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REGISTERED NUMBER: 01016231 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

GRAEME ASH (SHOPFITTERS) LIMITED

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRAEME ASH (SHOPFITTERS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: G P Ash





SECRETARY: Mrs S B Ash





REGISTERED OFFICE: Kingsway North
Team Valley Trading Estate
Gateshead
Tyne and Wear
NE11 0LG





REGISTERED NUMBER: 01016231 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 634,512 590,027

CURRENT ASSETS
Stocks 146,382 90,920
Debtors 5 491,387 418,877
Cash at bank and in hand 741,516 80,799
1,379,285 590,596
CREDITORS
Amounts falling due within one year 6 1,196,744 402,653
NET CURRENT ASSETS 182,541 187,943
TOTAL ASSETS LESS CURRENT
LIABILITIES

817,053

777,970

CREDITORS
Amounts falling due after more than one
year

7

(33,514

)

(26,389

)

PROVISIONS FOR LIABILITIES (5,976 ) -
NET ASSETS 777,563 751,581

CAPITAL AND RESERVES
Called up share capital 9 33,510 33,510
Revaluation reserve 10 339,461 345,633
Retained earnings 404,592 372,438
SHAREHOLDERS' FUNDS 777,563 751,581

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

BALANCE SHEET - continued
30 JUNE 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 March 2025 and were signed by:





G P Ash - Director


GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Graeme Ash (Shopfitters) Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents income generated from the principal business activity, which is interior refurbishment contracting. Income is attributed to the profit and loss account as contract activity progresses in a manner appropriate to the stage of completion of each individual contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - straight line basis over term of lease
Plant and machinery - 25% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

Stock and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Long term contracts are assessed on a contract-by-contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Where it is considered that the outcome of a long-term contract can be assessed with reasonable certainty before its conclusion, the prudently calculated attributable profit is recognised in the profit and loss account as the difference between the reported turnover and related costs for the contract.

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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
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.

Revaluation of fixed assets
The director ensures that the properties are revalued by a qualified surveyor at least every five years and that in all other circumstances, the properties are valued by the director to ensure that any diminution in value is recognised in the accounts.

Going concern
The director has considered the company's ability to continue as a going concern for a period of in excess of 12 months from the date of this report. They have assessed the financial performance, financial position and cash flow requirements and are confident that the company can continue as a going concern. For this reason the financial statements have been prepared using the going concern basis.

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instrument.

Financial instruments are recognised in the company's balance sheet when the company becomes party to contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2023 - 23 ) .

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 590,000 177,688 767,688
Additions - 55,048 55,048
Disposals - (34,891 ) (34,891 )
At 30 June 2024 590,000 197,845 787,845
DEPRECIATION
At 1 July 2023 - 177,661 177,661
Charge for year 10,536 27 10,563
Eliminated on disposal - (34,891 ) (34,891 )
At 30 June 2024 10,536 142,797 153,333
NET BOOK VALUE
At 30 June 2024 579,464 55,048 634,512
At 30 June 2023 590,000 27 590,027

Cost or valuation at 30 June 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2024 590,000 197,845 787,845

If land and buildings had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 394,455 394,455

Land and buildings were valued on an open market basis on 20 November 2023 by Bradley Hall Chartered Surveyors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
Additions 29,024
At 30 June 2024 29,024
NET BOOK VALUE
At 30 June 2024 29,024

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 196,729 118,895
Amounts recoverable on contract 259,719 277,804
Other debtors 34,939 22,178
491,387 418,877

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,333 39,530
Hire purchase contracts 7,566 -
Trade creditors 922,493 254,058
Taxation and social security 170,770 72,938
Other creditors 87,582 36,127
1,196,744 402,653

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 18,056 26,389
Hire purchase contracts 15,458 -
33,514 26,389

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 23,024 -
Directors' current account - 733
23,024 733

The hire purchase agreements are secured on the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
33,108 Ordinary £1 33,108 33,108
402 "A" Ordinary £1 402 402
33,510 33,510

GRAEME ASH (SHOPFITTERS) LIMITED (REGISTERED NUMBER: 01016231)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. RESERVES
Revaluation
reserve
£   
At 1 July 2023 345,633
Transfer (6,172 )

At 30 June 2024 339,461

11. RELATED PARTY DISCLOSURES

During the year the director maintained an interest bearing loan to the company. As at 30 June 2024 the balance outstanding was £878 (2023: £733). This balance is secured against the leasehold property at Kingsway, Team Valley Trading Estate, out of which the company trades. Despite being interest bearing no interest has been charged during the year.