Registered number
08083246
G T CONSTRUCTION (ILFORD) LTD
Filleted Accounts
31 May 2023
G T CONSTRUCTION (ILFORD) LTD
Registered number: 08083246
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,215 13,572
Current assets
Stocks 24,135 26,635
Debtors 4 - 20,000
Cash at bank and in hand 6,830 9,394
30,965 56,029
Creditors: amounts falling due within one year 5 (38,105) (29,357)
Net current (liabilities)/assets (7,140) 26,672
Net assets 5,075 40,244
Capital and reserves
Called up share capital 100 100
Profit and loss account 4,975 40,144
Shareholders' funds 5,075 40,244
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 Mandeep Singh
Director
Approved by the board on 21 November 2023
G T CONSTRUCTION (ILFORD) LTD
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. 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 Vehicle 10% RBM
Plant and machinery 10% RBM
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 6,039 15,610 21,649
At 31 May 2023 6,039 15,610 21,649
Depreciation
At 1 June 2022 3,847 4,230 8,077
Charge for the year 219 1,138 1,357
At 31 May 2023 4,066 5,368 9,434
Net book value
At 31 May 2023 1,973 10,242 12,215
At 31 May 2022 2,192 11,380 13,572
4 Debtors 2023 2022
£ £
Trade debtors - 20,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Director Loan Account 30,500 16,000
Taxation and social security costs 3,961 5,389
Other creditors 3,644 7,968
38,105 29,357
6 Other information
G T CONSTRUCTION (ILFORD) LTD is a private company limited by shares and incorporated in England. Its registered office is:
51 Lowshoe Lane
Romford
RM5 2AA
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