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REGISTERED NUMBER: 07800041 (England and Wales)


Unaudited Financial Statements for the Year Ended 31 October 2020

for

General Products Ltd

General Products Ltd (Registered number: 07800041)






Contents of the Financial Statements
for the Year Ended 31 October 2020




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


General Products Ltd


Company Information
for the Year Ended 31 October 2020







DIRECTORS: E Barnes
R Jones
D A Aldridge





REGISTERED OFFICE: 6a St Andrews Court
Wellington Street
Thame
Oxfordshire
OX9 3WT





REGISTERED NUMBER: 07800041 (England and Wales)





ACCOUNTANTS: Fizz Accounting Limited
6a St Andrews Court
Wellington Street
Thame
Oxfordshire
OX9 3WT

General Products Ltd (Registered number: 07800041)


Abridged Balance Sheet
31 October 2020

31.10.20 31.10.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,544 2,060

CURRENT ASSETS
Debtors 39,863 42,821
Cash at bank 164,671 30,786
204,534 73,607
CREDITORS
Amounts falling due within one year 179,560 122,824
NET CURRENT ASSETS/(LIABILITIES) 24,974 (49,217 )
TOTAL ASSETS LESS CURRENT LIABILITIES 32,518 (47,157 )

CREDITORS
Amounts falling due after more than one year (60,000 ) -

PROVISIONS FOR LIABILITIES (1,433 ) -
NET LIABILITIES (28,915 ) (47,157 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (28,917 ) (47,159 )
SHAREHOLDERS' FUNDS (28,915 ) (47,157 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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.

General Products Ltd (Registered number: 07800041)


Abridged Balance Sheet - continued
31 October 2020


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 Board of Directors and authorised for issue on 7 June 2021 and were signed on its behalf by:





E Barnes - Director


General Products Ltd (Registered number: 07800041)


Notes to the Financial Statements
for the Year Ended 31 October 2020

1. STATUTORY INFORMATION

General Products Ltd 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.

At the balance sheet date, the company had net liabilities. However, the directors have loaned funds to the company, and are committed to providing continued financial support. The directors therefore consider it appropriate to prepare the accounts on a going concern basis.

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 cost and 20% on cost

Government grants
Government grants are accounted for on an accruals basis, and released in the same period as the costs they relate to.

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
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 3 (2019 - 2 ) .

General Products Ltd (Registered number: 07800041)


Notes to the Financial Statements - continued
for the Year Ended 31 October 2020

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2019 13,922
Additions 8,961
At 31 October 2020 22,883
DEPRECIATION
At 1 November 2019 11,862
Charge for year 3,477
At 31 October 2020 15,339
NET BOOK VALUE
At 31 October 2020 7,544
At 31 October 2019 2,060

5. CONTINGENT LIABILITIES

At the date of the balance sheet, the company had total commitments, guarantees and contingencies of £10,000 (2019: £20,000). This will go through the Statement of Income and Retained Earnings over a period of 12 months.