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COMPANY REGISTRATION NUMBER: 05119934
G&N Developments Ltd
Filleted Unaudited Financial Statements
31 May 2024
G&N Developments Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
2,138,490
2,139,136
Current assets
Debtors
7
256,283
448,326
Cash at bank and in hand
275,651
101,772
---------
---------
531,934
550,098
Creditors: amounts falling due within one year
8
83,897
83,001
---------
---------
Net current assets
448,037
467,097
------------
------------
Total assets less current liabilities
2,586,527
2,606,233
Creditors: amounts falling due after more than one year
9
1,155,510
1,161,253
Provisions
91,412
91,412
------------
------------
Net assets
1,339,605
1,353,568
------------
------------
Capital and reserves
Called up share capital
11
4
4
Profit and loss account
1,339,601
1,353,564
------------
------------
Shareholders funds
1,339,605
1,353,568
------------
------------
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 comprehensive income has not been delivered.
For the year ending 31 May 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
G&N Developments Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 31 May 2025 , and are signed on behalf of the board by:
Mrs J Nijjar
Director
Company registration number: 05119934
G&N Developments Ltd
Notes to the Financial Statements
Year ended 31 May 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 91 Northumberland Road, Leamington Spa, Warwickshire, CV21 1HF, England.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
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. 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
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
25% reducing balance
Equipment
-
20 % straight line
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.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
6,259
1,531
Deferred tax:
Origination and reversal of timing differences
15,429
-------
--------
Tax on profit
6,259
16,960
-------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
32,296
93,964
--------
--------
Profit on ordinary activities by rate of tax
6,136
17,853
Effect of expenses not deductible for tax purposes
123
( 16,470)
Effect of capital allowances and depreciation
148
Other tax adjustment to increase/(decrease) tax liability - desc in a/cs
15,429
--------
--------
Tax on profit
6,259
16,960
--------
--------
5. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
40,000
50,000
--------
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Investment property
Total
£
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
760
17,336
773
2,136,682
2,155,551
----
--------
----
------------
------------
Depreciation
At 1 June 2023
267
15,955
193
16,415
Charge for the year
107
345
194
646
----
--------
----
------------
------------
At 31 May 2024
374
16,300
387
17,061
----
--------
----
------------
------------
Carrying amount
At 31 May 2024
386
1,036
386
2,136,682
2,138,490
----
--------
----
------------
------------
At 31 May 2023
493
1,381
580
2,136,682
2,139,136
----
--------
----
------------
------------
7. Debtors
2024
2023
£
£
Trade debtors
113,229
113,229
Amounts owed by group undertakings and undertakings in which the company has a participating interest
( 57,890)
143,891
Other debtors
200,944
191,206
---------
---------
256,283
448,326
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,732
5,732
Trade creditors
1,352
Corporation tax
6,259
1,523
Other creditors
59,287
58,825
Other creditors
12,619
15,569
--------
--------
83,897
83,001
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,155,510
1,161,253
------------
------------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
91,412
91,412
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
91,412
91,412
--------
--------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
3
3
3
3
Ordinary Class 2 shares of £ 1 each
1
1
1
1
----
----
----
----
4
4
4
4
----
----
----
----
12. Director's advances, credits and guarantees
During the period advances and credits with the director has resulted in the director oweing £12,064 (2023-£3,111). The loan is interest-free and repayable on demand.
13. Related party transactions
During the period transactions took place with a related party - Rocky gap ltd. At the period end £57,890 (2023-£143,891 Dr.) was owed by G&N developments ltd to Rocky Gap Ltd. The loan is interest-free and repayable on demand. The two companies are related through common directorship. Dividends of £16,000 were assigned to class a ordinary shares, held by Mrs J Nijjar & dividends of £24,000 were assigned to class b ordinary shares, held by Mr HS Nijjar.