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Company No: 12772779 (England and Wales)

GC MAINTENANCE LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

GC MAINTENANCE LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

GC MAINTENANCE LTD

BALANCE SHEET

As at 31 July 2023
GC MAINTENANCE LTD

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 108,275 82,208
Investments 5 5,000 18,000
113,275 100,208
Current assets
Debtors 6 119,025 111,224
Cash at bank and in hand 383,340 107,194
502,365 218,418
Creditors: amounts falling due within one year 7 ( 96,779) ( 45,317)
Net current assets 405,586 173,101
Total assets less current liabilities 518,861 273,309
Creditors: amounts falling due after more than one year 8 0 2
Provision for liabilities 9 ( 27,069) ( 13,803)
Net assets 491,792 259,508
Capital and reserves
Called-up share capital 100 100
Profit and loss account 491,692 259,408
Total shareholders' funds 491,792 259,508

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of GC Maintenance LTD (registered number: 12772779) were approved and authorised for issue by the Board of Directors on 16 April 2024. They were signed on its behalf by:

T A J Cordell
Director
GC MAINTENANCE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
GC MAINTENANCE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GC Maintenance LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable from the sale of goods or exchange services, excluding discounts, rebates, value added tax and other sales taxes. Turnover is not recognised when goods or services are exchanged for goods or services that are of a similar nature and value or when the transaction lacks commercial substance.

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with the ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probably that the company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

The percentage of completion method is used to calculate the revenue recognised at the period end.

Turnover from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probably that the economic benefits associated with the transaction will flow to the entity;
- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Taxation

Current tax
The tax expense for the period comprises of current 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 corporation 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.

Tangible fixed 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.

Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Other investments are recognised initially at cost. Subsequently, they are measured at fair value through profit or loss using the revaluation method.

Trade and other debtors

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, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. 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 transaction.

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.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Classification

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement

All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 August 2022 22,696 83,670 1,788 108,154
Additions 19,217 25,600 5,284 50,101
Disposals ( 6,360) 0 0 ( 6,360)
At 31 July 2023 35,553 109,270 7,072 151,895
Accumulated depreciation
At 01 August 2022 7,186 18,639 121 25,946
Charge for the financial year 5,455 14,286 846 20,587
Disposals ( 2,913) 0 0 ( 2,913)
At 31 July 2023 9,728 32,925 967 43,620
Net book value
At 31 July 2023 25,825 76,345 6,105 108,275
At 31 July 2022 15,510 65,031 1,667 82,208

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 August 2022 18,000 18,000
Movement in fair value ( 13,000) ( 13,000)
At 31 July 2023 5,000 5,000
Carrying value at 31 July 2023 5,000 5,000
Carrying value at 31 July 2022 18,000 18,000

Included within fixed assets investments is a £5,000 investment into Cryptocurrencies. These have been revalued at 31 July 2023 using the revaluation method.

6. Debtors

2023 2022
£ £
Trade debtors 105,826 80,270
Other taxation and social security 4,078 22,693
Other debtors 9,121 8,261
119,025 111,224

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 30,042 11,681
Taxation and social security 64,015 29,747
Other creditors 2,722 3,889
96,779 45,317

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 0 ( 2)

There are no amounts included above in respect of which any security has been given by the small entity.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 27,069 13,803

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts due from director 0 772

During the year the company made advances of £Nil and repayments of £772. The loan from the director to the company is unsecured, interest free and repayable on demand.