Company registration number 07043924 (England and Wales)
GIO & LUC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
GIO & LUC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GIO & LUC LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
307,747
215,321
Current assets
Stocks
9,050
7,450
Debtors
5
2,015
1,675
Cash at bank and in hand
169,883
280,629
180,948
289,754
Creditors: amounts falling due within one year
6
(41,712)
(55,701)
Net current assets
139,236
234,053
Total assets less current liabilities
446,983
449,374
Provisions for liabilities
(2,128)
(1,314)
Net assets
444,855
448,060
Capital and reserves
Called up share capital
1
1
Capital redemption reserve
1
1
Profit and loss reserves
444,853
448,058
Total equity
444,855
448,060

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

GIO & LUC LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved and signed by the director and authorised for issue on 25 October 2024
Mr G Telese
Director
Company Registration No. 07043924
GIO & LUC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Gio & Luc Limited is a private company limited by shares incorporated in England and Wales. The registered office is Millennium House, Brannam Crescent, Roundswell Business Park, Barnstaple, Devon, United Kingdom, EX31 3TD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Nil
Plant and machinery
25% Reducing Balance
Fixtures, fittings & equipment
25% Reducing Balance
Computer equipment
Over 4 Years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

GIO & LUC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
13
12
GIO & LUC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 28 February 2024
45,515
Amortisation and impairment
At 1 March 2023 and 28 February 2024
45,515
Carrying amount
At 28 February 2024
-
0
At 28 February 2023
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2023
208,403
57,232
265,635
Additions
90,834
5,415
96,249
At 28 February 2024
299,237
62,647
361,884
Depreciation and impairment
At 1 March 2023
-
0
50,314
50,314
Depreciation charged in the year
-
0
3,823
3,823
At 28 February 2024
-
0
54,137
54,137
Carrying amount
At 28 February 2024
299,237
8,510
307,747
At 28 February 2023
208,403
6,918
215,321
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,015
1,675
GIO & LUC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
3,485
Trade creditors
6,470
5,397
Corporation tax
8,742
10,618
Other taxation and social security
9,492
8,840
Other creditors
17,008
27,361
41,712
55,701
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
2,128
1,314
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