Gaventa Distribution Limited

Gaventa Distribution Limited

GAVENTA DISTRIBUTION LIMITED - Company Information

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Company Registration No. 02809859 (England and Wales)
Gaventa Distribution Limited Unaudited accounts for the year ended 31 March 2023
Gaventa Distribution Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
2,588 
3,236 
Current assets
Inventories
48,488 
19,674 
Debtors
5
53,914 
32,735 
Cash at bank and in hand
4,716 
2,261 
107,118 
54,670 
Creditors: amounts falling due within one year
6
(140,195)
(123,042)
Net current liabilities
(33,077)
(68,372)
Net liabilities
(30,489)
(65,136)
Capital and reserves
Called up share capital
7
100 
100 
Profit and loss account
(30,589)
(65,236)
Shareholders' funds
(30,489)
(65,136)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2023 and were signed on its behalf by
Stephen Maxwell Sheldon Director Company Registration No. 02809859
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Gaventa Distribution Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Gaventa Distribution Limited is a private company, limited by shares, registered in England and Wales, registration number 02809859. The registered office is Corporate House, Cranborne Industrial, Estate, Cranborne Road, Potters Bar, Herts, EN6 3JN, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention.
Presentation currency
The functional and presentational currency of the company is £ and amounts are rounded to the nearest £.
Going concern
At the time of approving the financial statements the directors have reviewed a period of at least 12 months from this date and have a reasonable expectation that the company will have adequate resources to meet obligations as and when they fall due. Thus, the financial statements have been prepared on a going concern basis.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Stock
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Cash and bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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Gaventa Distribution Limited Notes to the Accounts for the year ended 31 March 2023
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Turnover
Turnover represents amounts receivable for goods net of VAT, duties and discounts. Turnover is recognised when goods are despatched. Where the goods are sold on a sale or return basis a provision is made against sales for goods expected to be returned.
Government grants
Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Joint Arrangement Non Entity
The assets and liabilities of Joint Arrangements Non Entities are included in the accounts on a line by line basis. The income of the company is that which it is due under the arrangement less any share of profit/(losses) and expenses due to the other party.
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Gaventa Distribution Limited Notes to the Accounts for the year ended 31 March 2023
4
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2022
75,989 
98,218 
174,207 
Additions
- 
179 
179 
At 31 March 2023
75,989 
98,397 
174,386 
Depreciation
At 1 April 2022
73,758 
97,213 
170,971 
Charge for the year
557 
270 
827 
At 31 March 2023
74,315 
97,483 
171,798 
Net book value
At 31 March 2023
1,674 
914 
2,588 
At 31 March 2022
2,231 
1,005 
3,236 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
34,926 
29,416 
Accrued income and prepayments
18,988 
3,319 
53,914 
32,735 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
71,359 
72,740 
Trade creditors
29,689 
13,966 
Taxes and social security
3,301 
3,998 
Other creditors
2,353 
1,580 
Loans from directors
28,349 
27,608 
Accruals
5,144 
3,150 
140,195 
123,042 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
8
Pension commitments
Included in the profit and loss accounts are pension contributions payable by the company of £2,185 (2022: £2,336). At the year end, pension contributions of £441 (2022: £422) were outstanding.
9
Average number of employees
During the year the average number of employees was 5 (2022: 6).
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