ACCOUNTS - Final Accounts preparation

ONLY GAC FRUIT LIMITED - Company Information

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Registered number: 10698752

ONLY GAC FRUIT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2021

ONLY GAC FRUIT LIMITED

REGISTERED NUMBER: 10698752

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

Fixed assets
Intangible assets	4		1,522		1,775
			1,522		1,775
Current assets
Stocks		151		1,576
Cash at bank and in hand		7,101		6,112
		7,252		7,688
Creditors: amounts falling due within one year	5	(34,053)		(33,392)
Net current liabilities			(26,801)		(25,704)
Total assets less current liabilities			(25,279)		(23,929)

Net liabilities			(25,279)		(23,929)

Capital and reserves
Called up share capital	102	102
Profit and loss account	(25,381)	(24,031)
	(25,279)	(23,929)

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ONLY GAC FRUIT LIMITED

REGISTERED NUMBER: 10698752

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2021

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C B Gregory

Director

Date: 23 August 2021

The notes on pages 3 to 5 form part of these financial statements.

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ONLY GAC FRUIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Only Gac Fruit Limited (10698752) is a private company limited by shares and incorporated in England & Wales. The registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

As shown in the financial statements, the company has total liabilities exceeding its total assets by £25,279 (2020 - £23,929). The company meets its day to day working capital requirements through the support of the director's loan account. The directors have confirmed that their support will continue for the foreseeable future. For this reason, the directors have decided to prepare the accounts using the going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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ONLY GAC FRUIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.5

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

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

Employees

The average monthly number of employees, including directors, during the year was 4 (2020 - 4).

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ONLY GAC FRUIT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

4.	Intangible assets

		Website development
		£
	Cost
	At 1 April 2020	2,533
	At 31 March 2021	2,533
	Amortisation
	At 1 April 2020	758
	Charge for the year on owned assets	253
	At 31 March 2021	1,011
	Net book value
	At 31 March 2021	1,522
	At 31 March 2020	1,775

5.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	662	-
Other creditors	32,391	32,392
Accruals and deferred income	1,000	1,000
	34,053	33,392

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