7 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2024 - FRS102_2024 8,034 3,843 838 4,681 3,353 4,191 xbrli:pure xbrli:shares iso4217:GBP 10531287 2023-02-01 2024-01-31 10531287 2024-01-31 10531287 2023-01-31 10531287 2022-02-01 2023-01-31 10531287 2023-01-31 10531287 2022-01-31 10531287 bus:Director1 2023-02-01 2024-01-31 10531287 core:WithinOneYear 2024-01-31 10531287 core:WithinOneYear 2023-01-31 10531287 core:ShareCapital 2024-01-31 10531287 core:ShareCapital 2023-01-31 10531287 core:RetainedEarningsAccumulatedLosses 2024-01-31 10531287 core:RetainedEarningsAccumulatedLosses 2023-01-31 10531287 bus:Director1 2023-01-31 10531287 bus:Director1 2024-01-31 10531287 bus:Director1 2022-01-31 10531287 bus:Director1 2023-01-31 10531287 bus:Director1 2022-02-01 2023-01-31 10531287 bus:SmallEntities 2023-02-01 2024-01-31 10531287 bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 10531287 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 10531287 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 10531287 bus:FullAccounts 2023-02-01 2024-01-31 10531287 core:ComputerEquipment 2023-02-01 2024-01-31 10531287 core:ComputerEquipment 2024-01-31 10531287 core:ComputerEquipment 2023-01-31
COMPANY REGISTRATION NUMBER: 10531287
GB Infotech Retail Ventures Limited
Filleted Unaudited Financial Statements
31 January 2024
GB Infotech Retail Ventures Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
3,353
4,191
Current assets
Debtors
6
46,086
22,186
Cash at bank and in hand
142,715
126,167
---------
---------
188,801
148,353
Creditors: amounts falling due within one year
7
166,231
135,744
---------
---------
Net current assets
22,570
12,609
--------
--------
Total assets less current liabilities
25,923
16,800
--------
--------
Net assets
25,923
16,800
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
25,823
16,700
--------
--------
Shareholders funds
25,923
16,800
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GB Infotech Retail Ventures Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 4 November 2024 , and are signed on behalf of the board by:
MR D P Kotecha
Director
Company registration number: 10531287
GB Infotech Retail Ventures Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Dalkeith Grove, Stanmore, Harrow, Middlesex, HA7 4SQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 4 ).
5. Tangible assets
Equipment
£
Cost
At 1 February 2023 and 31 January 2024
8,034
-------
Depreciation
At 1 February 2023
3,843
Charge for the year
838
-------
At 31 January 2024
4,681
-------
Carrying amount
At 31 January 2024
3,353
-------
At 31 January 2023
4,191
-------
6. Debtors
2024
2023
£
£
Other debtors
46,086
22,186
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
5,336
3,332
Social security and other taxes
5,135
753
Other creditors
155,760
131,659
---------
---------
166,231
135,744
---------
---------
8. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
MR D P Kotecha
( 457)
( 1,699)
( 2,156)
----
-------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
MR D P Kotecha
( 220)
( 237)
( 457)
----
----
----