Registered number
07631762
Jon Goddard Building Contractor Limited
Unaudited Filleted Accounts
31 May 2023
Jon Goddard Building Contractor Limited
Registered number: 07631762
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,824 23,461
Current assets
Stocks 1,000 1,000
Debtors 4 1,655 -
Cash at bank and in hand 21,643 32,142
24,298 33,142
Creditors: amounts falling due within one year 5 (17,716) (21,279)
Net current assets 6,582 11,863
Total assets less current liabilities 25,406 35,324
Creditors: amounts falling due after more than one year 6 (2,828) (7,571)
Provisions for liabilities (3,576) (4,458)
Net assets 19,002 23,295
Capital and reserves
Called up share capital 100 100
Profit and loss account 18,902 23,195
Shareholder's funds 19,002 23,295
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Jon Goddard
Director
Approved by the board on 15 February 2024
Jon Goddard Building Contractor 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:
Motor Vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Computer Equipment 33.33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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
Computer Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 2,804 6,725 26,314 35,843
Additions 262 1,544 - 1,806
At 31 May 2023 3,066 8,269 26,314 37,649
Depreciation
At 1 June 2022 1,474 4,329 6,579 12,382
Charge for the year 525 985 4,933 6,443
At 31 May 2023 1,999 5,314 11,512 18,825
Net book value
At 31 May 2023 1,067 2,955 14,802 18,824
At 31 May 2022 1,330 2,396 19,735 23,461
4 Debtors 2023 2022
£ £
Overdrawn Directors loan Account 1,564 -
VAT Debtor 91 -
1,655 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,197 4,354
Obligations under finance lease and hire purchase contracts 1,362 1,255
Family Loan G O'brien 3,120 3,120
Trade creditors 1,978 5,184
Taxation and social security costs 3,446 6,259
Other creditors 1,613 1,107
17,716 21,279
6 Creditors: amounts falling due after one year 2023 2022
£ £
Family loan due after 1 year 1,160 4,540
Hire purchase contracts due after 1 year 1,668 3,031
2,828 7,571
7 Related party transactions
Loan From Ms G O'Brien
During the year ending 31st May 2022 Jon Goddard Building Contractors Ltd received a loan for £10,000 from Ms G O'Brien, partner of the Company Director Jon Goddard. The loan was to assist with the purchase of the new van. The repayment term is 39 months and is interest free.
8 Transactions with Director
During the year Jonathan Goddard used a current account with the company to record amounts due to him and amounts drawn by him. As at 31st May 2023 the account was overdrawn by £1,563.79 - this has been repaid on 20th October 2023 via the declaration of a dividend.
As at 31st May 2022 the account shows an amount owing back to Jonathan Goddard as Director of £1,001.22.
9 Controlling party
John Goddard is the sole director and share holder of Jon Goddard Building Contractor Limited and therefore is the ultimate controlling party.
10 Other information
Jon Goddard Building Contractor Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Ty Fabshon
Cwm Lane
Govilion
Monmouthshire
NP7 9RY
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