GB Flooring (North East) Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 06756334

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		11,615		7,930

			11,615		7,930
CURRENT ASSETS
Stocks	5	103,000		111,100
Debtors	6	216,303		104,767
Cash at bank and in hand		239,952		90,727

		559,255		306,594
Creditors: Amounts Falling Due Within One Year	7	(584,844 )		(256,485 )

NET CURRENT ASSETS (LIABILITIES)			(25,589 )		50,109

TOTAL ASSETS LESS CURRENT LIABILITIES			(13,974 )		58,039

Creditors: Amounts Falling Due After More Than One Year	8		(14,812 )		(24,951 )

NET (LIABILITIES)/ASSETS			(28,786 )		33,088

CAPITAL AND RESERVES
Called up share capital	9		102		102
Profit and Loss Account			(28,888 )		32,986

SHAREHOLDERS' FUNDS			(28,786)		33,088

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GB Flooring (North East) Limited

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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

Mr Gareth Booth

Director

22nd January 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

GB Flooring (North East) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06756334 . The registered office is Unit 15b North Seaton Industrial Estate, Ashington, Northumberland, NE63 0YB.

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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that payment is made.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:

Leasehold	6yr - 10yr SL
Plant & Machinery	7yr SL
Fixtures & Fittings	3yr SL

Leasehold assets are depreciated over their useful economic lives or, if shorter, the term of the lease

2.4. Stocks and Work in Progress

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. There is no WIP within this company.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 11 (2023: 11)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 January 2024	1,250	4,767	3,560	9,577
Additions	3,995	-	2,000	5,995

As at 31 December 2024	5,245	4,767	5,560	15,572

Depreciation
As at 1 January 2024	17	452	1,178	1,647
Provided during the period	209	681	1,420	2,310

As at 31 December 2024	226	1,133	2,598	3,957

...CONTINUED

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GB Flooring (North East) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Net Book Value
As at 31 December 2024	5,019	3,634	2,962	11,615

As at 1 January 2024	1,233	4,315	2,382	7,930

5. Stocks

	2024	2023
	£	£
Stock.	103,000	-
Stock South Shields	-	111,100

	103,000	111,100

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	84,615	67,542
Prepayments and accrued income	34,997	35,480
Other debtor	2,128	1,745
Directors' loan accounts	94,563	-

	216,303	104,767

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	132,260	127,358
Corporation tax	-	31,283
Other taxes and social security	6,169	6,301
VAT	40,457	23,507
Other creditors	7,504	6,922
Accruals	398,454	37,409
Directors' loan accounts	-	23,705

	584,844	256,485

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	14,812	24,951

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	102	102

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GB Flooring (North East) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 January 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 December 2024
	£	£	£	£	£
Mr Gareth Booth	-	59,191	-	-	59,191
Mr Andrew Birbeck	-	35,371	-	-	35,371

The above loans are unsecured, interest is charged annually at 2.25% of loan, and loans are repayable on demand.

11. Off-Balance Sheet Arrangements

The total commitments under non-cancellable operating leases over the remaining life of those leases was £519,718 (2023 - £601,325)

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