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REGISTERED NUMBER: 05431931 (England and Wales)










Unaudited Financial Statements

for the Year Ended 30 April 2024

for

G. Ioannou Limited

G. Ioannou Limited (Registered number: 05431931)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G. Ioannou Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: G A Ioannou





SECRETARY: E J G Ioannou





REGISTERED OFFICE: 32 Essenden Road
Sanderstead
Surrey
CR2 0BU





REGISTERED NUMBER: 05431931 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

G. Ioannou Limited (Registered number: 05431931)

Balance Sheet
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 44,431 10,307

CURRENT ASSETS
Stocks 5 39,000 43,000
Debtors 6 10,032 -
Cash at bank 2 2
49,034 43,002
CREDITORS
Amounts falling due within one year 7 (42,921 ) (35,362 )
NET CURRENT ASSETS 6,113 7,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

50,544

17,947

CREDITORS
Amounts falling due after more than one year 8 (38,490 ) (12,957 )

PROVISIONS FOR LIABILITIES 9 (8,442 ) (1,958 )
NET ASSETS 3,612 3,032

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 10 3,610 3,030
3,612 3,032

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

G. Ioannou Limited (Registered number: 05431931)

Balance Sheet - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 January 2025 and were signed by:





G A Ioannou - Director


G. Ioannou Limited (Registered number: 05431931)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

G. Ioannou Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company continued to be that of Artistic creation.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

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:

Plant and machinery 25% on reducing balance
Motor vehicles 25% on reducing balance
Computer equipment25% on 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.

GOVERNMENT GRANTS
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

G. Ioannou Limited (Registered number: 05431931)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year.Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

GOING CONCERN
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

G. Ioannou Limited (Registered number: 05431931)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 May 2023 11,299 6,828 3,637 21,764
Additions - 41,032 - 41,032
Disposals - (6,828 ) - (6,828 )
At 30 April 2024 11,299 41,032 3,637 55,968
DEPRECIATION
At 1 May 2023 2,521 5,612 3,324 11,457
Charge for year 2,195 3,419 78 5,692
Eliminated on disposal - (5,612 ) - (5,612 )
At 30 April 2024 4,716 3,419 3,402 11,537
NET BOOK VALUE
At 30 April 2024 6,583 37,613 235 44,431
At 30 April 2023 8,778 1,216 313 10,307

5. STOCKS
2024 2023
£    £   
Closing stock of finished good 39,000 43,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 10,032 -

The director considers the carrying value of trade and other receivables approximate to their fair values.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 19,004 16,039
Hire purchase contracts 5,156 -
Trade creditors 5,612 2,676
Taxation and social security 11,334 10,307
Other creditors 1,815 6,340
42,921 35,362

The director considers the carrying amounts of current liabilities approximate to their fair values.

G. Ioannou Limited (Registered number: 05431931)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 6,784 12,957
Hire purchase contracts 31,706 -
38,490 12,957

The director considers the carrying amounts of long term liabilities approximate to their fair values.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 8,442 1,958

Deferred
tax
£   
Balance at 1 May 2023 1,958
Provided during year 6,484
Balance at 30 April 2024 8,442

10. RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
G A Ioannou
Balance outstanding at start of year (3,560 ) (111 )
Amounts advanced 13,221 10,866
Amounts repaid (3,013 ) (14,315 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,648 (3,560 )

12. RELATED PARTY TRANSACTIONS

At the balance sheet date included in other debtors are amounts due from the director of £6,648 (2023 - £3,560 included in other creditors). This loan is interest free and repaid at post year end.