Company registration number 08760543 (England and Wales)
G&L Investment Ltd
Unaudited financial statements
For the year ended 29 November 2023
G&L Investment Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
G&L Investment Ltd
Statement of financial position
As at 29 November 2023
29 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
13,155,823
9,719,195
Debtors
3
1,195,364
1,276,236
Cash at bank and in hand
34,357
74,697
14,385,544
11,070,128
Creditors: amounts falling due within one year
4
(1,858,907)
(1,999,796)
Net current assets
12,526,637
9,070,332
Creditors: amounts falling due after more than one year
5
(12,528,158)
(9,068,674)
Net (liabilities)/assets
(1,521)
1,658
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(1,523)
1,656
Total equity
(1,521)
1,658
For the financial year ended 29 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 6 February 2025 and are signed on its behalf by:
Mr J Guan
Director
Company registration number 08760543 (England and Wales)
G&L Investment Ltd
Notes to the financial statements
For the year ended 29 November 2023
- 2 -
1
Accounting policies
Company information
G&L Investment Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 24 Belfry Lane, Collingtree, Northampton, Northamptonshire, NN4 0PB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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.
1.3
Stocks
Stocks and work in progress 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.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
G&L Investment Ltd
Notes to the financial statements (continued)
For the year ended 29 November 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors , amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related parties, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
G&L Investment Ltd
Notes to the financial statements (continued)
For the year ended 29 November 2023
- 4 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,007
2,495
Amounts owed by group undertakings
951,613
1,032,749
Other debtors
240,744
240,992
1,195,364
1,276,236
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,119
9,870
Trade creditors
891,774
1,105,293
Taxation and social security
123
123
Other creditors
956,891
884,510
1,858,907
1,999,796
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,177,718
1,626,774
Other creditors
7,350,440
7,441,900
12,528,158
9,068,674
6
Security
The bank loan is secured against assets of the company.