1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2024 - FRS102_2024 200,418 200,418 200,418 xbrli:pure xbrli:shares iso4217:GBP 01966779 2023-03-01 2024-02-29 01966779 2024-02-29 01966779 2023-02-28 01966779 2022-03-01 2023-02-28 01966779 2023-02-28 01966779 2022-02-28 01966779 bus:Director2 2023-03-01 2024-02-29 01966779 core:WithinOneYear 2024-02-29 01966779 core:WithinOneYear 2023-02-28 01966779 core:ShareCapital 2024-02-29 01966779 core:ShareCapital 2023-02-28 01966779 core:RetainedEarningsAccumulatedLosses 2024-02-29 01966779 core:RetainedEarningsAccumulatedLosses 2023-02-28 01966779 core:LandBuildings 2024-02-29 01966779 core:LandBuildings 2023-02-28 01966779 bus:Director1 2023-03-01 2024-02-29 01966779 bus:SmallEntities 2023-03-01 2024-02-29 01966779 bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 01966779 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 01966779 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01966779 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 01966779
GUILDMINSTER LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
GUILDMINSTER LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
GUILDMINSTER LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
200,418
200,418
Current assets
Debtors
6
1,676
1,790
Cash at bank and in hand
7,327
22,911
-------
--------
9,003
24,701
Creditors: amounts falling due within one year
7
145,988
145,045
---------
---------
Net current liabilities
136,985
120,344
---------
---------
Total assets less current liabilities
63,433
80,074
--------
--------
Net assets
63,433
80,074
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
63,431
80,072
--------
--------
Shareholders funds
63,433
80,074
--------
--------
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 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 8 November 2024 , and are signed on behalf of the board by:
A C Forrest-Hilton
Director
Company registration number: 01966779
GUILDMINSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 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 29 Cheadle Road, Cheadle Hulme, Cheshire, SK8 5HL.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Land and buildings
£
Cost
At 1 March 2023 and 29 February 2024
200,418
---------
Depreciation
At 1 March 2023 and 29 February 2024
---------
Carrying amount
At 29 February 2024
200,418
---------
At 28 February 2023
200,418
---------
6. Debtors
2024
2023
£
£
Other debtors
1,676
1,790
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
4,775
11,192
Other creditors
141,213
133,853
---------
---------
145,988
145,045
---------
---------
8. Director's advances, credits and guarantees
2024 2023
£ £
Director loan accounts 138,724 131,444
--------- ---------
No interest has been charged to the company in respect of the loan which is repayable on demand and is classified under creditors falling due within one year.
9. Related party transactions
The company was under the control of Mrs A C Forrest-Hilton throughout the current year who owns 100% of the company.