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Registration number: 05225653

G & G Joinery Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

G & G Joinery Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

G & G Joinery Services Limited

Company Information

Director

Mr G J Hassall

Company secretary

Mr G J Hassall

Registered office

10 Hurricane Court
Hurricane Drive
Speke
LIVERPOOL
L24 8RL

Accountants

Harbour Key Limited
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

G & G Joinery Services Limited

(Registration number: 05225653)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,254,895

898,622

Debtors

5

71,659

25,011

 

1,326,554

923,633

Current assets

 

Debtors

5

3,676,924

3,124,141

Cash at bank and in hand

 

353,479

888,622

 

4,030,403

4,012,763

Creditors: Amounts falling due within one year

6

(1,637,111)

(1,477,357)

Net current assets

 

2,393,292

2,535,406

Total assets less current liabilities

 

3,719,846

3,459,039

Creditors: Amounts falling due after more than one year

6

(449,823)

(729,551)

Provisions for liabilities

(302,081)

(185,748)

Net assets

 

2,967,942

2,543,740

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Retained earnings

2,967,842

2,543,640

Shareholders' funds

 

2,967,942

2,543,740

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

G & G Joinery Services Limited

(Registration number: 05225653)
Balance Sheet as at 30 September 2023

Approved and authorised by the director on 28 February 2024
 

.........................................
Mr G J Hassall
Company secretary and director

 

G & G Joinery Services Limited

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

1

General information

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

The address of its registered office is:
10 Hurricane Court
Hurricane Drive
Speke
LIVERPOOL
L24 8RL
England

These financial statements were authorised for issue by the director on 28 February 2024.

The principal place of business is the same as the registered office.

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.

The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Government grants

Government grants are recognised on the accruals model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or assets. Grants relating to revenue are recognised over the estimated useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

G & G Joinery Services Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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 income 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Nil

Plant and machinery

Reducing balance 25%

Commercial vehicles

Reducing balance 25%

Equipment

Reducing balance 25%

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 & G Joinery Services Limited

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

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 & G Joinery Services Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the Balance Sheet. The corresponding dividends relating to the liability component are charges as interest in the Profit and Loss Account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction value (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market value of interest for a similar debt instrument.

 Impairment
Asset, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ("CGUs") of which the goodwill is a part. Any impairment in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

G & G Joinery Services Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 23 (2022 - 18).

 

G & G Joinery Services Limited

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

4

Tangible assets

Land and buildings
£

Equipment
£

Commercial vehicle
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 October 2022

175,000

185,191

1,175,710

16,072

1,551,973

Additions

-

26,161

664,355

-

690,516

Disposals

-

(16,015)

(374,950)

-

(390,965)

At 30 September 2023

175,000

195,337

1,465,115

16,072

1,851,524

Depreciation

At 1 October 2022

-

146,321

491,141

15,889

653,351

Charge for the year

-

11,670

213,970

46

225,686

Eliminated on disposal

-

(10,139)

(272,269)

-

(282,408)

At 30 September 2023

-

147,852

432,842

15,935

596,629

Carrying amount

At 30 September 2023

175,000

47,485

1,032,273

137

1,254,895

At 30 September 2022

175,000

38,870

684,569

183

898,622

 

G & G Joinery Services Limited

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

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,734,154

1,670,671

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

1,343,890

1,170,409

Prepayments

 

222,248

170,511

Other debtors

9

376,632

112,550

   

3,676,924

3,124,141

Details of non-current trade and other debtors

£71,659 (2022 -£25,011) of other debtors is classified as non current. Loans has been made to an unconnected company over a period of 4 years, payable by monthly instalments, with interest charged at 2% / 2.25% per annum. A personal guarantee has also been provided by the director of the borrowing company.

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

430,720

512,056

Trade creditors

 

714,944

380,484

Credit card account

 

37,189

84,835

Taxation and social security

 

89,577

76,586

Other creditors

 

261,838

271,476

Corporation tax

 

87,052

146,337

Other payables

 

15,791

5,583

 

1,637,111

1,477,357

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £430,720 (2022 - £512,056).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

449,823

729,551

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £449,823 (2022 - £729,551).

 

G & G Joinery Services Limited

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

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

300,000

553,901

Hire purchase contracts

149,823

175,650

449,823

729,551

2023
£

2022
£

Current loans and borrowings

Bank borrowings

236,401

387,922

Hire purchase liabilities

194,319

124,134

430,720

512,056

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

1,504

6,284

Later than one year and not later than five years

-

1,504

1,504

7,788

The amount of non-cancellable operating lease payments recognised as an expense during the year was £6,598 (2022 - £7,156).

 

G & G Joinery Services Limited

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

9

Related party transactions

Transactions with the director

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

No repayment terms or interest charged

26,481

255,330

(44,182)

237,629

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

No repayment terms or interest charged

107,415

27,066

(108,000)

26,481

         
       

 

Summary of transactions with group companies

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the Group under section 33.1A of FRS 102.
 

10

Parent undertaking

The company is controlled by its parent company G & G Joinery Services (Holdings) Limited, incorporated in England and Wales.