Gainsborough Sales Limited
Gainsborough Sales Limited
Registered number: 03822495
Unaudited ABRIDGED Financial Statements
For The Year Ended
31 August 2021
C&C Associates
Gainsborough Sales Limited
Unaudited Financial Statements
For The Year Ended
31 August 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Balance Sheet | 1—2 |
| Notes to the Abridged Financial Statements | 3—4 |
Gainsborough Sales Limited
Abridged Balance Sheet
As at
31 August 2021
Abridged Balance Sheet
Registered number:
03822495
For the year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 August 2021 in accordance with section 444(2A) of the Companies Act 2006.
| 2021 | 2020 as restated |
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|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| CURRENT ASSETS | |||||
| 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 | 4 |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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( |
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| Creditors: Amounts Falling Due After More Than One Year | (39,879) | (48,432) | |||
| NET LIABILITIES |
( |
( |
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| CAPITAL AND RESERVES | |||||
| Called up share capital |
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| Profit and Loss Account |
( |
( |
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| SHAREHOLDERS' FUNDS | (23,358) | (114,706) | |||
Gainsborough Sales Limited
Abridged Balance Sheet (continued)
As at
31 August 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 4 form part of these financial statements.
Gainsborough Sales Limited
Notes to the Abridged Financial Statements
For The Year Ended
31 August 2021
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2.
Going Concern Disclosure
The COVID-19 pandemic has created significant operational and financial pressures on the company. The directors are monitoring the implications of this for the company, and having reviewed the support to the business announced by the UK Government, the directors consider that the adoption of the going concern basis in preparing these financial statements is appropriate.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.7.
Government Grant
In the year the company took advantage of the governments job retention scheme and other COVID related grants.
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 7 (2020: 7)
Gainsborough Sales Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 August 2021
3.
Tangible Assets
| Total | |
|---|---|
| £ | |
| Cost | |
| As at
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| As at
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| Depreciation | |
| As at
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| As at
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| Net Book Value | |
| As at
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| As at
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4.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 as restated |
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|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 72,240 | 65,791 | |
| Taxation and social security | 4,506 | 128 | |
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5.
General Information
Gainsborough Sales Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
03822495
. The registered office is 32 Coldharbour Lane, Batford, Harpenden, AL5 4UN.