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COMPANY REGISTRATION NUMBER: 00826542
G. C. Dewey & Son Limited
Filleted Unaudited Financial Statements
31 October 2024
G. C. Dewey & Son Limited
Financial Statements
Year ended 31 October 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
G. C. Dewey & Son Limited
Balance Sheet
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,578
3,473
Current assets
Stocks
18,194
21,834
Debtors
6
6,097
6,423
Cash at bank and in hand
30,193
44,896
--------
--------
54,484
73,153
Creditors: amounts falling due within one year
7
12,198
15,372
--------
--------
Net current assets
42,286
57,781
--------
--------
Total assets less current liabilities
44,864
61,254
Creditors: amounts falling due after more than one year
8
25,424
30,817
--------
--------
Net assets
19,440
30,437
--------
--------
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
14,440
25,437
--------
--------
Shareholders funds
19,440
30,437
--------
--------
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 profit and loss account has not been delivered.
For the year ending 31 October 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 .
G. C. Dewey & Son Limited
Balance Sheet (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr N M Dewey
Director
Company registration number: 00826542
G. C. Dewey & Son Limited
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales registration number 00826542 . The address of the registered office is 29 King Street, Newcastle Under Lyme, Staffordshire, ST5 1JE.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
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. 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. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and Buildings
-
15% reducing balance
Plant and Machinery
-
15% reducing balance
Fixtures, Fittings and Equipment
-
15% reducing balance and 20% on cost
Motor Vehicles
-
25% reducing balance
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.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost represents the last purchase price for the stock. Net realisable value is the estimated proceeds from the sale of stock items.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value. Loans Loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Fixtures,fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
34,510
21,725
22,392
78,627
Disposals
( 33,414)
( 21,725)
( 55,139)
--------
--------
--------
--------
At 31 October 2024
1,096
22,392
23,488
--------
--------
--------
--------
Depreciation
At 1 November 2023
33,578
21,725
19,851
75,154
Charge for the year
127
636
763
Disposals
( 33,282)
( 21,725)
( 55,007)
--------
--------
--------
--------
At 31 October 2024
423
20,487
20,910
--------
--------
--------
--------
Carrying amount
At 31 October 2024
673
1,905
2,578
--------
--------
--------
--------
At 31 October 2023
932
2,541
3,473
--------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
2,781
6,069
Other debtors
3,316
354
-------
-------
6,097
6,423
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,595
5,757
Trade creditors
2,721
5,129
Social security and other taxes
226
839
Other creditors
3,656
3,647
--------
--------
12,198
15,372
--------
--------
Lloyds Bank Plc hold a fixed and floating charge over the undertaking and all property and assets present and future of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,424
30,817
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £1,594 (2023: £6,294) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.