G.S. Kelsey Construction Limited 3136550 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of building contractors Digita Accounts Production Advanced 6.30.9574.0 true 3136550 2022-04-01 2023-03-31 3136550 2023-03-31 3136550 bus:OrdinaryShareClass1 2023-03-31 3136550 core:CapitalRedemptionReserve 2023-03-31 3136550 core:RetainedEarningsAccumulatedLosses 2023-03-31 3136550 core:ShareCapital 2023-03-31 3136550 core:CurrentFinancialInstruments 2023-03-31 3136550 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 3136550 core:FurnitureFittingsToolsEquipment 2023-03-31 3136550 core:LandBuildings 2023-03-31 3136550 core:MotorVehicles 2023-03-31 3136550 bus:SmallEntities 2022-04-01 2023-03-31 3136550 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 3136550 bus:FullAccounts 2022-04-01 2023-03-31 3136550 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 3136550 bus:RegisteredOffice 2022-04-01 2023-03-31 3136550 bus:Director2 2022-04-01 2023-03-31 3136550 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 3136550 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 3136550 core:Buildings 2022-04-01 2023-03-31 3136550 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 3136550 core:LandBuildings 2022-04-01 2023-03-31 3136550 core:MotorVehicles 2022-04-01 2023-03-31 3136550 core:PlantMachinery 2022-04-01 2023-03-31 3136550 core:OtherRelatedParties 2022-04-01 2023-03-31 3136550 countries:England 2022-04-01 2023-03-31 3136550 2022-03-31 3136550 core:FurnitureFittingsToolsEquipment 2022-03-31 3136550 core:LandBuildings 2022-03-31 3136550 core:MotorVehicles 2022-03-31 3136550 2021-04-01 2022-03-31 3136550 2022-03-31 3136550 bus:OrdinaryShareClass1 2022-03-31 3136550 core:CapitalRedemptionReserve 2022-03-31 3136550 core:RetainedEarningsAccumulatedLosses 2022-03-31 3136550 core:ShareCapital 2022-03-31 3136550 core:CurrentFinancialInstruments 2022-03-31 3136550 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 3136550 core:FurnitureFittingsToolsEquipment 2022-03-31 3136550 core:LandBuildings 2022-03-31 3136550 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 3136550

G.S. Kelsey Construction Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

G.S. Kelsey Construction Limited

(Registration number: 3136550)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

49,465

58,314

Current assets

 

Stocks

144,585

129,585

Debtors

5

1,404,722

1,938,767

Cash at bank and in hand

 

527,388

638,247

 

2,076,695

2,706,599

Creditors: Amounts falling due within one year

6

(1,182,912)

(1,828,274)

Net current assets

 

893,783

878,325

Total assets less current liabilities

 

943,248

936,639

Provisions for liabilities

79,312

64,208

Net assets

 

1,022,560

1,000,847

Capital and reserves

 

Called up share capital

9

925

925

Capital redemption reserve

75

75

Retained earnings

1,021,560

999,847

Shareholders' funds

 

1,022,560

1,000,847

 

G.S. Kelsey Construction Limited

(Registration number: 3136550)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 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.

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 28 November 2023 and signed on its behalf by:
 


Mr A Kelsey
Director

   
 

G.S. Kelsey Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
15 Old School Lane
Bottesford
Scunthorpe
North Linconshire
DN16 3RD

The financial statements are presented in Sterling, which is the functional currency of the company,
rounded to the nearest pound.

Registered number: 03136550.

2

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 contracting work executed during the year plus the invoiced value of other sales. The valuation of contracting work is based on measured valuations, incorporating profit earned to the valuation date and adjusted for any anticipated losses. Other sales are invoiced upon performance of the services provided.

The amount by which recorded turnover on uncompleted contracts is in excess of payments on account is classified as amounts recoverable on contracts and is within debtors.

The amount by which payments on account on uncompleted contracts is in excess of recorded turnover is classified as long term contract payments on account and is within creditors.

Turnover is shown net of 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.

 

G.S. Kelsey Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Government grants

Grant income relating to revenue is recognised on an accruals basis. Income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support with no future relared costs, is recognised as income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises 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 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.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office premises

5% per annum on cost

Plant and machinery

20% per annum on written down value

Motor vehicles

25% per annum on written down value

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.

 

G.S. Kelsey Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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 less aprovision 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.

Sales retentions are held within debtors until they are received.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method.

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.

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 at the transaction price.

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.

 

G.S. Kelsey Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 28 (2022 - 36).

4

Tangible assets

Office premises
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

41,446

67,612

73,061

182,119

Additions

-

948

-

948

At 31 March 2023

41,446

68,560

73,061

183,067

Depreciation

At 1 April 2022

14,025

51,938

57,842

123,805

Charge for the year

2,764

3,325

3,708

9,797

At 31 March 2023

16,789

55,263

61,550

133,602

Carrying amount

At 31 March 2023

24,657

13,297

11,511

49,465

At 31 March 2022

27,421

15,674

15,219

58,314

 

G.S. Kelsey Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Debtors

2023
£

2022
£

Trade debtors

781,981

1,012,735

Amounts recoverable on long term contracts

514,383

806,768

Other debtors

108,358

119,264

1,404,722

1,938,767

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

16,667

200,000

Trade creditors

 

770,072

1,225,179

Social security and other taxes

 

119,943

170,284

Other creditors

 

276,230

232,811

 

1,182,912

1,828,274

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

16,667

200,000

8

Related party transactions

Summary of transactions with other related parties

During the year interest free loans were made to the directors totalling £6,778 (2022 - £7,567) which are included in other debtors.
 

 

G.S. Kelsey Construction Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

925

925

925

925