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Registration number: 01645884

GJ Bream Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

GJ Bream Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

GJ Bream Limited

(Registration number: 01645884)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

68,160

51,737

Current assets

 

Stocks

5

310,039

327,291

Debtors

6

180,834

125,783

Cash at bank and in hand

 

777,170

509,915

 

1,268,043

962,989

Creditors: Amounts falling due within one year

7

(387,683)

(264,620)

Net current assets

 

880,360

698,369

Total assets less current liabilities

 

948,520

750,106

Provisions for liabilities

(17,040)

(12,934)

Net assets

 

931,480

737,172

Capital and Reserves

 

Called up share capital

1,000

1,000

Retained Earnings

930,480

736,172

Shareholders' funds

 

931,480

737,172

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 

.........................................
A J Bream
Director

 

GJ Bream Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
30a St Andrews Street South
Bury St Edmunds
Suffolk
IP33 3PH

These financial statements were authorised for issue by the Board on 31 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are presented in Sterling, which is the functional currency of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

GJ Bream Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

GJ Bream Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

GJ Bream Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible Assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

122,953

38,164

161,117

Additions

24,000

10,494

34,494

Disposals

(16,350)

-

(16,350)

At 31 December 2024

130,603

48,658

179,261

Depreciation

At 1 January 2024

77,331

32,049

109,380

Charge for the year

14,033

2,550

16,583

Eliminated on disposal

(14,862)

-

(14,862)

At 31 December 2024

76,502

34,599

111,101

Carrying amount

At 31 December 2024

54,101

14,059

68,160

At 31 December 2023

45,622

6,115

51,737

5

Stocks

2024
£

2023
£

Raw materials and consumables

1,411

1,563

Work in progress

308,628

325,728

310,039

327,291

6

Debtors

Current

2024
£

2023
£

Trade Debtors

169,721

115,479

Prepayments

11,078

10,304

Other debtors

35

-

 

180,834

125,783

 

GJ Bream Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade Creditors

 

66,904

60,234

Directors current accounts

16,300

13,300

Taxation and social security

 

98,171

68,124

Other creditors

 

206,308

122,962

 

387,683

264,620

8

Controlling party

AJ Bream had a controlling interest in the company throughout the year.