2022-11-012023-10-312023-10-31false09276750GILES & GILES CONTRACTORS 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GILES & GILES CONTRACTORS LIMITED

Registered Number
09276750
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

GILES & GILES CONTRACTORS LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

GILES, Ben Andrew
GILES, Joe William Thomas
GILES, Nicola Michelle

Company Secretary

GILES, Nicola Michelle

Registered Address

North Colchester Business Centre
340 The Crescent
Colchester
CO4 9AD

Registered Number

09276750 (England and Wales)
GILES & GILES CONTRACTORS LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets555,03922,529
55,03922,529
Current assets
Stocks731,63222,481
Debtors8547,885318,988
Cash at bank and on hand191,1451,201
770,662342,670
Creditors amounts falling due within one year9(513,818)(204,896)
Net current assets (liabilities)256,844137,774
Total assets less current liabilities311,883160,303
Creditors amounts falling due after one year10(111,221)(105,380)
Provisions for liabilities12(2,113)-
Net assets198,54954,923
Capital and reserves
Called up share capital100100
Profit and loss account198,44954,823
Shareholders' funds198,54954,923
The financial statements were approved and authorised for issue by the Board of Directors on 14 November 2023, and are signed on its behalf by:
GILES, Ben Andrew
Director
Registered Company No. 09276750
GILES & GILES CONTRACTORS LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings15-
Plant and machinery25-
Fixtures and fittings25-
Vehicles25-
Office Equipment-3
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year55
5.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 November 2212,0009,78111,8134,9678,87447,435
Additions-1,61041,370-4,89547,875
At 31 October 2312,00011,39153,1834,96713,76995,310
Depreciation and impairment
At 01 November 223,3413,9678,7082,1336,75724,906
Charge for year1,2991,7098,6017083,04815,365
At 31 October 234,6405,67617,3092,8419,80540,271
Net book value
At 31 October 237,3605,71535,8742,1263,96455,039
At 31 October 228,6595,8143,1052,8342,11722,529
6.Directors advances, credits and guarantees
During the year a loan account subsisted between the company and the directors. B/fwd £(55,921), Advances £105,288, Credits £(113,778), C/fwd £(64,411). No interest is charged on the loan.
7.Stocks

2023

2022

££
Other stocks31,63222,481
Total31,63222,481
8.Debtors

2023

2022

££
Trade debtors / trade receivables94,03121,279
Other debtors24,1102,569
Prepayments and accrued income429,744295,140
Total547,885318,988
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables343,67668,793
Bank borrowings and overdrafts20,89719,178
Taxation and social security63,0529,743
Finance lease and HP contracts6,078-
Other creditors80,11571,362
Accrued liabilities and deferred income-35,820
Total513,818204,896
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts84,482105,380
Other creditors26,739-
Total111,221105,380
11.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts26,738-
12.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)2,113-
Total2,113-