17 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 80,000 73,000 4,000 77,000 3,000 7,000 xbrli:pure xbrli:shares iso4217:GBP 03225975 2023-08-01 2024-07-31 03225975 2024-07-31 03225975 2023-07-31 03225975 2022-08-01 2023-07-31 03225975 2023-07-31 03225975 2022-07-31 03225975 core:NetGoodwill 2023-08-01 2024-07-31 03225975 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03225975 core:PlantMachinery 2023-08-01 2024-07-31 03225975 core:MotorVehicles 2023-08-01 2024-07-31 03225975 bus:Director1 2023-08-01 2024-07-31 03225975 core:NetGoodwill 2023-07-31 03225975 core:NetGoodwill 2024-07-31 03225975 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 03225975 core:PlantMachinery 2023-07-31 03225975 core:MotorVehicles 2023-07-31 03225975 core:LandBuildings core:OwnedOrFreeholdAssets 2024-07-31 03225975 core:PlantMachinery 2024-07-31 03225975 core:MotorVehicles 2024-07-31 03225975 core:WithinOneYear 2024-07-31 03225975 core:WithinOneYear 2023-07-31 03225975 core:AfterOneYear 2024-07-31 03225975 core:AfterOneYear 2023-07-31 03225975 core:UKTax 2023-08-01 2024-07-31 03225975 core:UKTax 2022-08-01 2023-07-31 03225975 core:ShareCapital 2024-07-31 03225975 core:ShareCapital 2023-07-31 03225975 core:SharePremium 2024-07-31 03225975 core:SharePremium 2023-07-31 03225975 core:CapitalRedemptionReserve 2024-07-31 03225975 core:CapitalRedemptionReserve 2023-07-31 03225975 core:RetainedEarningsAccumulatedLosses 2024-07-31 03225975 core:RetainedEarningsAccumulatedLosses 2023-07-31 03225975 core:NetGoodwill 2023-07-31 03225975 core:PlantMachinery 2023-07-31 03225975 core:MotorVehicles 2023-07-31 03225975 bus:SmallEntities 2023-08-01 2024-07-31 03225975 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 03225975 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 03225975 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03225975 bus:FullAccounts 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: 03225975
Roger I Ghinn and Co. Ltd
Filleted Unaudited Financial Statements
31 July 2024
Roger I Ghinn and Co. Ltd
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
6
3,000
7,000
Tangible assets
7
179,057
114,338
---------
---------
182,057
121,338
Current assets
Stocks
901,327
673,810
Debtors
8
2,164,624
1,133,490
Cash at bank and in hand
466,475
735,448
------------
------------
3,532,426
2,542,748
Creditors: amounts falling due within one year
9
1,244,569
751,681
------------
------------
Net current assets
2,287,857
1,791,067
------------
------------
Total assets less current liabilities
2,469,914
1,912,405
Creditors: amounts falling due after more than one year
10
93,755
133,043
Provisions
44,764
28,585
------------
------------
Net assets
2,331,395
1,750,777
------------
------------
Capital and reserves
Called up share capital
20,000
20,000
Share premium account
1,285
1,285
Capital redemption reserve
200
200
Profit and loss account
2,309,910
1,729,292
------------
------------
Shareholders funds
2,331,395
1,750,777
------------
------------
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 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Roger I Ghinn and Co. Ltd
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 30 April 2025 , and are signed on behalf of the board by:
Mr G Ghinn
Director
Company registration number: 03225975
Roger I Ghinn and Co. Ltd
Notes to the Financial Statements
Year ended 31 July 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 5 Woolsack Way, Godalming, GU7 1XW, Surrey.
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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company had adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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 In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Freehold property
-
20% straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instruments are recognised when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. Impairment of financial assets Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Basic financial liabilities Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow Company companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Financial liabilities held at fair value Debt instruments where the contractual returns, repayment of the principal, or other terms (such as prepayment provisions or term extensions) do not meet the conditions to be measured at amortised cost, are subsequently measured at fair value through profit or loss, unless fair value measurement is not permitted by law, or the debt instrument gives rise to cash flows on specified dates that constitute repayment of the principal advanced, together with reasonable compensation for the time value of money, credit risk and other basic lending risks and costs and does not have contractual terms which introduce exposure to unrelated risks or volatility. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the Company's contractual obligations are discharged, cancelled, or they expire. Equity instruments Equity instruments issued by the Company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2023: 18 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
235,575
160,229
Deferred tax:
Origination and reversal of timing differences
16,179
6,178
---------
---------
Tax on profit
251,754
166,407
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 21.01 %).
2024
2023
£
£
Profit on ordinary activities before taxation
832,372
784,953
---------
---------
Profit on ordinary activities by rate of tax
208,093
164,840
Effect of expenses not deductible for tax purposes
43,450
1,567
Effect of different UK tax rates on some earnings
211
---------
---------
Tax on profit
251,754
166,407
---------
---------
6. Intangible assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
80,000
--------
Amortisation
At 1 August 2023
73,000
Charge for the year
4,000
--------
At 31 July 2024
77,000
--------
Carrying amount
At 31 July 2024
3,000
--------
At 31 July 2023
7,000
--------
7. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
11,134
47,212
206,432
264,778
Additions
9,480
94,653
104,133
Disposals
( 4,234)
( 4,234)
--------
--------
---------
---------
At 31 July 2024
11,134
56,692
296,851
364,677
--------
--------
---------
---------
Depreciation
At 1 August 2023
11,134
39,665
99,641
150,440
Charge for the year
3,423
32,375
35,798
Disposals
( 618)
( 618)
--------
--------
---------
---------
At 31 July 2024
11,134
43,088
131,398
185,620
--------
--------
---------
---------
Carrying amount
At 31 July 2024
13,604
165,453
179,057
--------
--------
---------
---------
At 31 July 2023
7,547
106,791
114,338
--------
--------
---------
---------
8. Debtors
2024
2023
£
£
Trade debtors
370,735
377,184
Amounts owed by group undertakings and undertakings in which the company has a participating interest
156,923
Other debtors
1,793,889
599,383
------------
------------
2,164,624
1,133,490
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
69,484
60,586
Trade creditors
544,094
276,779
Corporation tax
332,221
212,954
Social security and other taxes
179,910
120,115
Other creditors
118,860
81,247
------------
---------
1,244,569
751,681
------------
---------
Other creditors include hire purchase liabilities which are secured on the assets to which they relate. The amount due in less than 1 year is £37,281 (2023: £20,366).
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,355
90,841
Other creditors
75,400
42,202
--------
---------
93,755
133,043
--------
---------
Other creditors include hire purchase liabilities which are secured on the assets to which they relate. The amount due after 1 year totals £79,400 (2023: £42,202).
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
12,567
11,000
--------
--------
12. Director's advances, credits and guarantees
The director maintains a loan account with the company. At the start of the year the director owed the company £361,840. During the year advances were made to the director totalling £1,391,396 and repayments were made by the director totalling £326,946. Interest has been charged at 2.25% for the year totalling £21,769. At the end of the year the director owed the company £1,448,059. This loan was repaid in full by 22 April 2025.
13. Related party transactions
The company maintains a loan with another entity under common control. At the start of the year, the related entity owed the company £156,923. No further advances or repayments have been made in the year. At the year end, the related party owed the company £156,923. The loan is interest free and repayable on demand.