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Registration number: 12887679

GC Bake Shop Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

GC Bake Shop Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

GC Bake Shop Ltd

Company Information

Directors

Mr Luca Fiorio Pla

Mrs Robyn Michelle Fiorio Pla

Registered office

22 Stour Green
Ely
Cambridgeshire
CB6 2WX

Accountants

Mrs Victoria Anne Cooper
Red Shoes Accounting Services
Unit 7 E-Space North
181 Wisbech Road
Littleport
Cambridgeshire
CB6 1RA

 

GC Bake Shop Ltd

(Registration number: 12887679)
Balance Sheet as at 30 April 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

12,357

9,966

Current assets

 

Stocks

5

57,396

42,217

Cash at bank and in hand

 

533,146

322,632

 

590,542

364,849

Creditors: Amounts falling due within one year

7

(76,392)

(59,550)

Net current assets

 

514,150

305,299

Total assets less current liabilities

 

526,507

315,265

Provisions for liabilities

(3,089)

(2,492)

Net assets

 

523,418

312,773

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

523,417

312,772

Shareholders' funds

 

523,418

312,773

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

 

GC Bake Shop Ltd

(Registration number: 12887679)
Balance Sheet as at 30 April 2024

Mr Luca Fiorio Pla
Director

   
     
 

GC Bake Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
22 Stour Green
Ely
Cambridgeshire
CB6 2WX

FRS 102 was not applied to the most recent annual financial statements as they were a micro sized company.

These financial statements were authorised for issue by the Board on 14 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

GC Bake Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

GC Bake Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 7).

 

GC Bake Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

-

14,083

14,083

Additions

6,510

-

6,510

At 30 April 2024

6,510

14,083

20,593

Depreciation

At 1 May 2023

-

4,117

4,117

Charge for the year

1,302

2,817

4,119

At 30 April 2024

1,302

6,934

8,236

Carrying amount

At 30 April 2024

5,208

7,149

12,357

At 30 April 2023

-

9,966

9,966

5

Stocks

2024
£

(As restated)

2023
£

Other inventories

57,396

42,217

6

Debtors

Current

2024
£

2023
£

 

-

-

 

GC Bake Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

75,034

29,161

Accruals and deferred income

1,400

-

Other creditors

(42)

30,389

76,392

59,550

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £26,667 (2023 - £46,667).

10

Related party transactions

Summary of transactions with key management

At the balance sheet date, the company owed the director £67 (2023 - £15,744) by the way of an interest free loan.
 

11

Prior year adjustment

The comparative figures have been restated to include opening stock of £32,506 and closing stock of £42,217, fixed asset costs of £14,083 and accumulated depreciation of £4,117. The closing retained earnings as at 30 April 2024 have increased by £9,966.

 

GC Bake Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

12

Transition to FRS 102

The transition from FRS 105 to FRS 102 Section 1A required deferred tax of £1,625 to be recognised in the opening balance sheet of 1 May 2022. Further deferred tax of £867 has been recognised in the balance sheet as at 30 April 2023. The retained earnings at 30 April 2023 therefore reduced by £2,492.

Balance Sheet at 1 May 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

5,200

-

-

5,200

Current assets

Stocks

32,506

-

-

32,506

Debtors

420

-

-

420

Cash at bank and in hand

201,937

-

-

201,937

234,863

-

-

234,863

Creditors: Amounts falling due within one year

(37,557)

-

-

(37,557)

Net current assets

197,306

-

-

197,306

Total assets less current liabilities

202,506

-

-

202,506

Provisions for liabilities

-

-

(1,625)

(1,625)

Net assets/(liabilities)

202,506

-

(1,625)

200,881

 

GC Bake Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Called up share capital

(1)

-

-

(1)

Retained earnings

(202,505)

-

1,625

(200,880)

Total equity

(202,506)

-

1,625

(200,881)

 

GC Bake Shop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Balance Sheet at 30 April 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

9,966

-

-

9,966

Current assets

Stocks

42,217

-

-

42,217

Debtors

1

-

-

1

Cash at bank and in hand

322,632

-

-

322,632

364,850

-

-

364,850

Creditors: Amounts falling due within one year

(59,549)

-

-

(59,549)

Net current assets

305,301

-

-

305,301

Total assets less current liabilities

315,267

-

-

315,267

Provisions for liabilities

-

-

(2,492)

(2,492)

Net assets/(liabilities)

315,267

-

(2,492)

312,775

Capital and reserves

Called up share capital

(1)

-

-

(1)

Retained earnings

(315,266)

-

2,492

(312,774)

Total equity

(315,267)

-

2,492

(312,775)