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GJG ENVIRONMENTAL LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
GJG Environmental Limited is a private company, limited by shares, registered in England and Wales, registration number 05006064.
The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is Construction House, Porters Wood, Valley Road Industrial Estate, St. Albans, Herts, AL3 6NW.
The principal activity of the company continued to be that of demolition and site clearing contractors.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
The directors are assessing, on a daily basis, the impact of the significant uncertainty arising from the COVID-19 virus. Whilst the directors appreciate there is a significant uncertainty surrounding the future economic climate and is expecting a slowdown in revenue, they remain positive that the company will co ntinue to generate revenue when the environment returns back to normality.
Shareholder funds amounted to a net deficit of £57,805 (2021 - £63,082). The directors have considered the implications of the Insolvency Act 1986 and regard the balance sheet position as temporary only. The directors have ensured that adequate funding will be available throughout the year to meet the company's liabilities when they fall due.
For this reason, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover receivable in respect of demolition and site clearing works is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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