REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST JULY 2020 |
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GB ANTIQUES LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST JULY 2020 |
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FOR |
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GB ANTIQUES LIMITED |
GB ANTIQUES LIMITED (REGISTERED NUMBER: 02496107) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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GB ANTIQUES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST JULY 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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7-9 Station Road |
Hesketh Bank |
Preston |
Lancashire |
PR4 6SN |
GB ANTIQUES LIMITED (REGISTERED NUMBER: 02496107) |
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BALANCE SHEET |
31ST JULY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GB ANTIQUES LIMITED (REGISTERED NUMBER: 02496107) |
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BALANCE SHEET - continued |
31ST JULY 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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GB ANTIQUES LIMITED (REGISTERED NUMBER: 02496107) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2020 |
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1. | STATUTORY INFORMATION |
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GB Antiques Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
The goodwill aquired several years ago has been written off in full to the profit and loss account. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Buildings | - |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Going concern |
Despite the Company's balance sheet showing net liabilities at the year end , the accounts have been prepared on a going concern basis, which the director believes to be appropriate, having considered the next twelve months and the foreseeable future. |
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Part of the year end creditors relates to an amount payable to another group undertaking totalling £827,747. The directors have given their support to the company and will not seek repayment of this amount until the company is in a position to make this payment without hindering its cash flow requirements. |
GB ANTIQUES LIMITED (REGISTERED NUMBER: 02496107) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1st August 2019 |
and 31st July 2020 |
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AMORTISATION |
At 1st August 2019 |
and 31st July 2020 |
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NET BOOK VALUE |
At 31st July 2020 |
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At 31st July 2019 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and |
Buildings | property | machinery |
£ | £ | £ |
COST |
At 1st August 2019 |
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Additions |
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Disposals |
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At 31st July 2020 |
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DEPRECIATION |
At 1st August 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31st July 2020 |
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NET BOOK VALUE |
At 31st July 2020 |
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At 31st July 2019 |
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GB ANTIQUES LIMITED (REGISTERED NUMBER: 02496107) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st August 2019 |
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Additions |
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Disposals |
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At 31st July 2020 |
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DEPRECIATION |
At 1st August 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31st July 2020 |
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NET BOOK VALUE |
At 31st July 2020 |
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At 31st July 2019 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1st August 2019 |
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Disposals | ( |
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At 31st July 2020 |
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DEPRECIATION |
At 1st August 2019 |
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Eliminated on disposal | ( |
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At 31st July 2020 |
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NET BOOK VALUE |
At 31st July 2020 |
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At 31st July 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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GB ANTIQUES LIMITED (REGISTERED NUMBER: 02496107) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Hire purchase contracts | 6,665 | 10,663 |
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The overdraft facility is secured by a mortgage debenture incorporating a fixed and floating charge over the assets of the company. |
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10. | RELATED PARTY DISCLOSURES |
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The company occupies premises leased by GB Properties (Lancaster) Limited a company under the common control of the directors. During the year GB Antiques Limited was charged £74,281 (2019: £99,040) by GB Properties (Lancaster) Limited for rental of these premises. At the year end £781,256 (2019: £731,987) remained outstanding. The company also received £40,000 (2019: £40,000) as management charges from GB Properties (Lancaster) Limited during the year. |
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The company also has a loan account with GB Properties (Lancaster) Limited and "other debtors" include £561,149 (2019: £505,454). |
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All transactions with the companies under common control of the directors of GB Antiques Limited have been undertaken for commercial reasons on an arms length basis. |
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During the year, two vehicles were disposed of by the company to its directors. These disposals took place at open market value. |