Gorge Fabrications Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01681551 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

FOR

GORGE FABRICATIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr B Gill

Mr M Coxill

Mr S B T Mintchev

REGISTERED OFFICE:

Gorge House

Great Bridge Industrial Estate

Tipton

West Midlands

DY4 0HR

REGISTERED NUMBER:

01681551 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Chartered Accountants

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

FIXED ASSETS

Tangible assets

4

22,634

20,659

Investment property

5

865,910

399,000

888,544

419,659

CURRENT ASSETS

Stocks

608,612

537,577

Debtors

6

482,707

1,506,387

Cash at bank and in hand

362,579

549,520

1,453,898

2,593,484

CREDITORS

Amounts falling due within one year

7

1,066,656

1,661,701

NET CURRENT ASSETS

387,242

931,783

TOTAL ASSETS LESS CURRENT LIABILITIES

1,275,786

1,351,442

CAPITAL AND RESERVES

Called up share capital

58,000

58,000

Other reserves

49,735

23,735

Retained earnings

1,168,051

1,269,707

SHAREHOLDERS' FUNDS

1,275,786

1,351,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 April 2021 and were signed on its behalf by:

Dr B Gill - Director

1.	STATUTORY INFORMATION

Gorge Fabrications Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is recognised by the company in respect of goods supplied in the year. It is recognised to the extent that it is probable that economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

25% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Investment property

Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Income Statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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 the Income Statement in the period to which they relate.

Financial instruments

The company only enters into basic financial instruments transactions that result in recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and related parties.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2019 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 August 2019

11,750

202,817

43,263

Additions

-

-

-

At 31 July 2020

11,750

202,817

43,263

DEPRECIATION

At 1 August 2019

-

202,817

43,263

Charge for year

-

-

-

At 31 July 2020

-

202,817

43,263

NET BOOK VALUE

At 31 July 2020

11,750

-

-

At 31 July 2019

11,750

-

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 August 2019

32,795

36,945

327,570

Additions

-

4,552

4,552

At 31 July 2020

32,795

41,497

332,122

DEPRECIATION

At 1 August 2019

25,106

35,725

306,911

Charge for year

1,922

655

2,577

At 31 July 2020

27,028

36,380

309,488

NET BOOK VALUE

At 31 July 2020

5,767

5,117

22,634

At 31 July 2019

7,689

1,220

20,659

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2019

399,000

Additions

9,088

Revaluations

26,000

Reclassification

431,822

At 31 July 2020

865,910

NET BOOK VALUE

At 31 July 2020

865,910

At 31 July 2019

399,000

The investment property and land was valued on an open market basis on the 31 July 2020 by the directors. The original cost was £820,175.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

411,654

1,338,620

Other debtors

71,053

167,767

482,707

1,506,387

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

69,794

105,059

Trade creditors

840,021

1,407,790

Taxation and social security

66,418

73,524

Other creditors

90,423

75,328

1,066,656

1,661,701

The bank loans and overdrafts are secured by the way of a fixed and floating charge on the company's assets.

8.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £1,860 (2019: £2,131) were payable to the fund at the balance sheet date.