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COMPANY REGISTRATION NUMBER: 04789264
G C TEXTILES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2025
G C TEXTILES LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2025
2025
2024
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
29,287
39,050
CURRENT ASSETS
Debtors
6
36,288
58,325
Cash at bank and in hand
13,070
---------
---------
49,358
58,325
CREDITORS: amounts falling due within one year
7
48,681
52,900
---------
---------
NET CURRENT ASSETS
677
5,425
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
29,964
44,475
CREDITORS: amounts falling due after more than one year
8
21,225
38,740
PROVISIONS
Taxation including deferred tax
5,565
5,313
---------
---------
NET ASSETS
3,174
422
---------
---------
G C TEXTILES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2025
2025
2024
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
10
10
Profit and loss account
3,164
412
-------
----
SHAREHOLDER FUNDS
3,174
422
-------
----
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 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 .
These financial statements were approved by the board of directors and authorised for issue on 28 April 2025 , and are signed on behalf of the board by:
J P Rogers
Director
Company registration number: 04789264
G C TEXTILES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2025
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
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.
Revenue recognition
Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT.
Current and deferred 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.
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
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
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.
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.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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 8 (2024: 11 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 February 2024 and 31 January 2025
9,571
65,307
4,697
79,575
-------
---------
-------
---------
Depreciation
At 1 February 2024
6,524
30,124
3,877
40,525
Charge for the year
762
8,796
205
9,763
-------
---------
-------
---------
At 31 January 2025
7,286
38,920
4,082
50,288
-------
---------
-------
---------
Carrying amount
At 31 January 2025
2,285
26,387
615
29,287
-------
---------
-------
---------
At 31 January 2024
3,047
35,183
820
39,050
-------
---------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 January 2025
11,481
---------
At 31 January 2024
15,308
---------
6. DEBTORS
2025
2024
£
£
Trade debtors
11,970
7,932
Other debtors
24,318
50,393
---------
---------
36,288
58,325
---------
---------
7. CREDITORS: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
16,134
26,656
Trade creditors
3,671
2,043
Corporation tax
8,448
6,549
Social security and other taxes
14,005
11,856
Other creditors
6,423
5,796
---------
---------
48,681
52,900
---------
---------
8. CREDITORS: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
11,851
26,198
Other creditors
9,374
12,542
---------
---------
21,225
38,740
---------
---------
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The director had an unsecured loan with the company during the year. The balance at the beginning of the year was £37,280 with further net advances of £8,899 being made and repayments of £35,000, giving a balance at the end of the year of £11,179. The maximum balance outstanding during the year was £42,786. Interest at 2.25% has been charged on the daily balance outstanding.