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Registration number: 09920307

G Squared Carpentry & Building Services Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2017 to 31 March 2018

Britannia Accountancy & Tax Services Ltd
Unit A66
The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

 

G Squared Carpentry & Building Services Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8 to 13

 

G Squared Carpentry & Building Services Ltd

Company Information

Director

Mr Glen Archer

Company secretary

Britannia Accountancy & Tax Services Ltd

Registered office

A66 Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

Accountants

Britannia Accountancy & Tax Services Ltd
Unit A66
The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

 

G Squared Carpentry & Building Services Ltd

Director's Report for the Period from 1 January 2017 to 31 March 2018

The director presents his report and the financial statements for the period from 1 January 2017 to 31 March 2018.

Director of the company

The director who held office during the period was as follows:

Mr Glen Archer

Principal activity

The principal activity of the company is joinery and carpentry

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 13 November 2018 and signed on its behalf by:

.........................................
Mr Glen Archer
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
G Squared Carpentry & Building Services Ltd
for the Period Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of G Squared Carpentry & Building Services Ltd for the period ended 31 March 2018 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of G Squared Carpentry & Building Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of G Squared Carpentry & Building Services Ltd and state those matters that we have agreed to state to the Board of Directors of G Squared Carpentry & Building Services Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G Squared Carpentry & Building Services Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by G Squared Carpentry & Building Services Ltd

It is your duty to ensure that G Squared Carpentry & Building Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of G Squared Carpentry & Building Services Ltd. You consider that G Squared Carpentry & Building Services Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of G Squared Carpentry & Building Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Britannia Accountancy & Tax Services Ltd
Unit A66
The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

13 November 2018

 

G Squared Carpentry & Building Services Ltd

Profit and Loss Account for the Period from 1 January 2017 to 31 March 2018

Note

2018
£

2016
£

Turnover

 

38,412

34,594

Cost of sales

 

(4,499)

(1,850)

Gross profit

 

33,913

32,744

Administrative expenses

 

(26,772)

(26,146)

Operating profit

 

7,141

6,598

Interest payable and similar expenses

 

(2,000)

(1,780)

 

(2,000)

(1,780)

Profit before tax

4

5,141

4,818

Taxation

 

(82)

-

Profit for the financial period

 

5,059

4,818

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

G Squared Carpentry & Building Services Ltd

Statement of Comprehensive Income for the Period from 1 January 2017 to 31 March 2018

2018
£

2016
£

Profit for the period

5,059

4,818

Total comprehensive income for the period

5,059

4,818

 

G Squared Carpentry & Building Services Ltd

(Registration number: 09920307)
Balance Sheet as at 31 March 2018

Note

2018
£

2016
£

Fixed assets

 

Intangible assets

5

12,640

14,220

Tangible assets

6

4,826

5,885

 

17,466

20,105

Current assets

 

Stocks

7

4,800

7,500

Cash at bank and in hand

 

8,323

2,369

 

13,123

9,869

Creditors: Amounts falling due within one year

8

(30,412)

(29,856)

Net current liabilities

 

(17,289)

(19,987)

Net assets

 

177

118

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

77

18

Total equity

 

177

118

For the financial period ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 13 November 2018
 

.........................................

Mr Glen Archer
Director

 

G Squared Carpentry & Building Services Ltd

Statement of Changes in Equity for the Period from 1 January 2017 to 31 March 2018

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2017

100

18

118

Profit for the period

-

5,059

5,059

Total comprehensive income

-

5,059

5,059

Dividends

-

(5,000)

(5,000)

At 31 March 2018

100

77

177

Share capital
£

Profit and loss account
£

Total
£

Profit for the period

-

4,818

4,818

Total comprehensive income

-

4,818

4,818

Dividends

-

(4,800)

(4,800)

New share capital subscribed

100

-

100

At 31 December 2016

100

18

118

 

G Squared Carpentry & Building Services Ltd

Notes to the Financial Statements for the Period from 1 January 2017 to 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
A66 Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

These financial statements were authorised for issue by the director on 13 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

G Squared Carpentry & Building Services Ltd

Notes to the Financial Statements for the Period from 1 January 2017 to 31 March 2018

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

18% on net book value

Vehicles

18% on net book value

Office equipment

18% on net book value

Furniture and fittings

18% on net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

G Squared Carpentry & Building Services Ltd

Notes to the Financial Statements for the Period from 1 January 2017 to 31 March 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2016 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2018
£

2016
£

Depreciation expense

1,059

1,292

Amortisation expense

1,580

1,580

 

G Squared Carpentry & Building Services Ltd

Notes to the Financial Statements for the Period from 1 January 2017 to 31 March 2018

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2017

15,800

15,800

At 31 March 2018

15,800

15,800

Amortisation

At 1 January 2017

1,580

1,580

Amortisation charge

1,580

1,580

At 31 March 2018

3,160

3,160

Carrying amount

At 31 March 2018

12,640

12,640

At 31 December 2016

14,220

14,220

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

 

G Squared Carpentry & Building Services Ltd

Notes to the Financial Statements for the Period from 1 January 2017 to 31 March 2018

6

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2017

399

6,778

7,177

At 31 March 2018

399

6,778

7,177

Depreciation

At 1 January 2017

72

1,220

1,292

Charge for the period

59

1,000

1,059

At 31 March 2018

131

2,220

2,351

Carrying amount

At 31 March 2018

268

4,558

4,826

At 31 December 2016

327

5,558

5,885

7

Stocks

2018
£

2016
£

Work in progress

4,800

7,500

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2016
£

Due within one year

 

Bank loans and overdrafts

10

26,730

28,056

Accruals and deferred income

 

3,600

1,800

Other creditors

 

82

-

 

30,412

29,856

9

Share capital

Allotted, called up and fully paid shares

 

G Squared Carpentry & Building Services Ltd

Notes to the Financial Statements for the Period from 1 January 2017 to 31 March 2018

 

2018

2016

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2018
£

2016
£

Current loans and borrowings

Other borrowings

26,730

28,056

11

Dividends

Final dividends paid

 

2018
£

2016
£

Final dividend of £50 (2016 - £48) per each Ordinary Shares share

5,000

4,800

     

12

Related party transactions

Directors' remuneration

The director's remuneration for the period was as follows:

2018
£

2016
£

Remuneration

11,500

-