1 November 2022 v2024.10.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP116417892022-11-012023-10-31116417892023-10-31116417892022-10-3111641789core:WithinOneYear2023-10-3111641789core:WithinOneYear2022-10-3111641789core:AfterOneYear2023-10-3111641789core:AfterOneYear2022-10-3111641789core:ShareCapital2023-10-3111641789core:ShareCapital2022-10-3111641789core:RetainedEarningsAccumulatedLosses2023-10-3111641789core:RetainedEarningsAccumulatedLosses2022-10-3111641789bus:Director12022-11-012023-10-3111641789bus:RegisteredOffice2022-11-012023-10-3111641789core:NetGoodwill2022-11-012023-10-3111641789core:Goodwill2022-11-012023-10-3111641789core:PlantMachinery2022-11-012023-10-3111641789core:FurnitureFittingsToolsEquipment2022-11-012023-10-3111641789core:MotorVehicles2022-11-012023-10-31116417892021-11-012022-10-3111641789core:NetGoodwill2023-10-3111641789core:NetGoodwill2022-11-0111641789core:NetGoodwill2022-10-3111641789core:PlantMachinery2022-11-0111641789core:PlantMachinery2023-10-3111641789core:PlantMachinery2022-10-311164178912022-11-012023-10-3111641789countries:EnglandWales2022-11-012023-10-3111641789bus:AuditExemptWithAccountantsReport2022-11-012023-10-3111641789bus:PrivateLimitedCompanyLtd2022-11-012023-10-3111641789bus:SmallEntities2022-11-012023-10-3111641789bus:FullAccounts2022-11-012023-10-31
Company registration number:
11641789
GP Masonry Ltd
Unaudited Filleted Financial Statements for the year ended
31 October 2023
GP Masonry Ltd
Statement of Financial Position
31 October 2023
20232022
Note££
Fixed assets    
Intangible assets 5
6,800
 
7,650
 
Tangible assets 6
74,435
 
26,722
 
81,235
 
34,372
 
Current assets    
Stocks
16,083
 
22,111
 
Debtors 7
108,953
 
91,975
 
Cash at bank and in hand
13,343
 
8,463
 
138,379
 
122,549
 
Creditors: amounts falling due within one year 8
(86,827
)
(87,725
)
Net current assets
51,552
 
34,824
 
Total assets less current liabilities 132,787   69,196  
Creditors: amounts falling due after more than one year 9
(56,832
)
(24,124
)
Net assets
75,955
 
45,072
 
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
75,855
 
44,972
 
Shareholders funds
75,955
 
45,072
 
For the year ending
31 October 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
20 February 2024
, and are signed on behalf of the board by:
Mr G Percy
Director
Company registration number:
11641789
GP Masonry Ltd
Notes to the Financial Statements
Year ended
31 October 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
5 The Hollies
,
Cheslyn Hay
,
Walsall
,
West Midlands
,
WS6 7BF
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

These financial statements have been prepared on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
10% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
20% reducing balance
Fixtures, fittings and equipment
20% reducing balance
Motor vehicles
20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2022:
2.00
).

5 Intangible assets

Goodwill
£
Cost  
At
1 November 2022
and
31 October 2023
8,500
 
Amortisation  
At
1 November 2022
850
 
Charge
850
 
At
31 October 2023
1,700
 
Carrying amount  
At
31 October 2023
6,800
 
At 31 October 2022
7,650
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 November 2022
31,305
 
Additions
56,637
 
Disposals
(3,000
)
At
31 October 2023
84,942
 
Depreciation  
At
1 November 2022
4,583
 
Charge
7,388
 
Disposals
(1,464
)
At
31 October 2023
10,507
 
Carrying amount  
At
31 October 2023
74,435
 
At 31 October 2022
26,722
 
Included in the above amounts are assets held under hire purchase agreements with a net book value of £70,731 (2022 - £21,660). Depreciation has been charged on these assets of £6,459 (2022 - £1,140).

7 Debtors

20232022
££
Trade debtors
56,723
 
24,440
 
Other debtors
52,230
 
67,535
 
108,953
 
91,975
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
3,000
 
6,400
 
Trade creditors
7,418
 
29,648
 
Taxation and social security
8,815
 
27,911
 
Other creditors
67,594
 
23,766
 
86,827
 
87,725
 
Included within the above is £12,147 (2022 - £4,086) for which security has been given under hire purchase agreements.

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
5,538
 
8,802
 
Other creditors
51,294
 
15,322
 
56,832
 
24,124
 
Included within the above is £51,294 (2022 - £15,322) for which security has been given under hire purchase agreements.

10 Controlling party

The ultimate controlling party is Mr G Percy.