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Unaudited Financial Statements |
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for the Year Ended 30 September 2021 |
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for |
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G V Decorators Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 September 2021 |
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for |
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G V Decorators Limited |
G V Decorators Limited (Registered number: 06861086) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2021 |
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Page |
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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 V Decorators 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 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
G V Decorators Limited (Registered number: 06861086) |
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Balance Sheet |
30 September 2021 |
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2021 | 2020 |
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 |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Capital redemption reserve |
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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. |
G V Decorators Limited (Registered number: 06861086) |
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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 V Decorators Limited (Registered number: 06861086) |
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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 V Decorators Limited is a
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The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
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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 |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Plant and machinery - 25% on reducing balance |
Motor vehicles - 25% on reducing balance |
Computer equipment - 33% on reducing balance and not provided |
Fixtures and fittings -15% on reducing balance |
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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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Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
G V Decorators Limited (Registered number: 06861086) |
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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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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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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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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Debtors and creditors receivable/payable |
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses. |
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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 1 October 2020 |
and 30 September 2021 |
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AMORTISATION |
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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G V Decorators Limited (Registered number: 06861086) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2020 |
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Additions |
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Disposals |
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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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Eliminated on disposal |
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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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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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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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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts recoverable on |
contracts | 6,000 | 5,000 |
Retentions | 8,648 | 15,989 |
S455 taxation | 1,414 | 1,414 |
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G V Decorators Limited (Registered number: 06861086) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation |
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Social security and other taxes |
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VAT | 26,788 | 34,887 |
Other creditors |
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Directors' current accounts | 9,734 | 36,384 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
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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2021 | 2020 |
£ | £ |
Hire purchase contracts | 8,114 | 12,718 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
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Number: |
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Nominal
Value: |
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2020 |
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2019 |
£ | £ |
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10 | A Shares | £1 | 10 | 10 |
10 | C Shares | £1 | 10 | 10 |
20 | 20 |
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11. | OTHER FINANCIAL COMMITMENTS |
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Total financial commitments which are not included in the balance sheet relate to obligations under non-cancellable operating leases and amount to £68,239 (2020 : 54,000). |
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12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Loans were advanced to the directors during the year. The amount of the liability due to the company at the end of the year was Nil (2020: Nil). Advancements were made of £56,068 up to the date of 30 September 2021 and these were fully repaid during the year. Interest of 2.5% has been charged during the year at the official HMRC rate. |
G V Decorators Limited (Registered number: 06861086) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2021 |
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13. | RELATED PARTY DISCLOSURES |
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The company paid rent of £7,833 (2020: £4,333) to a pension scheme held for the benefit of a director. |