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Registered number: 13600768
Gallions Reach Tea Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13600768
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 6,000 -
Tangible Assets 5 245,758 279,414
251,758 279,414
CURRENT ASSETS
Stocks 17,873 13,848
Debtors 6 26,118 16,337
Cash at bank and in hand 17,907 26,267
61,898 56,452
Creditors: Amounts Falling Due Within One Year 7 (322,733 ) (400,706 )
NET CURRENT ASSETS (LIABILITIES) (260,835 ) (344,254 )
TOTAL ASSETS LESS CURRENT LIABILITIES (9,077 ) (64,840 )
NET LIABILITIES (9,077 ) (64,840 )
CAPITAL AND RESERVES
Called up share capital 8 90 90
Profit and Loss Account (9,167 ) (64,930 )
SHAREHOLDERS' FUNDS (9,077) (64,840)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
F Aswat
Director
31st December 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gallions Reach Tea Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13600768 . The registered office is 130-132 Regent Road, Leicester, LE1 7PG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 5 year straight line
Fixtures & Fittings 5 year straight line
Computer Equipment 3 year straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 20)
14 20
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 -
Additions 7,500
As at 31 March 2024 7,500
...CONTINUED
Page 3
Page 4
Amortisation
As at 1 April 2023 -
Provided during the period 1,500
As at 31 March 2024 1,500
Net Book Value
As at 31 March 2024 6,000
As at 1 April 2023 -
5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 April 2023 309,169
Additions 4,260
As at 31 March 2024 313,429
Depreciation
As at 1 April 2023 29,755
Provided during the period 37,916
As at 31 March 2024 67,671
Net Book Value
As at 31 March 2024 245,758
As at 1 April 2023 279,414
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 26,118 16,337
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 21,898 19,724
Amounts owed to group undertakings 254,735 306,210
Other creditors 23,321 60,122
Taxation and social security 22,779 14,650
322,733 400,706
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 90 90
Page 4