GMK CONTRACTS LIMITED
Company Registration No. 05361647 (England and Wales)
___________________________________________________________________________________________________
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
Capital Business Consultants Limited
2nd Floor, Sterling House
Langston Road
Loughton
Essex
IG10 3TS
GMK CONTRACTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
GMK CONTRACTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,370
13,468
Current assets
Stock and Work in Progress
50,321
19,875
Debtors
4
-
0
675
Cash at bank and in hand
1,487
18,671
51,808
39,221
Creditors: amounts falling due within one year
(57,912)
(61,560)
Net current liabilities
(6,104)
(22,339)
Total assets less current liabilities
4,266
(8,871)
Creditors: amounts falling due after more than one year
5
(19,167)
-
0
Net liabilities
(14,901)
(8,871)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(14,902)
(8,872)
Total equity
(14,901)
(8,871)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 7 September 2022
Mr Martin Kenny
Director
Company Registration No. 05361647
GMK CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information

GMK Contracts Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Sterling House, Langston Road, Loughton, Essex, IG10 3TS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% per annum reducing balance
Motor vehicles
25% per annum reducing balance.
1.4
Stock and Work in Progress

Stock and Work in Progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the Stock and Work in Progress to their present location and condition.

1.5
Government grants

Government grants are recognised at the fair value of the asset received 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
2
GMK CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021
36,513
Additions
54
At 31 March 2022
36,567
Depreciation and impairment
At 1 April 2021
23,045
Depreciation charged in the year
3,152
At 31 March 2022
26,197
Carrying amount
At 31 March 2022
10,370
At 31 March 2021
13,468
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
-
0
675
5
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
19,167
-
0
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
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