Registered number
05763434
GB Event Ice Cream Limited
Filleted Accounts
31 March 2024
GB Event Ice Cream Limited
Registered number: 05763434
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 623,923 565,470
Current assets
Stocks 28,200 29,700
Debtors 5 73,145 102,644
Cash at bank and in hand 107,751 13,929
209,096 146,273
Creditors: amounts falling due within one year 6 (464,990) (390,735)
Net current liabilities (255,894) (244,462)
Total assets less current liabilities 368,029 321,008
Provisions for liabilities (157,880) (109,339)
Net assets 210,149 211,669
Capital and reserves
Called up share capital 99 99
Profit and loss account 210,050 211,570
Shareholders' funds 210,149 211,669
The directors are 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 directors acknowledge their 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.
G Gregorio
Director
Approved by the board on 2 December 2024
GB Event Ice Cream Limited
Notes to the Accounts
for the year ended 31 March 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 15% reducing balance
Motor Vehicles 10% 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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 90,000
At 31 March 2024 90,000
Amortisation
At 1 April 2023 90,000
At 31 March 2024 90,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 318,184 1,089,393 1,407,577
Additions 15,275 116,250 131,525
Disposals - (65,228) (65,228)
At 31 March 2024 333,459 1,140,415 1,473,874
Depreciation
At 1 April 2023 159,950 682,157 842,107
Charge for the year 12,160 45,008 57,168
On disposals - (49,324) (49,324)
At 31 March 2024 172,110 677,841 849,951
Net book value
At 31 March 2024 161,349 462,574 623,923
At 31 March 2023 158,234 407,236 565,470
5 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 71,645 89,935
Other debtors 1,500 12,709
73,145 102,644
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 28,545 43,576
Amounts owed to group undertakings and undertakings in which the company has a participating interest 287,779 307,514
Taxation and social security costs 13,936 499
Other creditors 134,730 39,146
464,990 390,735
7 Controlling party
The company is controlled by its ultimate parent company, Gregorio Holdings Limited.
The group is a small group and and is not required to produce or has produced consolidated financial statements.
8 Other information
GB Event Ice Cream Limited is a private company limited by shares and incorporated in England. Its registered office is:
B3 Kingfisher House
Team Valley
Gateshead
Tyne & Wear
NE11 0JQ
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