GB ANTIQUES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
Company Registration No. 02496107 (England and Wales)
PAGES FOR FILING WITH REGISTRAR
GB ANTIQUES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GB ANTIQUES LIMITED
BALANCE SHEET
AS AT
31 JULY 2022
31 July 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,109
16,894
Current assets
Stocks
35,050
34,850
Debtors
5
36,778
18,761
Cash at bank and in hand
164,237
133,013
236,065
186,624
Creditors: amounts falling due within one year
6
(409,693)
(377,477)
Net current liabilities
(173,628)
(190,853)
Net liabilities
(153,519)
(173,959)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(153,619)
(174,059)
Total equity
(153,519)
(173,959)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 February 2023 and are signed on its behalf by:
Mrs G I Blackburn
Director
Company Registration No. 02496107
GB ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 2 -
1
Accounting policies
Company information
GB Antiques Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Lancaster Leisure Park, Wyresdale Road, Lancaster, Lancashire, LA1 3LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
7.5% Reducing balance
Plant and equipment
10% Reducing balance
Fixtures and fittings
20% Reducing balance
Computers
25% Reducing balance
Motor vehicles
25% Reducing balance
GB ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
12
9
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2021 and 31 July 2022
1,000
Amortisation and impairment
At 1 August 2021 and 31 July 2022
1,000
Carrying amount
At 31 July 2022
At 31 July 2021
GB ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 4 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2021
39,312
91,353
130,665
Additions
8,457
8,457
At 31 July 2022
39,312
99,810
139,122
Depreciation and impairment
At 1 August 2021
36,348
77,423
113,771
Depreciation charged in the year
373
4,869
5,242
At 31 July 2022
36,721
82,292
119,013
Carrying amount
At 31 July 2022
2,591
17,518
20,109
At 31 July 2021
2,964
13,930
16,894
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
3,668
5,082
Other debtors
33,110
13,679
36,778
18,761
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
38,084
48,126
Trade creditors
329,118
277,758
Taxation and social security
20,306
18,398
Other creditors
22,185
33,195
409,693
377,477