Golden Valley Hobbies Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05180959 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2022

for

Golden Valley Hobbies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Grandchamp

REGISTERED OFFICE:

16c Sandown Road

Sandown

Isle of Wight

PO36 9JP

REGISTERED NUMBER:

05180959 (England and Wales)

ACCOUNTANTS:

Allegri & Co.

16c Sandown Road

Lake

Isle of Wight

PO36 9JP

FIXED ASSETS

Tangible assets

4

4,128

2,481

CURRENT ASSETS

Stocks

53,709

73,813

Debtors

5

6,071

12,257

Cash at bank and in hand

2,581

4,313

62,361

90,383

CREDITORS

Amounts falling due within one year

6

47,198

119,087

NET CURRENT ASSETS/(LIABILITIES)

15,163

(28,704

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,291

(26,223

)

CREDITORS

Amounts falling due after more than one year

7

80,000

-

NET LIABILITIES

(60,709

)

(26,223

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(60,809

)

(26,323

)

(60,709

)

(26,223

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 April 2023 and were signed by:

M Grandchamp - Director

1.	STATUTORY INFORMATION

Golden Valley Hobbies 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.

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.

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.

Plant and machinery etc

-

25% on reducing balance

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 4 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2021

4,453

Additions

3,023

At 31 July 2022

7,476

DEPRECIATION

At 1 August 2021

1,972

Charge for year

1,376

At 31 July 2022

3,348

NET BOOK VALUE

At 31 July 2022

4,128

At 31 July 2021

2,481

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Trade debtors

6,071

12,257

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.22

31.7.21

£

£

Trade creditors

5,589

3,544

Taxation and social security

3,406

8,146

Other creditors

38,203

107,397

47,198

119,087

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.22

31.7.21

£

£

Other creditors

80,000

-

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

80,000

-