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Unaudited Financial Statements for the Year Ended 30 September 2021 |
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G.J.T. Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 September 2021 |
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for |
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G.J.T. Limited |
G.J.T. Limited (Registered number: 04125517) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2021 |
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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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G.J.T. Limited |
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Company Information |
for the Year Ended 30 September 2021 |
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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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Chartered Accountants |
3 Park Square |
Leeds |
LS1 2NE |
G.J.T. Limited (Registered number: 04125517) |
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Balance Sheet |
30 September 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve | 12 |
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Retained earnings | 12 |
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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. |
G.J.T. Limited (Registered number: 04125517) |
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Balance Sheet - continued |
30 September 2021 |
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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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G.J.T. Limited (Registered number: 04125517) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2021 |
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1. | STATUTORY INFORMATION |
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G.J.T. Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Turnover, which is stated excluding Value Added Tax, is the amount receivable for goods supplied less returns, trade discounts and allowances. Sales are recognised when goods are despatched to customers as this reflects the transfer of risks and rewards of ownership, with provisions made for returns and allowances. Provisions for returns are calculated based on historical return levels. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, on a weighted average cost basis. Cost includes all expenditure incurred in the normal course of business in bringing the stock to its present location and condition. Net realisable value is based on estimated selling price less further costs to completion and selling costs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
G.J.T. Limited (Registered number: 04125517) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currency translation |
Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rates of exchange at the balance sheet date. Transactions denominated in foreign currencies are translated into Sterling at the rates of exchange prevailing on the date of transaction or, for practical reasons, at average monthly rates where exchange rates do not fluctuate significantly. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and operating leases |
Assets obtained under hire purchase contracts are capitalised in the balance sheet and depreciated over their useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period. |
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Rentals paid under operating leases are charged to the profit and loss account as incurred. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. The company pays contributions to privately administered plans on a contractual basis. The company has no further obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are paid. |
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Operating leases |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
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Dividends |
Interim dividends are recognised when they are paid to the company's shareholders. Final dividends are recognised when they are approved by the company's shareholders. |
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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. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2020 |
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Additions |
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At 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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G.J.T. Limited (Registered number: 04125517) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 October 2020 |
and 30 September 2021 |
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DEPRECIATION |
At 1 October 2020 |
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Charge for year |
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At 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2020 |
and 30 September 2021 |
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NET BOOK VALUE |
At 30 September 2021 |
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At 30 September 2020 |
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6. | STOCKS |
2021 | 2020 |
£ | £ |
Raw materials |
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Finished goods |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Prepayments |
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G.J.T. Limited (Registered number: 04125517) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
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Included within trade debtors are debts owed to the company upon which advances have been made by HSBC Invoice Financing Limited and disclosed as part of the creditors in note 13. At 30 September 2021 the amount advanced was £446,569 (2020: £394,833) and this sum is secured by way of a fixed and floating charge against all the company's assets. |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Property loan |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation Tax |
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Social security and other taxes |
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VAT | 161,463 | 402,456 |
Invoice discounting loan |
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Accrued and deferred income |
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The invoice discounting loan is secured against approved trade debtors. |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
CBIL loan creditor |
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CBIL loan creditor |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
CBIL loan creditor | 27,708 | - |
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A loan of £237,500 was taken out under the Coronavirus Business Interruption Loan Scheme. The loan is repayable in monthly installments of capital and interest amounting to £3,958. The loan is due to be fully repaid in 2027. |
G.J.T. Limited (Registered number: 04125517) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Property loan |
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Hire purchase contracts | 53,057 | 109,557 |
Invoice discounting loan | 446,569 | 394,833 |
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11. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 50,088 | 42,073 |
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Deferred |
tax |
£ |
Balance at 1 October 2020 |
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Charge to Income Statement during year |
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Balance at 30 September 2021 |
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12. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 October 2020 |
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1,369,103 |
Profit for the year |
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Dividends | ( |
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Purchase of own shares | (105,000 | ) | 9,100 | (95,900 | ) |
At 30 September 2021 |
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1,428,723 |
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13. | RELATED PARTY DISCLOSURES |
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During the period the company purchased goods to the value of £1,140,501 (2020: £1,583,379) from Style Furnishings Limited, its subsidiary company. |
At 30 September 2021 the company owed £162,478 (2020: £176,796) to Style Furnishings Limited. |
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14. | ULTIMATE CONTROLLING PARTY |
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The company is under the ultimate control of Mr D P Nott, a director, by virtue of a controlling interest of the issued ordinary share capital. |