Registration number:
GA Furnace Engineering Ltd
for the Year Ended 29 February 2024
GA Furnace Engineering Ltd
(Registration number: 10559683)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
|
Profit and loss account |
(122,995) |
(127,308) |
|
Shareholders' deficit |
(122,895) |
(127,208) |
For the financial 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.
Directors' responsibilities:
• |
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• |
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 and the option not to file the Profit and Loss Account has been taken.
These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the
GA Furnace Engineering Ltd
(Registration number: 10559683)
Balance Sheet as at 29 February 2024
.........................................
Director
GA Furnace Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Accounting policies |
GA Furnace Engineering Ltd is a private company, limited by shares, domiciled in England and Wales, company number 10559683. The registered office is at
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Asset class |
Depreciation method and rate |
Plant and machinery |
over 5 years |
Fixtures and fittings |
over 5 years |
GA Furnace Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
GA Furnace Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost |
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At 1 March 2023 |
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Additions |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Creditors |
2024 |
2023 |
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Due within one year |
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Bank loans |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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GA Furnace Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
2024 |
2023 |
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Due after one year |
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Bank loans |
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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 £