Registered number
10609806
Gerotor Design Studio Limited
Filleted Accounts
29 February 2024
Gerotor Design Studio Limited
Registered number: 10609806
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 98,770 119,553
Current assets
Stocks 21,702 20,709
Debtors 4 38,082 27,373
Cash at bank and in hand 42,840 18,047
102,624 66,129
Creditors: amounts falling due within one year 5 (73,041) (63,484)
Net current assets 29,583 2,645
Total assets less current liabilities 128,353 122,198
Creditors: amounts falling due after more than one year 6 (83,041) (98,467)
Net assets 45,312 23,731
Capital and reserves
Called up share capital 2 2
Profit and loss account 45,310 23,729
Shareholders' funds 45,312 23,731
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Baron-Oxberry
Director
Approved by the board on 28 November 2024
Gerotor Design Studio Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 18% reducing balance
Motor vehicles 18% reducing balance
Computer equipment 33.33% straight line
Fixtures, fittings, tools and equipment 18% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 208,590 17,081 225,671
Additions 1,643 - 1,643
At 29 February 2024 210,233 17,081 227,314
Depreciation
At 1 March 2023 96,760 9,358 106,118
Charge for the year 21,036 1,390 22,426
At 29 February 2024 117,796 10,748 128,544
Net book value
At 29 February 2024 92,437 6,333 98,770
At 28 February 2023 111,830 7,723 119,553
4 Debtors 2024 2023
£ £
Trade debtors 14,490 19,499
Other debtors 23,592 7,874
38,082 27,373
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23,261 22,300
Obligations under finance lease and hire purchase contracts 31,289 31,289
Trade creditors 16,716 7,352
Taxation and social security costs 1,191 -
Other creditors 584 2,543
73,041 63,484
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,000 19,800
Obligations under finance lease and hire purchase contracts 24,866 56,155
Other creditors 47,175 22,512
83,041 98,467
7 Other information
Gerotor Design Studio Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6 143 Station Road
Bamber Bridge
Preston
Lancashire
PR5 6LA
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