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REGISTERED NUMBER: 06861086 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 September 2024

for

G V Decorators Limited

G V Decorators Limited (Registered number: 06861086)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G V Decorators Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: C J Veazey
P Veazey





SECRETARY: Mrs Z N Veazey





REGISTERED OFFICE: 10 Letitia Industrial Estate
Letitia Street
Middlesbrough
TS5 4BE





REGISTERED NUMBER: 06861086 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

G V Decorators Limited (Registered number: 06861086)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 94,029 63,600
94,030 63,601

CURRENT ASSETS
Stocks 13,000 12,000
Debtors 6 306,048 307,885
Cash at bank 523,720 557,154
842,768 877,039
CREDITORS
Amounts falling due within one year 7 134,452 136,050
NET CURRENT ASSETS 708,316 740,989
TOTAL ASSETS LESS CURRENT
LIABILITIES

802,346

804,590

CREDITORS
Amounts falling due after more than one
year

8

(20,227

)

(21,448

)

PROVISIONS FOR LIABILITIES (21,500 ) (13,250 )
NET ASSETS 760,619 769,892

CAPITAL AND RESERVES
Called up share capital 10 16 16
Capital redemption reserve 11 14 14
Retained earnings 11 760,589 769,862
SHAREHOLDERS' FUNDS 760,619 769,892

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

G V Decorators Limited (Registered number: 06861086)

Balance Sheet - continued
30 September 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2025 and were signed on its behalf by:





C J Veazey - Director


G V Decorators Limited (Registered number: 06861086)

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

1. STATUTORY INFORMATION

G V Decorators 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences.

G V Decorators Limited (Registered number: 06861086)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Debtors and creditors receivable/payable
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 217,802
AMORTISATION
At 1 October 2023
and 30 September 2024 217,801
NET BOOK VALUE
At 30 September 2024 1
At 30 September 2023 1

G V Decorators Limited (Registered number: 06861086)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023 4,581 5,570 123,025 4,819 137,995
Additions - - 49,725 - 49,725
At 30 September 2024 4,581 5,570 172,750 4,819 187,720
DEPRECIATION
At 1 October 2023 4,451 4,798 60,327 4,819 74,395
Charge for year 33 115 19,148 - 19,296
At 30 September 2024 4,484 4,913 79,475 4,819 93,691
NET BOOK VALUE
At 30 September 2024 97 657 93,275 - 94,029
At 30 September 2023 130 772 62,698 - 63,600

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2023
and 30 September 2024 21,500
DEPRECIATION
At 1 October 2023 15,291
Charge for year 1,552
At 30 September 2024 16,843
NET BOOK VALUE
At 30 September 2024 4,657
At 30 September 2023 6,209

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 263,133 247,469
Amounts recoverable on
contracts 273 576
Retentions 3,151 14,833
S455 taxation 1,414 1,414
Directors' current accounts 38,077 43,593
306,048 307,885

G V Decorators Limited (Registered number: 06861086)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 20,352 15,120
Trade creditors 29,407 5,940
Taxation 9,748 41,834
Social security and other taxes 12,929 21,793
VAT 22,671 15,092
Other creditors 10,907 6,941
Accrued expenses 28,438 29,330
134,452 136,050

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 20,227 21,448

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 40,579 36,568

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10 A Shares £1 6 6
10 C Shares £1 10 10
16 16

11. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 October 2023 769,862 14 769,876
Profit for the year 60,727 60,727
Dividends (70,000 ) (70,000 )
At 30 September 2024 760,589 14 760,603

12. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet relate to obligations under non-cancellable operating leases and amount to £5,000 (2023: £23,013).

G V Decorators Limited (Registered number: 06861086)

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

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the directors owed the company £38,077 (2023: £43,593). During the year, the company advanced to its directors £64,984 (2023: £49,376) and the company received repayments of £70,500 (2023: £5,783). Interest is charged at 2/2.5% on this loan.

14. RELATED PARTY DISCLOSURES

The company paid rent of £12,000 (2023: £12,000) to a pension scheme held for the benefit of a director.