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Registered number: 8041373
GC Accounting Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2025
GC Accounting Ltd
FMAAT
Unit 2A Miers Business Park
Creeches Lane
Walton
Somerset
BA16 9RR
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 8041373
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 16,694 14,850
Tangible Assets 5 16,247 18,882
32,941 33,732
CURRENT ASSETS
Stocks 6 12,788 3,095
Debtors 7 28,113 13,873
Cash at bank and in hand 2,122 7,520
43,023 24,488
Creditors: Amounts Falling Due Within One Year 8 (98,037 ) (49,159 )
NET CURRENT ASSETS (LIABILITIES) (55,014 ) (24,671 )
TOTAL ASSETS LESS CURRENT LIABILITIES (22,073 ) 9,061
Creditors: Amounts Falling Due After More Than One Year 9 - (22,003 )
NET LIABILITIES (22,073 ) (12,942 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account (22,074 ) (12,943 )
SHAREHOLDERS' FUNDS (22,073) (12,942)
Page 1
Page 2
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Gail Chubb
Director
9th June 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
GC Accounting Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 8041373 . The registered office is 42 Green Lane Avenue, Street, BA16 0QU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 10% Reducing Balance
Fixtures & Fittings 3 Years Straight Line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2024: 5)
5 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2024 43,700
Additions 12,460
Disposals (20,000 )
As at 31 March 2025 36,160
Amortisation
As at 1 April 2024 28,850
Provided during the period 3,616
Revaluations (13,000 )
As at 31 March 2025 19,466
Net Book Value
As at 31 March 2025 16,694
As at 1 April 2024 14,850
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2024 3,729 22,849 7,489 34,067
Additions - - 489 489
Disposals (1,541 ) - - (1,541 )
As at 31 March 2025 2,188 22,849 7,978 33,015
Depreciation
As at 1 April 2024 1,934 6,660 6,591 15,185
...CONTINUED
Page 4
Page 5
Provided during the period 233 1,660 600 2,493
Disposals (910 ) - - (910 )
As at 31 March 2025 1,257 8,320 7,191 16,768
Net Book Value
As at 31 March 2025 931 14,529 787 16,247
As at 1 April 2024 1,795 16,189 898 18,882
6. Stocks
2025 2024
£ £
Work in progress 12,788 3,095
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 26,177 11,844
Prepayments and accrued income 1,936 2,029
28,113 13,873
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 3,298 20,143
Bank loans and overdrafts 30,864 2,735
Corporation tax 5 5
Other taxes and social security (PAYE/NI) 4,239 3,201
VAT 12,682 4,642
Other creditors -Pension Payable 271 69
Accruals and deferred income 1,800 -
Director's loan account 44,878 18,364
98,037 49,159
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans - 22,003
Page 5
Page 6
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1 1
Page 6