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Registered number: 10249675
Spurgeon Interiors Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10249675
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 36,988 49,318
36,988 49,318
CURRENT ASSETS
Debtors 5 128,800 150,824
Cash at bank and in hand 16,645 20,244
145,445 171,068
Creditors: Amounts Falling Due Within One Year 6 (142,936 ) (133,815 )
NET CURRENT ASSETS (LIABILITIES) 2,509 37,253
TOTAL ASSETS LESS CURRENT LIABILITIES 39,497 86,571
Creditors: Amounts Falling Due After More Than One Year 7 (19,686 ) (33,762 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (9,247 ) (12,325 )
NET ASSETS 10,564 40,484
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account 10,563 40,483
SHAREHOLDERS' FUNDS 10,564 40,484
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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 Martin Spurgeon
Director
21st March 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Spurgeon Interiors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10249675 . The registered office is 1 London Road, Ipswich, IP1 2HA.
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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% of reducing balance
Fixtures & Fittings 25% of reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 July 2023 56,795 83 56,878
As at 30 June 2024 56,795 83 56,878
Depreciation
As at 1 July 2023 7,492 68 7,560
Provided during the period 12,326 4 12,330
As at 30 June 2024 19,818 72 19,890
Net Book Value
As at 30 June 2024 36,977 11 36,988
As at 1 July 2023 49,303 15 49,318
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,839 25,176
Prepayments and accrued income 1,167 -
Other debtors 5,054 5,054
Corporation tax recoverable assets 42,865 42,865
VAT 146 -
Director's loan account 77,729 77,729
128,800 150,824
Page 4
Page 5
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 9,076 8,109
Trade creditors 42,647 32,800
Bank loans and overdrafts 5,000 6,000
Corporation tax 38,015 32,308
Other taxes and social security 47,182 52,503
VAT - 1,079
Net wages 166 166
Accruals and deferred income 850 850
142,936 133,815
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 19,686 28,762
Bank loans - 5,000
19,686 33,762
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 9,076 8,109
Later than one year and not later than five years 19,686 28,762
28,762 36,871
28,762 36,871
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 9,247 12,325
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 12,325 12,325
Reversals (3,078 ) (3,078)
Balance at 30 June 2024 9,247 9,247
Page 5
Page 6
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Martin Spurgeon 77,729 - - - 77,729
The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
2024 2023
£ £
Mr Martin Spurgeon 136,827 144,654
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