2023-04-062024-04-052024-04-05false05752442GEORGE LAURENCE 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GEORGE LAURENCE LIMITED

Registered Number
05752442
(England and Wales)

Unaudited Financial Statements for the Year ended
5 April 2024

GEORGE LAURENCE LIMITED
Company Information
for the year from 6 April 2023 to 5 April 2024

Director

G O'Toole

Registered Address

12a Marlborough Place
Brighton
BN1 1WN

Registered Number

05752442 (England and Wales)
GEORGE LAURENCE LIMITED
Balance Sheet as at
5 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets430,73237,989
30,73237,989
Current assets
Stocks51,076,6141,303,697
Debtors6898,082704,015
Cash at bank and on hand800,001885,000
2,774,6972,892,712
Creditors amounts falling due within one year7(618,595)(874,421)
Net current assets (liabilities)2,156,1022,018,291
Total assets less current liabilities2,186,8342,056,280
Creditors amounts falling due after one year8(26,390)(34,724)
Provisions for liabilities9(7,683)(7,218)
Accruals and deferred income(1,225)(2,270)
Net assets2,151,5362,012,068
Capital and reserves
Called up share capital100100
Profit and loss account2,151,4362,011,968
Shareholders' funds2,151,5362,012,068
The financial statements were approved and authorised for issue by the Director on 23 December 2024, and are signed on its behalf by:
G O'Toole
Director
Registered Company No. 05752442
GEORGE LAURENCE LIMITED
Notes to the Financial Statements
for the year ended 5 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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 policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Fixtures and fittings25
Vehicles25
Office Equipment25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year11
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 06 April 2332,00032,000
At 05 April 2432,00032,000
Amortisation and impairment
At 06 April 2332,00032,000
At 05 April 2432,00032,000
Net book value
At 05 April 24--
At 05 April 23--
4.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 06 April 2362,49124,42486,915
Additions-2,6222,622
At 05 April 2462,49127,04689,537
Depreciation and impairment
At 06 April 2327,34021,58648,926
Charge for year8,7881,0919,879
At 05 April 2436,12822,67758,805
Net book value
At 05 April 2426,3634,36930,732
At 05 April 2335,1512,83837,989
5.Stocks

2024

2023

££
Other stocks1,076,6141,303,697
Total1,076,6141,303,697
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables353,702113,297
Other debtors539,840586,178
Prepayments and accrued income4,5404,540
Total898,082704,015
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables266,303178,525
Bank borrowings and overdrafts245,889172,222
Taxation and social security63,90087,400
Other creditors42,503436,274
Total618,595874,421
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts26,39034,724
Total26,39034,724
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)7,6837,218
Total7,6837,218
10.Related party transactions
During the year, total dividends of £43,185 (2023: £42,675) were paid to the director. The following significant balances existed with a related party at the year end: George Laurence Properties Limited, a company under common control: Current assets: Debtors: £484,090 (2023: £483,710) European Jewels Limited, a company under common control: Creditors: Amounts falling due within one year £Nil (2023: £393,758) Current assets £26,436 (2023: £Nil)
11.Controlling party
The company was controlled by its director, G O'Toole, throughout the period.