Registered number
00980433
George Bros. of Swansea Limited
Filleted Accounts
30 June 2024
Cross and Bowen
Chartered Certified Accountants
Riverside House
Normandy Road
Swansea
SA1 2JA
George Bros. of Swansea Limited
Registered number: 00980433
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,877 27
Current assets
Debtors 4 4,049 4,721
Cash at bank and in hand 117,139 188,174
121,188 192,895
Creditors: amounts falling due within one year 5 (12,620) (12,523)
Net current assets 108,568 180,372
Total assets less current liabilities 114,445 180,399
Creditors: amounts falling due after more than one year 6 (43,500) (43,500)
Net assets 70,945 136,899
Capital and reserves
Called up share capital 100 100
Profit and loss account 70,845 136,799
Shareholders' funds 70,945 136,899
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs. S. M. George
Director
Approved by the board on 25 March 2025
George Bros. of Swansea Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% straight line
Plant and machinery 15% straight line
Fixtures, fittings, tools and equipment 10% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 7,033 49,995 57,028
Additions - 7,800 7,800
At 30 June 2024 7,033 57,795 64,828
Depreciation
At 1 July 2023 7,012 49,989 57,001
Charge for the year - 1,950 1,950
At 30 June 2024 7,012 51,939 58,951
Net book value
At 30 June 2024 21 5,856 5,877
At 30 June 2023 21 6 27
4 Debtors 2024 2023
£ £
Trade debtors 2,722 4,178
Other debtors 1,327 543
4,049 4,721
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 1,345 1,313
Other creditors 11,275 11,210
12,620 12,523
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 43,500 43,500
7 Other information
George Bros. of Swansea Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is:
Megan Street
Cwmbwrla
Swansea
SA5 8LE
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