Registration number:
GB Cooker Spares (2012) Limited
for the Year Ended 30 April 2017
Chartered Accountants
Paradise Farm
High Street
Kempsford
Fairford
Gloucestershire
GL7 4EU
GB Cooker Spares (2012) Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
GB Cooker Spares (2012) Limited
Company Information
Director |
G Brooks |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
GB Cooker Spares (2012) Limited
Director's Report for the Year Ended 30 April 2017
The director presents his report and the financial statements for the year ended 30 April 2017.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is supply and manufacture of cookers and cooker components
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
G Brooks
Director
Page 2 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
GB Cooker Spares (2012) Limited
for the Year Ended 30 April 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GB Cooker Spares (2012) Limited for the year ended 30 April 2017 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of GB Cooker Spares (2012) Limited, as a body, in accordance with the terms of our engagement letter dated 25 September 2012. Our work has been undertaken solely to prepare for your approval the accounts of GB Cooker Spares (2012) Limited and state those matters that we have agreed to state to the Board of Directors of GB Cooker Spares (2012) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GB Cooker Spares (2012) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that GB Cooker Spares (2012) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GB Cooker Spares (2012) Limited. You consider that GB Cooker Spares (2012) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of GB Cooker Spares (2012) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
High Street
Kempsford
Fairford
Gloucestershire
GL7 4EU
Page 3 |
GB Cooker Spares (2012) Limited
Profit and Loss Account for the Year Ended 30 April 2017
Note |
Total |
Total |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
- |
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Operating profit |
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Other interest receivable and similar income |
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- |
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Interest payable and similar expenses |
( |
( |
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(388) |
(625) |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
GB Cooker Spares (2012) Limited
Statement of Comprehensive Income for the Year Ended 30 April 2017
Note |
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 5 |
GB Cooker Spares (2012) Limited
(Registration number: 08016574)
Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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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 |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 6 |
GB Cooker Spares (2012) Limited
(Registration number: 08016574)
Balance Sheet as at 30 April 2017
For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
G Brooks
Director
Page 7 |
GB Cooker Spares (2012) Limited
Statement of Changes in Equity for the Year Ended 30 April 2017
Share capital |
Profit and loss account |
Total |
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At 1 May 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 30 April 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 May 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 30 April 2016 |
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Page 8 |
GB Cooker Spares (2012) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Page 9 |
GB Cooker Spares (2012) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% straight line basis |
Fixtures and fittings |
25% straight line basis |
Motor vehicles |
25% straight line basis |
Office equipment |
25% straight line basis |
Office equipment leased |
over the period of the lease |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 10 |
GB Cooker Spares (2012) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
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Depreciation expense |
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Page 11 |
GB Cooker Spares (2012) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 May 2016 |
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Additions |
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- |
- |
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At 30 April 2017 |
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Depreciation |
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At 1 May 2016 |
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- |
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Charge for the year |
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- |
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At 30 April 2017 |
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- |
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Carrying amount |
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At 30 April 2017 |
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At 30 April 2016 |
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Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 12 |
GB Cooker Spares (2012) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2017 |
2016 |
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Current loans and borrowings |
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Finance lease liabilities |
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Page 13 |
GB Cooker Spares (2012) Limited
Notes to the Financial Statements for the Year Ended 30 April 2017
Related party transactions |
Summary of transactions with entities with joint control or significant interest
G Brooks a director of both companies
Expenditure with and payables to related parties
2017 |
Entities with joint control or significant influence |
Leases |
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2016 |
Entities with joint control or significant influence |
Leases |
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Loans to related parties
2017 |
Entities with joint control or significant influence |
Advanced |
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2016 |
Loans from related parties
2017 |
Entities with joint control or significant influence |
At start of period |
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Repaid |
( |
At end of period |
- |
2016 |
Entities with joint control or significant influence |
At start of period |
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Repaid |
( |
At end of period |
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Page 14 |