G.J. Banks (I.W.) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01557848 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2022

FOR

G.J. BANKS (I.W.) LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mrs J C Sivell

Mr M J Sivell

SECRETARY:

Mrs J C Sivell

REGISTERED OFFICE:

9 Mill Hill Road

Cowes

Isle of Wight

PO31 7EA

REGISTERED NUMBER:

01557848 (England and Wales)

ACCOUNTANTS:

Garbetts (IOW) Limited

Exchange House

St Cross Lane

Newport

Isle of Wight

PO30 5BZ

FIXED ASSETS

Tangible assets

4

80,181

60,707

Investment property

5

180,000

180,490

260,181

241,197

CURRENT ASSETS

Stocks

680,098

474,898

Debtors

6

98,247

228,522

Cash at bank

212,060

285,681

990,405

989,101

CREDITORS

Amounts falling due within one year

7

130,405

133,792

NET CURRENT ASSETS

860,000

855,309

TOTAL ASSETS LESS CURRENT LIABILITIES

1,120,181

1,096,506

PROVISIONS FOR LIABILITIES

9,967

10,655

NET ASSETS

1,110,214

1,085,851

CAPITAL AND RESERVES

Called up share capital

38

38

Other reserves

25,010

-

Retained earnings

1,085,166

1,085,813

SHAREHOLDERS' FUNDS

1,110,214

1,085,851

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 20 February 2023 and were signed on its behalf by:

Mrs J C Sivell - Director

1.	STATUTORY INFORMATION

G.J. Banks (I.W.) 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 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.

Land and buildings

-

2% on cost

Plant and machinery etc

-

20% on cost and 10% on reducing balance

Investment property

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

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2021

57,295

156,203

213,498

Additions

9,200

23,345

32,545

Disposals

-

(22,818

)

(22,818

)

At 31 May 2022

66,495

156,730

223,225

DEPRECIATION

At 1 June 2021

23,792

128,999

152,791

Charge for year

1,330

11,741

13,071

Eliminated on disposal

-

(22,818

)

(22,818

)

At 31 May 2022

25,122

117,922

143,044

NET BOOK VALUE

At 31 May 2022

41,373

38,808

80,181

At 31 May 2021

33,503

27,204

60,707

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2021

180,490

Additions

14,500

Revaluations

(14,990

)

At 31 May 2022

180,000

NET BOOK VALUE

At 31 May 2022

180,000

At 31 May 2021

180,490

Fair value at 31 May 2022 is represented by:

£

Valuation in 2014

40,000

Valuation in 2022

(14,990

)

Cost

154,990

180,000

If investment property had not been revalued it would have been included at the following historical cost:

2022

2021

£

£

Cost

154,990

140,490

Investment property was valued on an open market basis on 31 May 2022 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

63,534

140,370

Amounts recoverable on contract

34,532

88,070

Other debtors

181

82

98,247

228,522

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Payments on account

1,894

487

Trade creditors

21,163

26,346

Taxation and social security

62,992

93,075

Other creditors

44,356

13,884

130,405

133,792