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REGISTERED NUMBER: 06508549 (England and Wales)













G C INSULATION SUPPLIES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






G C INSULATION SUPPLIES LTD (REGISTERED NUMBER: 06508549)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


G C INSULATION SUPPLIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mrs. R J Curtis
Mr. G J Curtis





REGISTERED OFFICE: Unit 4 Rhymney River Bridge
Road, Rhymney
Cardiff
CF23 9AF





REGISTERED NUMBER: 06508549 (England and Wales)





ACCOUNTANTS: Carston ETL
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

G C INSULATION SUPPLIES LTD (REGISTERED NUMBER: 06508549)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 14,018 8,964
14,018 8,964

CURRENT ASSETS
Stocks 79,875 53,317
Debtors 6 1,078,443 1,344,116
Cash at bank 112,487 86,508
1,270,805 1,483,941
CREDITORS
Amounts falling due within one year 7 787,519 1,061,122
NET CURRENT ASSETS 483,286 422,819
TOTAL ASSETS LESS CURRENT LIABILITIES 497,304 431,783

CREDITORS
Amounts falling due after more than one year 8 35,000 65,000
NET ASSETS 462,304 366,783

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 462,204 366,683
SHAREHOLDERS' FUNDS 462,304 366,783

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Mr. G J Curtis - Director


G C INSULATION SUPPLIES LTD (REGISTERED NUMBER: 06508549)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

G C Insulation Supplies Ltd 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
The purchased goodwill has been fully amortised over its useful economic life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% straight line on cost
Motor vehicles - 25% straight line on cost
Computer equipment - 10% straight line on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

G C INSULATION SUPPLIES LTD (REGISTERED NUMBER: 06508549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2023
and 31 March 2024 35,000
AMORTISATION
At 1 April 2023
and 31 March 2024 35,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
COST
At 1 April 2023 16,245 108,364 19,220 143,829
Additions - 8,500 266 8,766
At 31 March 2024 16,245 116,864 19,486 152,595
DEPRECIATION
At 1 April 2023 14,430 108,361 12,074 134,865
Charge for year 711 1,700 1,301 3,712
At 31 March 2024 15,141 110,061 13,375 138,577
NET BOOK VALUE
At 31 March 2024 1,104 6,803 6,111 14,018
At 31 March 2023 1,815 3 7,146 8,964

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 948,188 1,216,572
Other debtors 130,255 127,544
1,078,443 1,344,116

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 30,000 30,000
Trade creditors 479,768 591,010
Taxation and social security 108,123 181,476
Other creditors 169,628 258,636
787,519 1,061,122

G C INSULATION SUPPLIES LTD (REGISTERED NUMBER: 06508549)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans 35,000 65,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 65,000 95,000

The finance in respect of hire purchase agreements are secured against the assets to which they relate.

The bank loan is secured by way of a fixed and floating charge over all assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary £1 100 100