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COMPANY REGISTRATION NUMBER: 11779822
GC Manufacturing Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
GC Manufacturing Limited
Statement of Financial Position
30 April 2024
2024
2023
(restated)
Note
£
£
£
Fixed assets
Tangible assets
5
1,099,505
702,530
Current assets
Stocks
241,199
258,094
Debtors
6
2,194,625
2,075,085
Cash at bank and in hand
80,719
108,934
------------
------------
2,516,543
2,442,113
Creditors: amounts falling due within one year
7
2,895,305
2,090,734
------------
------------
Net current (liabilities)/assets
( 378,762)
351,379
------------
------------
Total assets less current liabilities
720,743
1,053,909
Creditors: amounts falling due after more than one year
8
40,860
1,562,093
---------
------------
Net assets/(liabilities)
679,883
( 508,184)
---------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
679,783
( 508,284)
---------
---------
Shareholders funds/(deficit)
679,883
( 508,184)
---------
---------
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 year ending 30 April 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 year 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 .
GC Manufacturing Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 29 April 2025 , and are signed on behalf of the board by:
Miss A Dowle
Director
Company registration number: 11779822
GC Manufacturing Limited
Notes to the Financial Statements
Year ended 30 April 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 Unit F-H Usk Vale Park, Cwmoody, Pontypool, NP4 0JL, United Kingdom.
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.
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.
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:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
20 % reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 60 (2023: 53 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
(restated)
£
£
Wages and salaries
1,450,477
1,256,338
Social security costs
121,036
114,601
Other pension costs
32,650
30,532
------------
------------
1,604,163
1,401,471
------------
------------
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023 (as restated)
1,072,556
270,886
12,637
1,867
1,357,946
Additions
642,772
28,892
189
671,853
------------
---------
--------
-------
------------
At 30 April 2024
1,715,328
299,778
12,637
2,056
2,029,799
------------
---------
--------
-------
------------
Depreciation
At 1 May 2023
511,769
137,964
4,549
1,134
655,416
Charge for the year
240,712
32,363
1,618
185
274,878
------------
---------
--------
-------
------------
At 30 April 2024
752,481
170,327
6,167
1,319
930,294
------------
---------
--------
-------
------------
Carrying amount
At 30 April 2024
962,847
129,451
6,470
737
1,099,505
------------
---------
--------
-------
------------
At 30 April 2023
560,787
132,922
8,088
733
702,530
------------
---------
--------
-------
------------
6. Debtors
2024
2023
(restated)
£
£
Trade debtors
2,038,463
1,921,237
Other debtors
156,162
153,848
------------
------------
2,194,625
2,075,085
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
(restated)
£
£
Trade creditors
1,936,922
1,389,493
Social security and other taxes
671,041
422,769
Other creditors
287,342
278,472
------------
------------
2,895,305
2,090,734
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
(restated)
£
£
GC Windows loan
40,860
1,562,093
--------
------------
9. Prior period adjustments
During the preparation of the current financial statements, the directors identified errors in prior periods that required correction in accordance with Section 10 of FRS 102 (Accounting Policies, Estimates, and Errors). The identified misstatements are as follows: Social security and other taxes Income taxes relating to profits earned in the 2023 accounting period were omitted from the prior year's accounts. The accounts include a corporation tax liability of £45,358 to correct this prior period error. This amount has been offset by carry back trading losses of £36,800 incurred in 2024, resulting in a net liability of £8,558. Transfer pricing and related party transactions The following prior period adjustments, being management charges payable to the company, have been agreed with G C Windows Limited, a company under common control:
Prior Year Adjustment
£
2021 111,652
2022 329,010
2023 469,204
---------
Total 909,866
As part of the preparation of the financial statements for the year ended 30 April 2024, corrections were made to various balance sheet control accounts. Additionally, a decision was taken to address other immaterial misstatements across the balance sheet as part of efforts to enhance internal financial controls. Adjustments were also implemented to reclassify transactions and balances, ensuring they more accurately reflect their underlying substance. The corrections have been accounted for retrospectively in line with FRS 102 requirements. Comparative figures have been restated and the impact of these adjustments is summarised below:
As restated As previously reported
£ £
Tangible assets 702,530 702,530
Stocks 258,094 258,094
Debtors 2,075,085 2,073,985
Investments (4,921)
Creditors falling due in one year 2,090,734 2,072,255
Creditors falling due after more than one year 1,562,093 1,561,093
Shareholders deficit 508,184 494,726
10. Related party transactions
G C Windows Limited agreed to pay the company management recharges of £909,860 for transfer pricing in relation to prior periods. Included in this period was a net management recharge of £631,600 paid from G C Windows to the company. The company incurred costs of £1,468,483 from G C Windows Limited during the year. Included in trade creditors is £789,655 (2023: £562,340) owed by the company from G C Windows Limited. The company made sales of £6,409,764 to G C Windows Limited during the year. Included in trade debtors is £2,023,731 (2023: £1,910,970) owed to the company by G C Windows Limited. Included in other creditors is a loan balance of £40,860 (2023: £1,562,093) owed to the company by G C Manufacturing Limited. These companies are related by virtue of common ownership.