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REGISTERED NUMBER: 07738700 (England and Wales)












Unaudited Financial Statements for the Year Ended 31 August 2024

for

GLF Coatings Limited

GLF Coatings Limited (Registered number: 07738700)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLF Coatings Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: D Jones
Mrs E Jones





REGISTERED OFFICE: Lynnem House
1 Victoria Way
Burgess Hill
West Sussex
RH15 9NF





REGISTERED NUMBER: 07738700 (England and Wales)





ACCOUNTANTS: Price Green & Co
Lynnem House
1 Victoria Way
Burgess Hill
West Sussex
RH15 9NF

GLF Coatings Limited (Registered number: 07738700)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 50,334 51,902

CURRENT ASSETS
Stocks 3,000 2,500
Debtors 5 38,542 45,029
Cash at bank 27,405 26,733
68,947 74,262
CREDITORS
Amounts falling due within one year 6 51,133 64,849
NET CURRENT ASSETS 17,814 9,413
TOTAL ASSETS LESS CURRENT
LIABILITIES

68,148

61,315

PROVISIONS FOR LIABILITIES 12,583 12,976
NET ASSETS 55,565 48,339

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 55,465 48,239
SHAREHOLDERS' FUNDS 55,565 48,339

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

GLF Coatings Limited (Registered number: 07738700)

Balance Sheet - continued
31 August 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 8 October 2024 and were signed on its behalf by:





D Jones - Director


GLF Coatings Limited (Registered number: 07738700)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

GLF Coatings 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.
Plant and machinery etc - 33% on reducing balance and 10% 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

GLF Coatings Limited (Registered number: 07738700)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 79,556 500 4,498 84,554
Additions 1,275 - 175 1,450
At 31 August 2024 80,831 500 4,673 86,004
DEPRECIATION
At 1 September 2023 28,760 382 3,510 32,652
Charge for year 2,604 30 384 3,018
At 31 August 2024 31,364 412 3,894 35,670
NET BOOK VALUE
At 31 August 2024 49,467 88 779 50,334
At 31 August 2023 50,796 118 988 51,902

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 28,578 35,065
Other debtors 9,964 9,964
38,542 45,029

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 6,828 2,821
Taxation and social security 26,331 18,654
Other creditors 17,974 43,374
51,133 64,849

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £59,414 (2023 - £47,075) were paid to the directors .

The directors, Mr D Jones and Mrs E Jones, are also directors and shareholders of Gatwick Luggage Fittings Limited.

Included in other debtors is an interest free loan of £9,964 (2023:£9,964) to Gatwick Luggage Fittings Limited by GLF Coatings Limited.

The company was controlled throughout the current and previous year by the director, Mr D Jones.