Registered number
04782085
Giove Builders Limited
Filleted Accounts
31 May 2023
Giove Builders Limited
Registered number: 04782085
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,510,492 1,511,628
Current assets
Debtors 4 - 243
Cash at bank and in hand 293,070 417,239
293,070 417,482
Creditors: amounts falling due within one year 5 (391,936) (399,716)
Net current (liabilities)/assets (98,866) 17,766
Total assets less current liabilities 1,411,626 1,529,394
Creditors: amounts falling due after more than one year 6 (792,888) (900,706)
Provisions for liabilities (647) (863)
Net assets 618,091 627,825
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 389,891 389,891
Profit and loss account 228,100 237,834
Shareholders' funds 618,091 627,825
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. B. Giove
Director
Approved by the board on 6 February 2024
Giove Builders Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance method
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 1,507,085 26,345 1,533,430
At 31 May 2023 1,507,085 26,345 1,533,430
Depreciation
At 1 June 2022 - 21,802 21,802
Charge for the year - 1,136 1,136
At 31 May 2023 - 22,938 22,938
Net book value
At 31 May 2023 1,507,085 3,407 1,510,492
At 31 May 2022 1,507,085 4,543 1,511,628
Freehold land and buildings: 2023 2022
£ £
Historical cost 1,117,194 1,117,194
Cumulative depreciation based on historical cost - -
1,117,194 1,117,194
40 Green End Road was revalued in 2017.
4 Debtors 2023 2022
£ £
Other debtors - 243
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 42,320 42,320
Trade creditors 10,224 7,015
Taxation and social security costs 512 17,560
Other creditors 338,880 332,821
391,936 399,716
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 792,888 900,706
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 581,288 693,670
Secured bank loans 835,208 943,026
The YBS has a charge against the freehold properties of the company.
8 Revaluation reserve 2023 2022
£ £
At 1 June 2022 389,891 389,891
At 31 May 2023 389,891 389,891
9 Controlling party
The director controls the company.
10 Other information
Giove Builders Limited is a private company limited by shares and incorporated in England. Its registered office is:
40a Green End Road
Cambridge
CB4 1RY
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