11,216
Other creditors 655 661
Accrued expenses 3,679 3,023
75,415 81,416

Lil Gary's Plaice Limited (Registered number: 05556274)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 3,368
Bank loans 24,557 38,003
24,557 41,371

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2024 and 31st March 2023:

2024 2023
£    £   
Mr G Wright and Mrs T Wright
Balance outstanding at start of year 23,296 30,558
Amounts advanced 35,520 36,738
Amounts repaid (44,000 ) (44,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,816 23,296

The maximum balance outstanding at any point during the year was £38,649 (2023: £44,776). Interest has been charged at the official HMRC rate of interest totalling £571 (2023: £705).


9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr G Wright.