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COMPANY REGISTRATION NUMBER: 02080836
G.V.E. Limited
Filleted Unaudited Financial Statements
31 March 2024
G.V.E. Limited
Statement of Financial Position
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
£
Fixed assets
Tangible assets
5
656,415
558,902
Investments
6
393,200
393,200
-----------
---------
1,049,615
952,102
Current assets
Stocks
51,543
52,300
Debtors
7
104,399
48,736
Cash at bank and in hand
58,611
15,720
---------
---------
214,553
116,756
Creditors: amounts falling due within one year
8
177,486
113,936
---------
---------
Net current assets
37,067
2,820
-----------
---------
Total assets less current liabilities
1,086,682
954,922
Creditors: amounts falling due after more than one year
9
149,382
31,209
Provisions
Taxation including deferred tax
106,434
97,985
-----------
---------
Net assets
830,866
825,728
-----------
---------
Capital and reserves
Called up share capital
4
4
Revaluation reserve
194,851
194,851
Other reserves
194,851
194,851
Profit and loss account
441,160
436,022
---------
---------
Shareholders funds
830,866
825,728
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 March 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
G.V.E. Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 14 January 2025 , and are signed on behalf of the board by:
Mr S Oliver
Director
Company registration number: 02080836
G.V.E. Limited
Notes to the Financial Statements
Period from 1 January 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ashburton House, Trafford Park Road, Old Trafford, Manchester, M17 1BN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Depreciation - Stock - Work in progress
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Depreciation is not provided on buildings as these are intended to be held and maintained to a standard that permits use without a defined useful economic life. This departure from the FRSSE is necessary to show a true and fair view.
Plant & machinery
-
10% straight line
Fixtures & fittings
-
10% straight line
Motor vehicles
-
25% straight line
Office equipment
-
Office equipment 33.3% / Cafe equipment 15%
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stock & work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress is valued on the basis of direct cost plus attributable overheads based on normal level of activity. Provision is made for any unforeseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 18 (2022: 17 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
401,800
80,198
174,754
40,387
65,774
762,913
Additions
26,805
4,430
105,942
137,177
---------
---------
---------
-------
---------
---------
At 31 Mar 2024
401,800
107,003
179,184
40,387
171,716
900,090
---------
---------
---------
-------
---------
---------
Depreciation
At 1 Jan 2023
73,957
60,546
39,440
30,068
204,011
Charge for the period
4,242
13,660
21,762
39,664
---------
---------
---------
-------
---------
---------
At 31 Mar 2024
78,199
74,206
39,440
51,830
243,675
---------
---------
---------
-------
---------
---------
Carrying amount
At 31 Mar 2024
401,800
28,804
104,978
947
119,886
656,415
---------
---------
---------
-------
---------
---------
At 31 Dec 2022
401,800
6,241
114,208
947
35,706
558,902
---------
---------
---------
-------
---------
---------
The following must be disclosed regarding investment property: (a) the effective date of the valuation and the basis adopted; (b) whether or not an independent valuer holding a recognised and relevant qualification and having recent experience in similar investment properties was involved; and (c) the methods and significant assumptions applied in determining the fair values. The following must also be disclosed if it applies: (a) any restrictions on the realisability of the investment property, income from the investment property or any proceeds on disposal, and (b) any contractual obligations to purchase, construct or develop investment property or for repairs, maintenance and enhancements.
The freehold land and buildings, situated at 26/26A Ashburton Road, Trafford Park, Manchester, were professionally valued by GVA, Chartered Surveyors, on the 9 November, 2015 at an open-market value of £795,000. Included in this valuation was a strip of land, adjacent to the property, purchased in December 2014 at a cost of £8,600. The premises comprise of two floors,(a) the ground floor, which is occupied by the company and (b) the first floor, which is let to tenants on a commercial lease. Investment property, by definition under FRS 102 is property held by the entity to earn rentals or for capital appreciation or both, rather than for use in the production or supply of goods and services or for administrative purposes. Accordingly, the company has disclosed the property as both land & buildings and as an investment property. (see Note 7)
6. Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 March 2024
393,200
---------
Impairment
At 1 January 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
393,200
---------
At 31 December 2022
393,200
---------
The freehold land and buildings situated at 26/26A Ashburton Road, Trafford Park, Manchester comprise of two floors,(a) the ground floor, which is occupied by the company and (b) the first floor, which is let to tenants on a commercial lease.
Investment property, by definition under FRS 102 is property held by the entity to earn rentals or for capital appreciation or both, rather than for use in the production or supply of goods and services or for administrative purposes. Accordingly, the company has disclosed the property as both land & buildings and as an investment property. (see Note 6)
7. Debtors
31 Mar 24
31 Dec 22
£
£
Trade debtors
90,064
41,387
Other debtors
14,335
7,349
---------
-------
104,399
48,736
---------
-------
8. Creditors: amounts falling due within one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
32,552
10,219
Trade creditors
11,031
6,768
Social security and other taxes
27,908
64,082
Other creditors
105,995
32,867
---------
---------
177,486
113,936
---------
---------
Assets held as security formally charged
Two Legal charges, dated 4 December, 1987 and 30 September, 1997 incorporating a charge over land & buildings situated at Ashburton Road East, Trafford Park, Manchester and a fixed and floating charge over all plant & machinery, furniture and equipment of the company in favour of Co-Operative Bank plc; &
a Mortgage, dated 22 April, 1996 incorporating a charge over the benefit of an agreement for the development and subsequent purchase of land situated at Ashburton Road East, Trafford Park, Manchester in favour of Co-Operative Bank plc; &
a Debenture, dated 30 September, 2002 incorporating a fixed and floating charge over all the property and current and future assets of the company in favour of Mrs ER Towers.
9. Creditors: amounts falling due after more than one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
84,411
31,209
Other creditors
64,971
---------
-------
149,382
31,209
---------
-------
10. Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
31 Mar 24
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mrs J. Oliver
( 999)
( 999)
Mr S Oliver
( 24,342)
( 47,403)
( 71,745)
-------
-------
-------
(25,341)
( 47,403)
( 72,744)
-------
-------
-------
31 Dec 22
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mrs J. Oliver
( 999)
( 999)
Mr S Oliver
( 35)
( 23,308)
(23,343)
------
-------
-------
( 1,034)
( 23,308)
( 24,342)
------
-------
-------