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Registered number: 04924121
Gedney Bulb Company Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Steve Pye & Co.
Chartered Certified Accountants
3 North Lynn Bus. Village
Bergen Way, North Lynn Industrial Estate
King's Lynn
Norfolk
PE30 2JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04924121
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 36,700 42,150
Tangible Assets 5 748,082 651,374
784,782 693,524
CURRENT ASSETS
Stocks 164,528 112,236
Debtors 6 314,258 406,041
Cash at bank and in hand 494,387 277,341
973,173 795,618
Creditors: Amounts Falling Due Within One Year 7 (664,058 ) (896,456 )
NET CURRENT ASSETS (LIABILITIES) 309,115 (100,838 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,093,897 592,686
PROVISIONS FOR LIABILITIES
Deferred Taxation (124,871 ) (111,066 )
NET ASSETS 969,026 481,620
CAPITAL AND RESERVES
Called up share capital 8 139 139
Profit and Loss Account 968,887 481,481
SHAREHOLDERS' FUNDS 969,026 481,620
Page 1
Page 2
For the year ending 31 December 2024 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Andrew Bailey
Director
12 March 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gedney Bulb Company Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful life of both goodwill at 25 years and 6.5% per annum.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.
Website Costs is being amortised evenly over its estimated useful life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold 0%
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Polytunnels 33% on cost
No depreciation is provided on the company's freehold properties since in the opinion of the directors the expected useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation would be immaterial. The directors undertake an annual impairment review of these properties.
2.6. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.7. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.8. Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
...CONTINUED
Page 3
Page 4
2.8. Financial Instruments - continued
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
2.9. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
2.10. Pensions
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 72 (2023: 55)
72 55
4. Intangible Assets
Goodwill Website costs Total
£ £ £
Cost
As at 1 January 2024 130,000 4,125 134,125
As at 31 December 2024 130,000 4,125 134,125
Amortisation
As at 1 January 2024 87,850 4,125 91,975
Provided during the period 5,450 - 5,450
As at 31 December 2024 93,300 4,125 97,425
Net Book Value
As at 31 December 2024 36,700 - 36,700
As at 1 January 2024 42,150 - 42,150
Page 4
Page 5
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Polytunnels Total
£ £ £ £ £
Cost
As at 1 January 2024 207,111 1,144,924 278,779 52,318 1,683,132
Additions 5,127 92,762 166,720 70,658 335,267
Disposals - (93,937 ) (98,634 ) - (192,571 )
As at 31 December 2024 212,238 1,143,749 346,865 122,976 1,825,828
Depreciation
As at 1 January 2024 - 832,049 147,391 52,318 1,031,758
Provided during the period - 94,187 68,727 23,553 186,467
Disposals - (65,045 ) (75,434 ) - (140,479 )
As at 31 December 2024 - 861,191 140,684 75,871 1,077,746
Net Book Value
As at 31 December 2024 212,238 282,558 206,181 47,105 748,082
As at 1 January 2024 207,111 312,875 131,388 - 651,374
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 276,711 282,976
Amounts owed by participating interests 966 236
Other debtors 36,581 122,829
314,258 406,041
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 365,895 327,766
Other creditors 64,397 258,197
Taxation and social security 233,766 310,493
664,058 896,456
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 139 139
Page 5