G & W Refrigeration Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC081637 (Scotland)

Unaudited Financial Statements for the Year Ended 30 November 2022

for

G & W Refrigeration Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Gary Thomas Carberry

REGISTERED OFFICE:

Unit 2A

Adam House

25 Auchinairn Road

Glasgow

G64 1RX

REGISTERED NUMBER:

SC081637 (Scotland)

ACCOUNTANTS:

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

FIXED ASSETS

Tangible assets

4

1,154

5,013

CURRENT ASSETS

Stock and work in progress

24,145

23,645

Debtors

5

122,792

171,773

Cash at bank and in hand

51,454

33,605

198,391

229,023

CREDITORS

Amounts falling due within one year

6

165,733

213,196

NET CURRENT ASSETS

32,658

15,827

TOTAL ASSETS LESS CURRENT LIABILITIES

33,812

20,840

CREDITORS

Amounts falling due after more than one year

7

(25,052

)

(30,000

)

PROVISIONS FOR LIABILITIES

8

(219

)

(952

)

NET ASSETS/(LIABILITIES)

8,541

(10,112

)

CAPITAL AND RESERVES

Called up share capital

9

2,000

2,000

Retained earnings

6,541

(12,112

)

SHAREHOLDERS' FUNDS

8,541

(10,112

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 5 October 2023 and were signed by:

Gary Thomas Carberry - Director

1.	STATUTORY INFORMATION

G & W Refrigeration Limited is a private company, limited by shares , registered in Scotland. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Fittings and equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Stock and work in progress

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stock and work in progress to their present location and condition.

Financial instruments

Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Grant income

Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fittings

Plant and

and

Motor

Computer

machinery

equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 December 2021

7,968

2,244

19,490

3,340

33,042

Disposals

-

-

(10,995

)

-

(10,995

)

At 30 November 2022

7,968

2,244

8,495

3,340

22,047

DEPRECIATION

At 1 December 2021

7,951

2,238

14,500

3,340

28,029

Charge for year

3

-

378

-

381

Eliminated on disposal

-

-

(7,517

)

-

(7,517

)

At 30 November 2022

7,954

2,238

7,361

3,340

20,893

NET BOOK VALUE

At 30 November 2022

14

6

1,134

-

1,154

At 30 November 2021

17

6

4,990

-

5,013

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 December 2021

10,995

Disposals

(10,995

)

At 30 November 2022

-

DEPRECIATION

At 1 December 2021

7,517

Eliminated on disposal

(7,517

)

At 30 November 2022

-

NET BOOK VALUE

At 30 November 2022

-

At 30 November 2021

3,478

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

104,160

125,964

Other debtors

18,632

45,809

122,792

171,773

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

-

2,519

Trade creditors

11,117

20,069

Amounts owed to group undertakings

4,800

-

Taxation and social security

10,444

16,430

Other creditors

139,372

174,178

165,733

213,196

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

25,052

30,000

8.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

219

952

Deferred

tax

£

Balance at 1 December 2021

952

Provided during year

(733

)

Balance at 30 November 2022

219

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

2,000

Ordinary

£1

2,000

2,000

10.	ULTIMATE CONTROLLING PARTY

The controlling party is GDR Ltd.

The ultimate controlling party is GDR Ltd.

100% of the issued share capital is owned by GDR Ltd, a company registered in Scotland. GDR Ltd is controlled by the director, Mr Gary Carberry.