GC INTERIORS OXFORD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
Company Registration Number: 01770045
GC INTERIORS OXFORD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
GC INTERIORS OXFORD LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024
DIRECTORS
G W Chalmers
N A Chalmers
J A Chalmers
SECRETARY
J A Chalmers
REGISTERED OFFICE
146 Cumnor Hill
Cumnor
Oxford
OX2 9PW
COMPANY REGISTRATION NUMBER
01770045 England and Wales
GC INTERIORS OXFORD LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
Notes 2024 2023
£ £
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 734,981 607,440
CURRENT ASSETS
Stock 603,056 813,607
Debtors 7 2,835,983 2,427,467
Cash at bank and in hand 536,633 667,193
3,975,672 3,908,267
CREDITORS: Amounts falling due within one year 8 2,882,799 2,735,716
NET CURRENT ASSETS 1,092,873 1,172,551
TOTAL ASSETS LESS CURRENT LIABILITIES 1,827,854 1,779,991
CREDITORS: Amounts falling due after more than one year 9 3,450 13,800
Provisions for liabilities and charges 146,814 125,961
NET ASSETS 1,677,590 1,640,230
CAPITAL AND RESERVES
Called up share capital 105 105
Distributable profit and loss account 1,677,485 1,640,125
SHAREHOLDERS' FUNDS 1,677,590 1,640,230
GC INTERIORS OXFORD LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
G W Chalmers N A Chalmers
Director Director
Date approved by the board: 19 May 2025
GC INTERIORS OXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
1 GENERAL INFORMATION
GC Interiors Oxford Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
146 Cumnor Hill
Cumnor
Oxford
OX2 9PW
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the value of fitted furniture sold and installed during the year, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Intangible fixed assets
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. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life. The intangible fixed asset has been fully amortised.
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 expectations.
GC INTERIORS OXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Plant and equipment Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
Display equipment Reducing balance basis at 25% per annum
Leasehold improvements No depreciation charged
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
GC INTERIORS OXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a standard cost basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised
Work in progress
Work in progress has been valued at the lower of cost and estimated selling price less cost to complete and sell. Cost comprises the cost of materials and direct labour relevant to the stage of construction.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
GC INTERIORS OXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
GC INTERIORS OXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 15 15
5 INTANGIBLE FIXED ASSETS
Net goodwill
£
Cost
At 1 September 2023 190,000
At 31 August 2024 190,000
Accumulated amortisation and impairments
At 1 September 2023 190,000
At 31 August 2024 190,000
Net book value
At 1 September 2023 -
At 31 August 2024 -
GC INTERIORS OXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
6 TANGIBLE ASSETS
Plant and equipment Motor vehicles Display equipment Leasehold improvements Total
£ £ £ £ £
Cost
At 1 September 2023 116,701 148,960 85,516 433,294 784,471
Additions 41,688 53,382 71,818 24,107 190,995
Disposals - - (11,703) - (11,703)
At 31 August 2024 158,389 202,342 145,631 457,401 963,763
Accumulated depreciation and impairments
At 1 September 2023 64,504 91,406 21,121 - 177,031
Charge for year 17,096 22,173 18,295 246 57,810
Disposals - - (6,059) - (6,059)
At 31 August 2024 81,600 113,579 33,357 246 228,782
Net book value
At 1 September 2023 52,197 57,554 64,395 433,294 607,440
At 31 August 2024 76,789 88,763 112,274 457,155 734,981
7 DEBTORS
2024 2023
£ £
Trade debtors 14,055 91,523
Prepayments and accrued income 16,781 22,877
Other debtors 2,805,147 2,313,067
2,835,983 2,427,467
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 2,379,185 2,406,485
Taxation and social security 141,021 200,675
Hire purchase contracts and finance leases 10,350 10,350
Accruals and deferred income 161,482 54,522
Other creditors 190,761 63,684
2,882,799 2,735,716
GC INTERIORS OXFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
9 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Hire purchase contracts and finance leases 3,450 13,800
10 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
G and N Chalmers
Directors 2024 2023
£ £
Amounts owed to directors 116,267 -
J Chalmers
Director 2024 2023
£ £
Amount owed to director 22,626 29,950
G C Interiors Construction Limited
Associated company 2024 2023
£ £
Amount owed from associated company 406,984 372,213
G C Homes Oxford Limited
Associated company 2024 2023
£ £
Amount owed from associated company 580,847 359,095
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