Company registration number 07162613 (England and Wales)
G And N Interiors Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
G And N Interiors Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
G And N Interiors Limited
BALANCE SHEET
As At 29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
766
Current assets
Debtors
4
4,399
Cash at bank and in hand
24,151
20,878
24,151
25,277
Creditors: amounts falling due within one year
5
(9,146)
(10,661)
Net current assets
15,005
14,616
Total assets less current liabilities
15,771
14,616
Creditors: amounts falling due after more than one year
6
(26,667)
(31,667)
Net liabilities
(10,896)
(17,051)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(10,897)
(17,052)
Total equity
(10,896)
(17,051)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 and signed by the director and authorised for issue on 22 November 2024
Mrs N Lieberman
Director
Company registration number 07162613 (England and Wales)
G And N Interiors Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 29 February 2024
- 2 -
1
Accounting policies
Company information
G and N Interiors Limited is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% Reducing balance
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.
1.4
Financial instruments
G And N Interiors Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 29 February 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
G And N Interiors Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 29 February 2024
- 4 -
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 March 2023
Additions
958
At 29 February 2024
958
Depreciation and impairment
At 1 March 2023
Depreciation charged in the year
192
At 29 February 2024
192
Carrying amount
At 29 February 2024
766
At 28 February 2023
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4,399
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,000
5,000
Taxation and social security
1,592
3,661
Other creditors
554
Accruals and deferred income
2,000
2,000
9,146
10,661
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
26,667
31,667