Gordon Smith Guitars Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09464531 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2022

for

Gordon Smith Guitars Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr D J Sparkes

REGISTERED OFFICE:

37 York Road

Higham Ferrers

Northamptonshire

NN10 8HZ

REGISTERED NUMBER:

09464531 (England and Wales)

ACCOUNTANTS:

Clifford Roberts

63 Broad Green

Wellingborough

Northamptonshire

NN8 4LQ

FIXED ASSETS

Intangible assets

4

8,000

10,000

Tangible assets

5

-

-

8,000

10,000

CURRENT ASSETS

Debtors

6

6,738

8,348

CREDITORS

Amounts falling due within one year

7

64,550

63,340

NET CURRENT LIABILITIES

(57,812

)

(54,992

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(49,812

)

(44,992

)

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

(49,822

)

(45,002

)

SHAREHOLDERS' FUNDS

(49,812

)

(44,992

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 October 2022 and were signed by:

Mr D J Sparkes - Director

1.	STATUTORY INFORMATION

Gordon Smith Guitars Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2021

and 30 April 2022

20,000

AMORTISATION

At 1 May 2021

10,000

Charge for year

2,000

At 30 April 2022

12,000

NET BOOK VALUE

At 30 April 2022

8,000

At 30 April 2021

10,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2021

and 30 April 2022

29,995

DEPRECIATION

At 1 May 2021

and 30 April 2022

29,995

NET BOOK VALUE

At 30 April 2022

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

6,738

8,348

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

1,105

-

Amounts owed to associates

62,440

62,440

Other creditors

1,005

900

64,550

63,340

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr D J Sparkes.