Company registration number 09187623 (England and Wales)
GZL TRADING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GZL TRADING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
GZL TRADING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
159
14
Current assets
Stocks
116,976
116,976
Cash at bank and in hand
256
418
117,232
117,394
Creditors: amounts falling due within one year
4
(594,558)
(592,089)
Net current liabilities
(477,326)
(474,695)
Total assets less current liabilities
(477,167)
(474,681)
Creditors: amounts falling due after more than one year
5
(39,884)
(46,670)
Net liabilities
(517,051)
(521,351)
Capital and reserves
Called up share capital
7
1,099
1,099
Profit and loss reserves
(518,150)
(522,450)
Total equity
(517,051)
(521,351)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 by the board of directors and authorised for issue on 14 November 2024 and are signed on its behalf by:
Mr D L Lee
Director
Company registration number 09187623 (England and Wales)
GZL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
GZL Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.
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
Going concern
The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the company's current liabilities exceeded its current assets by £477,326.
The directors consider the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from its shareholders to enable it to pay its debts as they fall due.
If the company was unable to continue to obtain sufficient funding to enable it to pay its debts as they fell due, it would be unable to continue trading and adjustments would have to be made reduce the value of assets to their realisable amount, to provide for any further liabilities which might arise.
1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover represents profit or loss made from trading and market making activities including fees received, rent received and dividends.
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Computer equipment
33 1/3% on cost
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 include property and other assets held at the balance sheet date which are intended to be sold in the near future to realise a trading profit. Stocks are stated at the lower of cost and estimated selling price.
GZL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
GZL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2023
125
Additions
238
At 31 March 2024
363
Depreciation and impairment
At 1 April 2023
111
Depreciation charged in the year
93
At 31 March 2024
204
Carrying amount
At 31 March 2024
159
At 31 March 2023
14
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
594,558
592,089
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
39,884
46,670
GZL TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Loans and overdrafts
2024
2023
£
£
Other loans
533,813
523,722
Payable within one year
493,929
477,052
Payable after one year
39,884
46,670
Included within creditors is £50,000 in respect of a bank loan which is guaranteed by the government under the Bounce Back Loan Scheme.
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary shares of £1 each - 0.011p Per share called up and fully paid
1,099
1,099
8
Related party transactions
Included in other creditors is an outstanding liability of £219,744 (2023: £213,421) owed to the DLL Trading Pension Scheme, a pension scheme connected to the directors. Interest of £6,322 (2023: £6,832) was charged at a commercial rate during the year. This loan is secured over trading assets of the company.
Included in other creditors is an outstanding liability of £267,399 (2023: £260,300) owed to Portman Rose Limited, a company connected to a director. Interest of £6,294 (2023: £6,176) was charged at a commercial rate during the year.
Included in other creditors is an amount of £97,988 (2023: £111,000) due to the directors.