2022-03-012023-02-282023-02-28falseNI659143GBL CONTRACTS 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GBL CONTRACTS LTD

Registered Number
NI659143
(Northern Ireland)

Unaudited Financial Statements for the Year ended
28 February 2023

GBL CONTRACTS LTD
Company Information
for the year from 1 March 2022 to 28 February 2023

Directors

Jonathan Kelly
Margaret Kelly

Registered Address

128 Foreglen Road
Claudy
BT47 4ED

Registered Number

NI659143 (Northern Ireland)
GBL CONTRACTS LTD
Statement of Financial Position
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets57,0008,000
Tangible assets66,7204,320
13,72012,320
Current assets
Debtors21,20910,426
Cash at bank and on hand1,179-
22,38810,426
Creditors amounts falling due within one year(16,612)(14,988)
Net current assets (liabilities)5,776(4,562)
Total assets less current liabilities19,4967,758
Net assets19,4967,758
Capital and reserves
Called up share capital22
Profit and loss account19,4947,756
Shareholders' funds19,4967,758
The financial statements were approved and authorised for issue by the Board of Directors on 28 November 2023, and are signed on its behalf by:
Jonathan Kelly
Director
Registered Company No. NI659143
GBL CONTRACTS LTD
Notes to the Financial Statements
for the year ended 28 February 2023

1.Statutory information
The company is a private company limited by shares and registered in Northern Ireland. 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
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 (%)
Plant and machinery20
Vehicles20
Intangible assets policy
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 10% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
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.
4.Employee information

20232022
Average number of employees during the year11
5.Intangible assets

Total

£
Cost or valuation
At 01 March 2210,000
At 28 February 2310,000
Amortisation and impairment
At 01 March 222,000
Charge for year1,000
At 28 February 233,000
Net book value
At 28 February 237,000
At 28 February 228,000
6.Property, plant and equipment

Total

£
Cost or valuation
At 01 March 226,000
Additions6,000
Disposals(3,000)
At 28 February 239,000
Depreciation and impairment
At 01 March 221,680
Charge for year1,680
On disposals(1,080)
At 28 February 232,280
Net book value
At 28 February 236,720
At 28 February 224,320