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COMPANY REGISTRATION NUMBER: 5453478
Gloucester Heating Spares Limited
Filleted Unaudited Financial Statements
31 May 2024
Gloucester Heating Spares Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Gloucester Heating Spares Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Gloucester Heating Spares Limited
Year ended 31 May 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
27 February 2025
Gloucester Heating Spares Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
121,799
126,086
Current assets
Stocks
83,174
85,316
Debtors
6
65,368
50,868
Cash at bank and in hand
147,648
173,625
---------
---------
296,190
309,809
Creditors: amounts falling due within one year
7
( 40,556)
( 42,567)
---------
---------
Net current assets
255,634
267,242
---------
---------
Total assets less current liabilities
377,433
393,328
Creditors: amounts falling due after more than one year
8
( 75,655)
( 78,645)
Provisions
Taxation including deferred tax
( 1,186)
( 1,468)
---------
---------
Net assets
300,592
313,215
---------
---------
Gloucester Heating Spares Limited
Statement of Financial Position (continued)
31 May 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
300,590
313,213
---------
---------
Shareholders funds
300,592
313,215
---------
---------
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 31 May 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 .
These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:
D.B. Jewell
K.L. Jewell
Director
Director
Company registration number: 5453478
Gloucester Heating Spares Limited
Notes to the Financial Statements
Year ended 31 May 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 Midway House, Staverton Technology Park , Herrick Way, Staverton, Cheltenham, Glos, GL51 6TQ.
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. 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, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
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 and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Computer equipment
-
20% straight line
Fixtures, fittings and equipment
-
15% 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Computer equipment
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
140,067
2,984
13,177
156,228
---------
-------
--------
---------
Depreciation
At 1 June 2023
21,708
2,536
5,898
30,142
Charge for the year
2,801
392
1,094
4,287
---------
-------
--------
---------
At 31 May 2024
24,509
2,928
6,992
34,429
---------
-------
--------
---------
Carrying amount
At 31 May 2024
115,558
56
6,185
121,799
---------
-------
--------
---------
At 31 May 2023
118,359
448
7,279
126,086
---------
-------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
64,179
49,711
Other debtors
1,189
1,157
--------
--------
65,368
50,868
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
2,867
2,667
Trade creditors
20,387
21,773
Social security and other taxes
15,832
15,881
Other creditors
1,470
2,246
--------
--------
40,556
42,567
--------
--------
The bank loan is secured by fixed and floating charges over the assets of the company and also by a guarantee of £25,000 given by the directors. Other creditors include £166 (2023 - £1,086) in respect of the directors' loan accounts. The directors have not charged interest on their loans to the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
75,655
78,645
--------
--------
The bank loan is secured by fixed and floating charges over the assets of the company and also by a guarantee of £25,000 given by the directors. The bank loan includes an amount of £61,786 (2023 - £66,375) payable more than five years from the statement of financial position date.
9. Guarantees, contingencies and other financial commitments
The company had financial commitments at the year end of £120 (2023 - £64).