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REGISTERED NUMBER: SC168343 (Scotland)















Financial Statements for the Year Ended 30 September 2023

for

Ggd Engineering Ltd.

Ggd Engineering Ltd. (Registered number: SC168343)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Ggd Engineering Ltd.

Company Information
for the Year Ended 30 September 2023







DIRECTORS: Mr G G Donald
Ms J Riddell





SECRETARY: Ms J Riddell





REGISTERED OFFICE: Rashierieve
By Newburgh
Ellon
Aberdeenshire
AB41 6AU





REGISTERED NUMBER: SC168343 (Scotland)





ACCOUNTANTS: The Grant Considine Partnership
Chartered Accountants
46 High Street
Banchory
Aberdeenshire
AB31 5SR

Ggd Engineering Ltd. (Registered number: SC168343)

Statement of Financial Position
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,002,059 1,034,352

CURRENT ASSETS
Stocks 216,956 62,623
Debtors 6 177,014 355,076
Cash at bank 238,795 247,634
632,765 665,333
CREDITORS
Amounts falling due within one year 7 252,210 399,222
NET CURRENT ASSETS 380,555 266,111
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,382,614

1,300,463

CREDITORS
Amounts falling due after more than one year 8 (16,667 ) (28,132 )

PROVISIONS FOR LIABILITIES (16,186 ) (14,040 )
NET ASSETS 1,349,761 1,258,291

CAPITAL AND RESERVES
Called up share capital 3,806 3,806
Retained earnings 1,345,955 1,254,485
SHAREHOLDERS' FUNDS 1,349,761 1,258,291

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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.

Ggd Engineering Ltd. (Registered number: SC168343)

Statement of Financial Position - continued
30 September 2023


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 13 February 2024 and were signed on its behalf by:





Mr G G Donald - Director


Ggd Engineering Ltd. (Registered number: SC168343)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Ggd Engineering Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared under the historical cost convention.

Revenue recognition
Turnover is measured at fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and Value Added Tax.

Income is recognised when the service has been provided, when the amount of revenue can be measured reliably and when its probable that future economic benefits will flow to the entity. If a customer has not been invoiced for services provided during the period the income is accrued and included in debtors under prepayments and accrued income.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses.

Land and building is comprised of freehold property. The company accounts for land and buildings using the historic cost model. It is the opinion of the directors that the valuation is not materially different from cost.

Depreciation on assets 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 shorter.

Freehold property- 2% on cost
Improvements to property- 5% on cost
Plant & Machinery- 20% on reducing balance
Office Equipment- 15% on reducing balance
Motor Vehicles- 25% on reducing balance

Inventories
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Ggd Engineering Ltd. (Registered number: SC168343)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

Ggd Engineering Ltd. (Registered number: SC168343)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2022 1,165,269 555,679 1,720,948
Additions - 7,858 7,858
Disposals - (6,496 ) (6,496 )
At 30 September 2023 1,165,269 557,041 1,722,310
DEPRECIATION
At 1 October 2022 224,436 462,160 686,596
Charge for year 20,652 18,776 39,428
Eliminated on disposal - (5,773 ) (5,773 )
At 30 September 2023 245,088 475,163 720,251
NET BOOK VALUE
At 30 September 2023 920,181 81,878 1,002,059
At 30 September 2022 940,833 93,519 1,034,352

Included in cost of land and buildings is freehold land of £ 132,683 (2022 - £ 132,683 ) which is not depreciated.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 143,257 323,212
Other debtors 33,757 31,864
177,014 355,076

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 1,465 1,758
Trade creditors 71,898 107,853
Taxation and social security 130,122 164,925
Other creditors 48,725 124,686
252,210 399,222

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 1,465
Other creditors 16,667 26,667
16,667 28,132

Ggd Engineering Ltd. (Registered number: SC168343)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   

The bank hold a floating charge and standard security over the company's land and property.