Gill Noble & Company Limited
Registered number: 00747007
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 68,894 81,928
Current assets
Debtors 4 197,658 204,221
Cash at bank and in hand 871,941 577,163
1,069,599 781,384
Creditors: amounts falling due within one year 5 (943,323) (654,733)
Net current assets 126,276 126,651
Total assets less current liabilities 195,170 208,579
Creditors: amounts falling due after more than one year 6 (66,715) (84,332)
Net assets 128,455 124,247
Capital and reserves
Called up share capital 1,000 1,000
Share premium 948 948
Profit and loss account 126,507 122,299
Shareholders' funds 128,455 124,247
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.
Paul H Farrant
Director
Approved by the board on 15 December 2024
Gill Noble & Company Limited
Notes to the Accounts
for the year ended 31 July 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 represents the value, net of insurance premium tax and discounts, of the commissions and fees receivable, credit being taken as premiums are settled to the insurers.
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:
Plant and machinery 25% on a reducing balance
Motor vehicle 25% on a reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 22 21
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 120,026 61,090 181,116
Additions 9,932 - 9,932
At 31 July 2024 129,958 61,090 191,048
Depreciation
At 1 August 2023 83,915 15,273 99,188
Charge for the year 11,511 11,455 22,966
At 31 July 2024 95,426 26,728 122,154
Net book value
At 31 July 2024 34,532 34,362 68,894
At 31 July 2023 36,111 45,817 81,928
4 Debtors 2024 2023
£ £
Trade debtors 169,394 128,234
Amounts owed by group undertakings and undertakings in which the company has a participating interest 23,064 74,987
Other debtors 5,200 1,000
197,658 204,221
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 13,221 13,443
Trade creditors 819,083 537,977
Corporation tax 49,214 57,123
Other taxes and social security costs 42,674 33,206
Other creditors 19,131 12,984
943,323 654,733
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 66,715 84,332
7 Controlling party
The company is controlled by Mr P H Farrant who, with family members, owns 100% of the issued share capital of the company.
8 Other information
Gill Noble & Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
163 Welcomes Road
Kenley
CR8 5HB
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