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Logo On Report
Registered Number: 04831494
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 30 September 2024

for

G & G REPAIRS LIMITED

Directors Derek Groom
Simon Groom
Registered Number 04831494
Registered Office Tudor Cottage
Bildeston Road
Combs, Stowmarket
Suffolk
IP14 2LB
Accountants Quove Accounting Ltd
3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
IP30 9QS
1
  2024   2023
    £ £   £ £
Fixed assets   67,354      60,300 
Current assets 235,923      238,698   
Creditors: amount falling due within one year (160,986)     (165,417)  
Net current assets   74,937      73,281 
Total assets less current liabilities   142,291      133,581 
Net assets   142,291      133,581 
 

         
Capital and reserves   142,291      133,581 
 
NOTES TO THE ACCOUNTS

General Information
G & G Repairs Limited is a private company, limited by shares, registered in England and Wales, registered number 04831494, registered address Tudor Cottage, Bildeston Road, Combs, Stowmarket, Suffolk, IP14 2LB.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 10% Reducing Balance
Plant and Machinery 25% Reducing Balance
Stocks
Stocks 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 costs and an appropriate proportion of fixed and variable overheads.
2.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Total
  £   £   £
At 01 October 2023 75,186    261,825    337,011 
Additions   15,286    15,286 
Disposals    
At 30 September 2024 75,186    277,111    352,297 
Depreciation
At 01 October 2023 29,567    247,144    276,711 
Charge for year 4,562    3,670    8,232 
On disposals    
At 30 September 2024 34,129    250,814    284,943 
Net book values
Closing balance as at 30 September 2024 41,057    26,297    67,354 
Opening balance as at 01 October 2023 45,619    14,681    60,300 


3.

Average number of employees

Average number of employees during the year was 6 (2023 : 6).

4.

Related parties

During the year the company entered into the following transactions with related parties:
Amount due from/to related party Provision for doubtful debt from the related party
2024
£
 2023
£
 2024
£
 2023
£
Derek Groom & Simon Groom(26,405)(42,189)


For the year ended 30 September 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.

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.

These accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 31 March 2025 and were signed on its behalf by:


--------------------------------
Derek Groom
Director
2