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COMPANY REGISTRATION NUMBER: 01620686
Glapwell Contracting Services Limited
Filleted Unaudited Abridged Financial Statements
31 July 2023
Glapwell Contracting Services Limited
Abridged Financial Statements
Year Ended 31 July 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Glapwell Contracting Services Limited
Abridged Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
118,122
128,598
Current Assets
Stocks
92,322
85,562
Debtors
1,535,990
1,469,219
Cash at bank and in hand
932,756
514,403
------------
------------
2,561,068
2,069,184
Creditors: amounts falling due within one year
884,752
433,569
------------
------------
Net Current Assets
1,676,316
1,635,615
------------
------------
Total Assets Less Current Liabilities
1,794,438
1,764,213
------------
------------
Net Assets
1,794,438
1,764,213
------------
------------
Capital and Reserves
Called up share capital
6
10,000
10,000
Profit and loss account
1,784,438
1,754,213
------------
------------
Shareholders Funds
1,794,438
1,764,213
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the 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 members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Glapwell Contracting Services Limited
Abridged Statement of Financial Position (continued)
31 July 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
R Staniforth
Director
Company registration number: 01620686
Glapwell Contracting Services Limited
Notes to the Abridged Financial Statements
Year Ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA. The company's place of business is Newbridge Works, Whitting Valley Road, Old Whittington, Chesterfield, S41 9EY.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
5% reducing balance
Motor vehicles
-
20% straight line
Government grants
Government and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 22 ).
5. Tangible assets
£
Cost
At 1 August 2022
717,757
Disposals
( 113,741)
---------
At 31 July 2023
604,016
---------
Depreciation
At 1 August 2022
589,159
Charge for the year
8,826
Disposals
( 112,091)
---------
At 31 July 2023
485,894
---------
Carrying amount
At 31 July 2023
118,122
---------
At 31 July 2022
128,598
---------
6. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
7. Contingent liabilities
In connection with the sale of products in the ordinary course of business, the company is required on occasions to provide irrevocable bank guarantees in order to warrant the fulfilment of its obligations under the terms of the contract with its customer. At 31st July 2023 such indemnities given by the company's bankers totalled £573,806 (2022: £170,679). The directors do not expect any of the arrangements to result in any material loss to the company.
8. Directors' advances, credits and guarantees
At the Company's year end Mr M Staniforth and Mr R Staniforth had overdrawn directors loan accounts of £2,915 and £12,644 respectively, both were repaid within 9 months of the year end.
9. Related party transactions
The company is under the control of Glapwell Contracting Services Holdings Limited. The ultimate controlling party is considered to be Mr M Staniforth, by virtue of his shareholdings and directorship in that company.