Gorge Fabrications Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01681551 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

GORGE FABRICATIONS LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

25,010

29,173

Investments

5

200

200

Investment property

6

921,301

450,000

946,511

479,373

CURRENT ASSETS

Stocks

741,686

483,621

Debtors

7

307,773

999,881

Cash at bank and in hand

253,965

551,628

1,303,424

2,035,130

CREDITORS

Amounts falling due within one year

8

765,379

847,019

NET CURRENT ASSETS

538,045

1,188,111

TOTAL ASSETS LESS CURRENT LIABILITIES

1,484,556

1,667,484

CREDITORS

Amounts falling due after more than one year

9

447,083

630,083

NET ASSETS

1,037,473

1,037,401

CAPITAL AND RESERVES

Called up share capital

58,000

58,000

Other reserves

25,468

74,735

Retained earnings

954,005

904,666

SHAREHOLDERS' FUNDS

1,037,473

1,037,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 17 April 2024 and were signed on its behalf by:

Dr B Gill - Director

1.	STATUTORY INFORMATION

Gorge Fabrications Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

01681551

Registered office:

Gorge House

Great Bridge Industrial Estate

Tipton

West Midlands

DY4 0HR

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 recognised by the company in respect of goods supplied in the year. It is recognised to the extent that it is probable that economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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.

Freehold property

-

Not depreciated

Plant and machinery

-

25% on cost

Fixtures and fittings

-

33.3% on cost

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

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

Stocks

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Income Statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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 the Income Statement in the period to which they relate.

Financial instruments

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 August 2022

11,750

212,185

30,641

Additions

-

-

-

At 31 July 2023

11,750

212,185

30,641

DEPRECIATION

At 1 August 2022

-

206,183

30,641

Charge for year

-

2,406

-

At 31 July 2023

-

208,589

30,641

NET BOOK VALUE

At 31 July 2023

11,750

3,596

-

At 31 July 2022

11,750

6,002

-

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 August 2022

17,999

31,169

303,744

Additions

-

2,490

2,490

At 31 July 2023

17,999

33,659

306,234

DEPRECIATION

At 1 August 2022

10,325

27,422

274,571

Charge for year

2,636

1,611

6,653

At 31 July 2023

12,961

29,033

281,224

NET BOOK VALUE

At 31 July 2023

5,038

4,626

25,010

At 31 July 2022

7,674

3,747

29,173

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 August 2022

and 31 July 2023

200

NET BOOK VALUE

At 31 July 2023

200

At 31 July 2022

200

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2022

450,000

Additions

520,568

Revaluations

(49,267

)

At 31 July 2023

921,301

NET BOOK VALUE

At 31 July 2023

921,301

At 31 July 2022

450,000

The investment property and land was valued on an open market basis on the 31 July 2023 by the directors. The original cost was £899,834.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

140,778

326,454

Other debtors

166,995

673,427

307,773

999,881

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

229,223

190,813

Trade creditors

470,891

552,439

Taxation and social security

47,543

58,743

Other creditors

17,722

45,024

765,379

847,019

Included in bank loans and overdrafts is an overdraft secured by the way of a fixed and floating charge on the company's assets and Bank loans taken out under the Coronavirus Business Interruption Loan Scheme (CBILS).

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

447,083

630,083

Amounts included in Bank loans relate to loans taken out under the Coronavirus Business

Interruption Loan Scheme (CBILS).

10.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £2,188 (2022: £2,036) were payable to the fund at the balance sheet date.