GB ANTIQUES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
Company Registration No. 02496107 (England and Wales)
PAGES FOR FILING WITH REGISTRAR
GB ANTIQUES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GB ANTIQUES LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,096
20,109
Current assets
Stocks
33,400
35,050
Debtors
5
9,601
36,778
Cash at bank and in hand
217,416
164,237
260,417
236,065
Creditors: amounts falling due within one year
6
(70,484)
(82,610)
Net current assets
189,933
153,455
Total assets less current liabilities
208,029
173,564
Creditors: amounts falling due after more than one year
7
(378,932)
(327,083)
Net liabilities
(170,903)
(153,519)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(171,003)
(153,619)
Total equity
(170,903)
(153,519)
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 2023 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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GB ANTIQUES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
Mrs G I Blackburn
Director
Company registration number 02496107 (England and Wales)
GB ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
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 amounts 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 recovered.
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 2023
1
Accounting policies
(Continued)
- 4 -
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 received 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:
2023
2022
Number
Number
Total
11
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
1,000
Amortisation and impairment
At 1 August 2022 and 31 July 2023
1,000
Carrying amount
At 31 July 2023
At 31 July 2022
GB ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
39,312
99,810
139,122
Additions
8,150
8,150
Disposals
(7,995)
(7,995)
At 31 July 2023
39,312
99,965
139,277
Depreciation and impairment
At 1 August 2022
36,721
82,292
119,013
Depreciation charged in the year
307
3,860
4,167
Eliminated in respect of disposals
(1,999)
(1,999)
At 31 July 2023
37,028
84,153
121,181
Carrying amount
At 31 July 2023
2,284
15,812
18,096
At 31 July 2022
2,591
17,518
20,109
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,320
3,668
Other debtors
7,281
33,110
9,601
36,778
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
28,333
38,084
Trade creditors
2,277
2,035
Taxation and social security
17,614
20,306
Other creditors
22,260
22,185
70,484
82,610
GB ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
378,932
327,083
8
Related party transactions
The company occupies property owned by GB Properties (Lancaster) Limited, a company under the common control of the Directors. During the year GB Antiques (Lancaster) Limited was charged £99,040 (2022: £99,112) by GB Properties (Lancaster) Limited for rental of these premises. At the year end £378,932 (2022: £327,083) remained outstanding owed to GB Properties (Lancaster) Limited. The company also received £30,000 (2022: £30,000) as a management charge from GB Properties (Lancaster) Limited during the year.
All transactions with the companies under common control of the director's of GB Antiques Limited have been undertaken for common reasons on an arms length basis.
9
Going concern
The Accounts are prepared on a going concern basis, which the Directors consider to be appropriate having considered the foreseeable future. Whist the Balance Sheet shows net liabilities at the year end, the main creditor is an amount of £378,932 which is owed to a sister company: GB Properties Ltd which doesn’t require payment of this balance until such time as the company is able to make it without any impact on meeting day-to-day liabilities. GB Properties has a sufficiently strong Balance Sheet to continue to honour this agreement. Without this balance the company would have net assets of £208,029.