George's Industrial Services Limited Filleted accounts for Companies House (small and micro)

GEORGE'S INDUSTRIAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01036475

George's Industrial Services Limited

Filleted Unaudited Financial Statements

31 March 2022

George's Industrial Services Limited

Financial Statements

Year ended 31 March 2022

Contents	Page

Balance sheet	1

Notes to the financial statements	3

George's Industrial Services Limited

Balance Sheet

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		514,295	507,285

Current assets

Stocks		58,191	96,130
Debtors	6	102,744	107,522
Cash at bank and in hand		372,028	436,214
		---------	---------
		532,963	639,866

Creditors: amounts falling due within one year	7	385,610		432,832
		---------		---------
Net current assets			147,353	207,034
			---------	---------
Total assets less current liabilities			661,648	714,319

Creditors: amounts falling due after more than one year	8		–	268,660

Provisions

Taxation including deferred tax	6,736	3,064
	---------	---------
Net assets	654,912	442,595
	---------	---------

Capital and reserves

Called up share capital	40,000	40,000
Profit and loss account	614,912	402,595
	---------	---------
Shareholders funds	654,912	442,595
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

George's Industrial Services Limited

Balance Sheet (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 28 November 2022 , and are signed on behalf of the board by:

Mr N Karania

Director

Company registration number: 01036475

George's Industrial Services Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 26, The I O Centre, Hearle Way, Hatfield, Herts, AL10 9EW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	50 years
Plant and machinery	-	20% on Reducing balance basis
Fixtures & fittings	-	20% on Reducing balance basis
Motor vans	-	20% on Reducing balance basis
Office equipment	-	20% on Reducing balance basis

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2021: 9 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vans	Office equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2021	504,405	620,436	42,108	83,914	21,033	1,271,896
Additions	–	14,060	1,814	23,549	552	39,975
Disposals	–	–	–	( 24,649)	–	( 24,649)
	---------	---------	--------	--------	--------	------------
At 31 Mar 2022	504,405	634,496	43,922	82,814	21,585	1,287,222
	---------	---------	--------	--------	--------	------------
Depreciation
At 1 Apr 2021	50,440	610,949	36,807	45,742	20,673	764,611
Charge for the year	10,088	4,709	1,423	11,290	182	27,692
Disposals	–	–	–	( 19,376)	–	( 19,376)
	---------	---------	--------	--------	--------	------------
At 31 Mar 2022	60,528	615,658	38,230	37,656	20,855	772,927
	---------	---------	--------	--------	--------	------------
Carrying amount
At 31 Mar 2022	443,877	18,838	5,692	45,158	730	514,295
	---------	---------	--------	--------	--------	------------
At 31 Mar 2021	453,965	9,487	5,301	38,172	360	507,285
	---------	---------	--------	--------	--------	------------

6. Debtors

	2022	2021
	£	£
Trade debtors	89,964	102,962
Other debtors	12,780	4,560
	---------	---------
	102,744	107,522
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	–	25,089
Trade creditors	230,928	284,641
Corporation tax	56,797	34,480
Social security and other taxes	24,795	29,477
Other creditors	73,090	59,145
	---------	---------
	385,610	432,832
	---------	---------

8. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	–	268,660
	----	---------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £169,767).

The bank loan is secured by a legal charge over the company's property.