26 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 193,980 193,980 xbrli:pure xbrli:shares iso4217:GBP 04725336 2023-05-01 2024-10-31 04725336 2024-10-31 04725336 2023-04-30 04725336 2022-05-01 2023-04-30 04725336 2023-04-30 04725336 2022-04-30 04725336 core:FurnitureFittings 2023-05-01 2024-10-31 04725336 core:MotorVehicles 2023-05-01 2024-10-31 04725336 bus:Director1 2023-05-01 2024-10-31 04725336 bus:Director3 2023-05-01 2024-10-31 04725336 core:WithinOneYear 2024-10-31 04725336 core:WithinOneYear 2023-04-30 04725336 core:NetGoodwill 2024-10-31 04725336 core:FurnitureFittings 2023-04-30 04725336 core:MotorVehicles 2023-04-30 04725336 core:FurnitureFittings 2024-10-31 04725336 core:MotorVehicles 2024-10-31 04725336 core:AfterOneYear 2024-10-31 04725336 core:AfterOneYear 2023-04-30 04725336 core:ShareCapital 2024-10-31 04725336 core:ShareCapital 2023-04-30 04725336 core:RetainedEarningsAccumulatedLosses 2024-10-31 04725336 core:RetainedEarningsAccumulatedLosses 2023-04-30 04725336 core:FurnitureFittings 2023-04-30 04725336 core:MotorVehicles 2023-04-30 04725336 bus:Director1 2023-04-30 04725336 bus:Director1 2024-10-31 04725336 bus:Director3 2023-04-30 04725336 bus:Director3 2024-10-31 04725336 bus:Director1 2022-04-30 04725336 bus:Director1 2023-04-30 04725336 bus:Director3 2022-04-30 04725336 bus:Director3 2023-04-30 04725336 bus:Director1 2022-05-01 2023-04-30 04725336 bus:Director3 2022-05-01 2023-04-30 04725336 bus:SmallEntities 2023-05-01 2024-10-31 04725336 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-10-31 04725336 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-10-31 04725336 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-10-31 04725336 bus:FullAccounts 2023-05-01 2024-10-31 04725336 core:ComputerEquipment 2023-05-01 2024-10-31 04725336 core:ComputerEquipment 2023-04-30 04725336 core:ComputerEquipment 2024-10-31
COMPANY REGISTRATION NUMBER: 04725336
G. B. Refinish Supplies Ltd
Filleted Unaudited Financial Statements
31 October 2024
G. B. Refinish Supplies Ltd
Financial Statements
Period from 1 May 2023 to 31 October 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
G. B. Refinish Supplies Ltd
Statement of Financial Position
31 October 2024
31 Oct 24
30 Apr 23
Note
£
£
£
Fixed assets
Tangible assets
6
179,786
201,913
Current assets
Stocks
226,562
257,484
Debtors
7
730,279
670,424
Cash at bank and in hand
92,044
198,077
------------
------------
1,048,885
1,125,985
Creditors: amounts falling due within one year
8
( 868,525)
( 834,335)
------------
------------
Net current assets
180,360
291,650
---------
---------
Total assets less current liabilities
360,146
493,563
Creditors: amounts falling due after more than one year
9
( 67,091)
( 76,697)
Provisions
Taxation including deferred tax
( 10,397)
( 12,577)
---------
---------
Net assets
282,658
404,289
---------
---------
G. B. Refinish Supplies Ltd
Statement of Financial Position (continued)
31 October 2024
31 Oct 24
30 Apr 23
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
281,658
403,289
---------
---------
Shareholders funds
282,658
404,289
---------
---------
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 period ending 31 October 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 period 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 .
These financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
Mr J Barclay
Director
Company registration number: 04725336
G. B. Refinish Supplies Ltd
Notes to the Financial Statements
Period from 1 May 2023 to 31 October 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 Unit 15, Quadrant Court, Crossways Business Park, Dartford, Kent, DA9 9AY.
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
The turnover shown in the profit and loss account represents the value of services provided during the year exclusive of Value Added Tax.
Taxation
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.
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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .
Defined contribution plans
The company makes defined contributions to pension schemes. The assets of these schemes are held seperately by an insurance company. Contributions are charged at the time they become payable.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 26 (2023: 24 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 31 October 2024
193,980
---------
Amortisation
At 1 May 2023 and 31 October 2024
193,980
---------
Carrying amount
At 31 October 2024
---------
At 30 April 2023
---------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
42,465
359,941
36,724
439,130
Additions
75,390
1,631
77,021
Disposals
( 34,302)
( 5,640)
( 39,942)
--------
---------
--------
---------
At 31 October 2024
42,465
401,029
32,715
476,209
--------
---------
--------
---------
Depreciation
At 1 May 2023
38,375
176,613
22,229
237,217
Charge for the period
920
91,078
6,317
98,315
Disposals
( 33,469)
( 5,640)
( 39,109)
--------
---------
--------
---------
At 31 October 2024
39,295
234,222
22,906
296,423
--------
---------
--------
---------
Carrying amount
At 31 October 2024
3,170
166,807
9,809
179,786
--------
---------
--------
---------
At 30 April 2023
4,090
183,328
14,495
201,913
--------
---------
--------
---------
7. Debtors
31 Oct 24
30 Apr 23
£
£
Trade debtors
602,508
640,912
Other debtors
127,771
29,512
---------
---------
730,279
670,424
---------
---------
8. Creditors: amounts falling due within one year
31 Oct 24
30 Apr 23
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
658,629
644,536
Accruals and deferred income
35,945
29,917
Corporation tax
58,110
28,471
Social security and other taxes
61,471
85,069
Obligations under finance leases and hire purchase contracts
44,367
35,192
Director loan accounts
3
1,150
---------
---------
868,525
834,335
---------
---------
9. Creditors: amounts falling due after more than one year
31 Oct 24
30 Apr 23
£
£
Bank loans and overdrafts
6,667
21,667
Obligations under finance leases and hire purchase contracts
60,424
55,030
--------
--------
67,091
76,697
--------
--------
10. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Oct 24
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Barclay
( 956)
117,510
( 57,152)
59,402
Mrs E Barclay
13,299
94,960
( 69,937)
38,322
--------
---------
---------
--------
12,343
212,470
( 127,089)
97,724
--------
---------
---------
--------
30 Apr 23
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr J Barclay
( 178)
62,509
( 63,287)
( 956)
Mrs E Barclay
( 4,730)
67,794
( 49,765)
13,299
-------
---------
---------
--------
( 4,908)
130,303
( 113,052)
12,343
-------
---------
---------
--------