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COMPANY REGISTRATION NUMBER: 4421414
Guessens Co. Limited
Filleted Unaudited Financial Statements
30 April 2024
Guessens Co. Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
749,087
497,322
Current assets
Debtors
6
20,248
30,248
Cash at bank and in hand
6,722
60,969
--------
--------
26,970
91,217
Creditors: amounts falling due within one year
7
563,406
254,787
---------
---------
Net current liabilities
536,436
163,570
---------
---------
Total assets less current liabilities
212,651
333,752
Creditors: amounts falling due after more than one year
8
209,775
330,887
---------
---------
Net assets
2,876
2,865
---------
---------
Capital and reserves
Called up share capital
400
400
Profit and loss account
2,476
2,465
-------
-------
Shareholders funds
2,876
2,865
-------
-------
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 30 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 .
Guessens Co. Limited
Statement of Financial Position (continued)
30 April 2024
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:
Mrs M Bolton
Richard Bolton Esq
Director
Director
Company registration number: 4421414
Guessens Co. Limited
Notes to the Financial Statements
Year ended 30 April 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 TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
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
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 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:
Motor vehicles
-
15% reducing balance
Equipment
-
25% reducing balance
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
319,501
215,369
2,579
537,449
Additions
323,897
1,706
3,058
328,661
Disposals
( 67,900)
( 67,900)
---------
---------
-------
---------
At 30 April 2024
643,398
149,175
5,637
798,210
---------
---------
-------
---------
Depreciation
At 1 May 2023
38,995
1,132
40,127
Charge for the year
18,055
1,126
19,181
Disposals
( 10,185)
( 10,185)
---------
---------
-------
---------
At 30 April 2024
46,865
2,258
49,123
---------
---------
-------
---------
Carrying amount
At 30 April 2024
643,398
102,310
3,379
749,087
---------
---------
-------
---------
At 30 April 2023
319,501
176,374
1,447
497,322
---------
---------
-------
---------
The company holds investment property with a cost price of £660,938 (2023: £337,041). The properties are reflected in the accounts at their fair value at the balance sheet date. The valuation is carried out annually by R Bolton Esq , the director with reference to the open market.
6. Debtors
2024
2023
£
£
Other debtors
20,248
30,248
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
90,183
89,932
Trade creditors
260
Corporation tax
13,246
35,570
Social security and other taxes
2,400
1,350
Other creditors
457,317
127,935
---------
---------
563,406
254,787
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
209,775
330,887
---------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs M Bolton
( 60,421)
( 389,907)
( 450,328)
R Bolton Esq
( 60,421)
60,421
---------
---------
---------
( 120,842)
( 329,486)
( 450,328)
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs M Bolton
( 117,559)
57,138
( 60,421)
R Bolton Esq
( 117,561)
57,140
( 60,421)
---------
---------
---------
( 235,120)
114,278
( 120,842)
---------
---------
---------