Company Registration No. 03549182 (England and Wales)
GAVIN TURNER SITE ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GAVIN TURNER SITE ENGINEERING LIMITED
COMPANY INFORMATION
Director
Mr G J Turner
Secretary
Mrs J Turner
Company number
03549182
Registered office
18 Miller Street
Droitwich
Worcestershire
WR9 8HL
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Starling Bank Limited
3rd Floor
2 Finsbury Avenue
London
EC2M 2PP
GAVIN TURNER SITE ENGINEERING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
GAVIN TURNER SITE ENGINEERING LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GAVIN TURNER SITE ENGINEERING LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gavin Turner Site Engineering Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Gavin Turner Site Engineering Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gavin Turner Site Engineering Limited and state those matters that we have agreed to state to the Board of Directors of Gavin Turner Site Engineering Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gavin Turner Site Engineering Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Gavin Turner Site Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gavin Turner Site Engineering Limited. You consider that Gavin Turner Site Engineering Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Gavin Turner Site Engineering Limited. 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 financial statements.
Ormerod Rutter Limited
13 July 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
GAVIN TURNER SITE ENGINEERING LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,025
6,683
Current assets
Debtors
5
3,818
6,144
Cash at bank and in hand
21,969
9,394
25,787
15,538
Creditors: amounts falling due within one year
6
(18,401)
(12,232)
Net current assets
7,386
3,306
Total assets less current liabilities
13,411
9,989
Creditors: amounts falling due after more than one year
7
(3,383)
(4,869)
Provisions for liabilities
8
(1,145)
(1,270)
Net assets
8,883
3,850
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
8,882
3,849
Total equity
8,883
3,850
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 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.
GAVIN TURNER SITE ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 13 July 2023.
Mr G J Turner
Director
Company Registration No. 03549182
GAVIN TURNER SITE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Gavin Turner Site Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 Miller Street, Droitwich, Worcestershire, WR9 8HL.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
33% on cost
1.4
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:
Plant and machinery
20% on reducing balance
Computer equipment
25% on reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
GAVIN TURNER SITE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
GAVIN TURNER SITE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Intangible fixed assets
Software
£
Cost
At 1 April 2022 and 31 March 2023
2,223
Amortisation and impairment
At 1 April 2022 and 31 March 2023
2,223
Carrying amount
At 31 March 2023
At 31 March 2022
4
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 April 2022
7,895
7,564
15,459
Additions
525
545
1,070
At 31 March 2023
8,420
8,109
16,529
Depreciation and impairment
At 1 April 2022
4,147
4,629
8,776
Depreciation charged in the year
872
856
1,728
At 31 March 2023
5,019
5,485
10,504
Carrying amount
At 31 March 2023
3,401
2,624
6,025
At 31 March 2022
3,748
2,935
6,683
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,632
5,961
Other debtors
186
183
3,818
6,144
GAVIN TURNER SITE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,492
1,506
Taxation and social security
13,900
8,145
Other creditors
3,009
2,581
18,401
12,232
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,383
4,869
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
1,145
1,270
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
4,875
6,375
Bank loans are secured by way of a government-backed guarantee.
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
1
1
11
Ultimate controlling party
The ultimate controlling party is Mr G J Turner.