Company Registration No. 04231192 (England and Wales)
GENERAL DISTRIBUTION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
GENERAL DISTRIBUTION LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
GENERAL DISTRIBUTION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
4
144,523
259,931
Tangible assets
5
8,981
11,983
153,504
271,914
Current assets
Stocks
271,124
224,351
Debtors
6
433,451
601,236
Cash at bank and in hand
19,361
458,181
723,936
1,283,768
Creditors: amounts falling due within one year
7
(1,570,730)
(1,548,346)
Net current liabilities
(846,794)
(264,578)
Total assets less current liabilities
(693,290)
7,336
Creditors: amounts falling due after more than one year
8
(423,984)
(647,031)
Net liabilities
(1,117,274)
(639,695)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(1,118,274)
(640,695)
Total equity
(1,117,274)
(639,695)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
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 7 June 2021 and are signed on its behalf by:
A Brotherton-Ratcliffe
Director
Company Registration No. 04231192
GENERAL DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
General Distribution Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Paxton House, Home Farm Road, Brighton, East Sussex, BN1 9HU.
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
Going concern
The impact of Covid-19 on the economy in 2020 has raised uncertainties for all companies and this company is no different. The pandemic has resulted in a lockdown in the UK resulting in a loss of revenue for the company. However, the company has been able to take advantage of the governments Coronavirus job retention scheme which has assisted the company's cashflow. Most of the company's employees that haven't been furloughed are working from home and the company is still continuing to trade. Although revenues have fallen compared to the previous year the directors are confident that sales will pick up again when the lockdown restrictions are eased fully.
true
At the balance sheet date, the company's liabilities exceeded its assets. The company is dependent upon the continued financial support of
its holding company
who
se directors have confirmed
that
t
he
y
will continue to give financial support to the company for at least twelve months from the date of signing these financial statements.
T
he directors
therefore
consider it appropriate to prepare the financial statements on a going concern basis.
1.3
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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.5
Intangible fixed assets other than goodwill
Intangible assets relate to development expenditure.
Amortisation 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:
Development Costs
33% straight line
GENERAL DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.6
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:
Plant and machinery
20% straight line
Fixtures, fittings & equipment
33% straight line
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
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
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.
1.9
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
GENERAL DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GENERAL DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.15
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.
1.16
Related party transactions
The company has taken advantage of the exemption in Financial Reporting Standard
102
from disclosing transactions with other wholly owned subsidiaries of Paxton Access Group Limited.
2
Auditor's remuneration
2020
2019
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,000
1,500
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
10
10
4
Intangible fixed assets
Other
£
Cost
At 1 January 2020 and 31 December 2020
366,505
Amortisation and impairment
At 1 January 2020
106,574
Amortisation charged for the year
115,408
At 31 December 2020
221,982
Carrying amount
At 31 December 2020
144,523
At 31 December 2019
259,931
GENERAL DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2020 and 31 December 2020
15,015
1,155
16,170
Depreciation and impairment
At 1 January 2020
3,032
1,155
4,187
Depreciation charged in the year
3,002
3,002
At 31 December 2020
6,034
1,155
7,189
Carrying amount
At 31 December 2020
8,981
8,981
At 31 December 2019
11,983
11,983
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
109,255
65,819
Amounts owed by group undertakings
234,805
395,333
Other debtors
72,127
122,820
416,187
583,972
2020
2019
Amounts falling due after more than one year:
£
£
Deferred tax asset
17,264
17,264
Total debtors
433,451
601,236
GENERAL DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
399,453
378,457
Trade creditors
41,038
71,093
Amounts owed to group undertakings
250,000
Taxation and social security
30,734
16,864
Other creditors
849,505
1,081,932
1,570,730
1,548,346
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
423,984
647,031
The bank loan is secured by way of a debenture in favour of HSBC Bank comprising a fixed and floating charge over all the assets and undertakings of the company.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mr Michael Macefield.
The auditor was Humphrey & Co Audit Services Ltd.
10
Related party transactions
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Other related parties
750,000
1,000,000
Other information
Related party loans are interest free and have no set repayment date.
GENERAL DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 8 -
11
Parent company
The immediate and ultimate parent company is
Paxton Access Group Limited
, a company registered in England and Wales whose registered office is Paxton House, Home Farm Road, Brighton, BN1 9HU.
Paxton Access Group Limited is the parent undertaking of the largest and smallest group of undertakings to consolidate these financial statements. Copies of the group financial statements can be obtained from Companies House.
2020-12-31
2020-01-01
false
07 June 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
This audit opinion is unqualified
A Brotherton-Ratcliffe
A Stroud
V Parekh
L Boughtwood
S Brotherton-Ratcliffe
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