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REGISTERED NUMBER: 02145150 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2022

for

GN Construction Limited

GN Construction Limited (Registered number: 02145150)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GN Construction Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: M P Cull
P Rege





REGISTERED OFFICE: Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ





REGISTERED NUMBER: 02145150 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ

GN Construction Limited (Registered number: 02145150)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 68,622 86,225

CURRENT ASSETS
Stocks 1,636,289 796,548
Debtors 5 486,826 671,430
Cash at bank and in hand 1,189,771 1,130,182
3,312,886 2,598,160
CREDITORS
Amounts falling due within one year 6 954,105 373,659
NET CURRENT ASSETS 2,358,781 2,224,501
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,427,403

2,310,726

CREDITORS
Amounts falling due after more than one year 7 (3,970 ) (23,283 )

PROVISIONS FOR LIABILITIES (13,038 ) (16,383 )
NET ASSETS 2,410,395 2,271,060

CAPITAL AND RESERVES
Called up share capital 8 275 275
Capital redemption reserve 725 725
Retained earnings 2,409,395 2,270,060
SHAREHOLDERS' FUNDS 2,410,395 2,271,060

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GN Construction Limited (Registered number: 02145150)

Balance Sheet - continued
31 December 2022


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





M P Cull - Director


GN Construction Limited (Registered number: 02145150)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

GN Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 33% on cost and 10% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33.33% Straight line

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GN Construction Limited (Registered number: 02145150)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2022
and 31 December 2022 237,376 42,265 1,171 280,812
DEPRECIATION
At 1 January 2022 168,704 24,750 1,133 194,587
Charge for year 9,039 8,526 38 17,603
At 31 December 2022 177,743 33,276 1,171 212,190
NET BOOK VALUE
At 31 December 2022 59,633 8,989 - 68,622
At 31 December 2021 68,672 17,515 38 86,225

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2022 119,850
Transfer to ownership (8,600 )
At 31 December 2022 111,250
DEPRECIATION
At 1 January 2022 55,111
Charge for year 6,474
Transfer to ownership (8,600 )
At 31 December 2022 52,985
NET BOOK VALUE
At 31 December 2022 58,265
At 31 December 2021 64,739

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 248,278 17,373
Amounts owed by group undertakings 102,124 504,895
Other debtors 136,424 149,162
486,826 671,430

GN Construction Limited (Registered number: 02145150)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts - 37,629
Hire purchase contracts 19,313 27,903
Trade creditors 421,258 180,601
Amounts owed to group undertakings 313,399 -
Taxation and social security 159,714 120,903
Other creditors 40,421 6,623
954,105 373,659

The bank loans are secured by a fixed and floating charge over the assets of the company.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Hire purchase contracts 3,970 23,283

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
275 Ordinary £1 275 275

9. RELATED PARTY DISCLOSURES

During the year Pelstone Limited, a company in which the directors have a financial interest, was provided with management services of £9,000 (2021: £9,000) and property maintenance services of Nil (2021: £55,751).

GN Construction Limited continued to rent one of the commercial units from Pelstone Limited. The amount paid in the year was £6,851 (2021: £6,851).

As at 31 December 2022 the net amount owed by Pelstone Limited was £102,125 (2021: 166,124) and is included within other debtors in note 8 to the financial statements.

Included in other creditors is an amount of £313,399 (2021: (£338,771)) owed to Spa Developments Ltd, a company in which the directors have a financial interest.

10. ULTIMATE CONTROLLING PARTY

The controlling parties are Mr N R Cull and Mr M P Cull who between them own 90% of the share capital.