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Sage Accounts Production Advanced 2024 - FRS102_2024
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NI011503
2023-05-01
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NI011503
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NI011503
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NI011503
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NI011503
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NI011503
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NI011503
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NI011503
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COMPANY REGISTRATION NUMBER:
NI011503
G W Strong Agencies (N.I.) Ltd |
|
Filleted Unaudited Financial Statements |
|
G W Strong Agencies (N.I.) Ltd |
|
Year ended 30th April 2024
Statement of financial position |
1 to 2 |
|
|
Notes to the financial statements |
3 to 8 |
|
|
G W Strong Agencies (N.I.) Ltd |
|
Statement of Financial Position |
|
30 April 2024
Fixed assets
Tangible assets |
5 |
|
4,159 |
4,409 |
|
|
|
|
|
Current assets
Stocks |
176,696 |
|
159,210 |
Debtors |
6 |
102,598 |
|
88,135 |
Cash at bank and in hand |
94,651 |
|
77,543 |
|
---------- |
|
---------- |
|
373,945 |
|
324,888 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
151,309 |
|
132,649 |
|
---------- |
|
---------- |
Net current assets |
|
222,636 |
192,239 |
|
|
---------- |
---------- |
Total assets less current liabilities |
|
226,795 |
196,648 |
|
|
---------- |
---------- |
Net assets |
|
226,795 |
196,648 |
|
|
---------- |
---------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
15,400 |
15,400 |
Profit and loss account |
|
211,395 |
181,248 |
|
|
---------- |
---------- |
Shareholders funds |
|
226,795 |
196,648 |
|
|
---------- |
---------- |
|
|
|
|
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 30th April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
G W Strong Agencies (N.I.) Ltd |
|
Statement of Financial Position (continued) |
|
30 April 2024
These financial statements were approved by the
board of directors
and authorised for issue on
20 January 2025
, and are signed on behalf of the board by:
Company registration number:
NI011503
G W Strong Agencies (N.I.) Ltd |
|
Notes to the Financial Statements |
|
Year ended 30th April 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 43 Lockview Road, Belfast, BT9 5FJ.
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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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:
|
Leasehold expenditure |
- |
2% straight line |
|
Plant & machinery |
- |
15% reducing balance |
|
Fixtures, fittings & equipment |
- |
25% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Tangible assets
|
Leasehold expenditure |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
At 1st May 2023 |
8,301 |
8,015 |
83,668 |
7,200 |
107,184 |
Additions |
– |
– |
1,154 |
– |
1,154 |
|
------- |
------- |
-------- |
------- |
---------- |
At 30th April 2024 |
8,301 |
8,015 |
84,822 |
7,200 |
108,338 |
|
------- |
------- |
-------- |
------- |
---------- |
Depreciation |
|
|
|
|
|
At 1st May 2023 |
7,901 |
7,490 |
80,725 |
6,659 |
102,775 |
Charge for the year |
166 |
79 |
1,024 |
135 |
1,404 |
|
------- |
------- |
-------- |
------- |
---------- |
At 30th April 2024 |
8,067 |
7,569 |
81,749 |
6,794 |
104,179 |
|
------- |
------- |
-------- |
------- |
---------- |
Carrying amount |
|
|
|
|
|
At 30th April 2024 |
234 |
446 |
3,073 |
406 |
4,159 |
|
------- |
------- |
-------- |
------- |
---------- |
At 30th April 2023 |
400 |
525 |
2,943 |
541 |
4,409 |
|
------- |
------- |
-------- |
------- |
---------- |
|
|
|
|
|
|
6.
Debtors
Trade debtors |
102,598 |
88,135 |
|
---------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
Trade creditors |
79,830 |
70,237 |
Corporation tax |
7,130 |
551 |
Social security and other taxes |
18,790 |
16,302 |
Other creditors |
45,559 |
45,559 |
|
---------- |
---------- |
|
151,309 |
132,649 |
|
---------- |
---------- |
|
|
|
8.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
Balance brought forward and outstanding |
|
2024 |
2023 |
|
£ |
£ |
|
|
|
G Gordon |
(
20,243) |
(
20,243) |
C Gordon |
(
22,516) |
(
22,516) |
|
-------- |
-------- |
|
(
42,759) |
(
42,759) |
|
-------- |
-------- |
|
|
|
9.
Bank security
Northern Bank Limited hold charges over the assets of the company.
10.
Related party transactions
At the year end, included in Note 9, there was a balance owing by the company to the directors as follows:-
11.
Control
The company is controlled by G Gordon and C Gordon who together own 100% of the issued share capital.