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Registration number: 13272311

Gloucester Road Maintenance Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Gloucester Road Maintenance Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Gloucester Road Maintenance Ltd

Company Information

Directors

Mr L A Carter

Mr L Jones

Company secretary

Ms K J Britton

Registered office

11 Westons Brake
Emersons Green
Bristol
BS16 7BQ

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Gloucester Road Maintenance Ltd

(Registration number: 13272311)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

7,255

16,892

Current assets

 

Stocks

4

19,863

24,583

Debtors

5

88,500

24,644

Cash at bank and in hand

 

-

28,839

 

108,363

78,066

Creditors: Amounts falling due within one year

6

(115,074)

(68,109)

Net current (liabilities)/assets

 

(6,711)

9,957

Total assets less current liabilities

 

544

26,849

Provisions for liabilities

(32)

(1,165)

Net assets

 

512

25,684

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

412

25,584

Shareholders' funds

 

512

25,684

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Gloucester Road Maintenance Ltd

(Registration number: 13272311)
Balance Sheet as at 28 February 2023

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 November 2023 and signed on its behalf by:
 

.........................................
Mr L A Carter
Director

 

Gloucester Road Maintenance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Gloucester Road Maintenance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

25% reducing balance

Office equipment

33% reducing balance

Motor vehicles

25% reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Gloucester Road Maintenance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Gloucester Road Maintenance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

756

14,200

7,648

22,604

Additions

711

-

457

1,168

Disposals

-

(11,000)

-

(11,000)

At 28 February 2023

1,467

3,200

8,105

12,772

Depreciation

At 1 March 2022

250

3,550

1,912

5,712

Charge for the year

406

600

1,549

2,555

Eliminated on disposal

-

(2,750)

-

(2,750)

At 28 February 2023

656

1,400

3,461

5,517

Carrying amount

At 28 February 2023

811

1,800

4,644

7,255

At 28 February 2022

506

10,650

5,736

16,892

4

Stocks

2023
£

2022
£

Work in progress

16,863

21,383

Other inventories

3,000

3,200

19,863

24,583

 

Gloucester Road Maintenance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

79,211

24,644

Prepayments

299

-

Other debtors

8,990

-

 

88,500

24,644

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

35,165

26,200

Trade creditors

 

50,221

6,739

Taxation and social security

 

23,774

33,170

Accruals and deferred income

 

3,783

2,000

Other creditors

 

2,131

-

 

115,074

68,109

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

80

80

80

80

Ordinary B shares of £1 each

20

20

20

20

 

100

100

100

100

 

Gloucester Road Maintenance Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

10,084

-

Other borrowings

25,081

26,200

35,165

26,200

9

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

26,201

26,201

Advanced

51,381

51,381

Repaid

(52,501)

(52,501)

At end of period

25,081

25,081

2022

Key management
£

Total
£

Advanced

33,551

33,551

Repaid

(7,350)

(7,350)

At end of period

26,201

26,201