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REGISTERED NUMBER: 05484301 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

GAP DRAINAGE LIMITED

GAP DRAINAGE LIMITED (REGISTERED NUMBER: 05484301)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GAP DRAINAGE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: G P McQuaid





SECRETARY: Mrs A Harper





REGISTERED OFFICE: Foxgloves
Gig Lane
Carnon Downs
TRURO
Cornwall
TR3 6JS





REGISTERED NUMBER: 05484301 (England and Wales)





ACCOUNTANTS: Lang Bennetts
The Old Carriage Works
Moresk Road
TRURO
Cornwall
TR1 1DG

GAP DRAINAGE LIMITED (REGISTERED NUMBER: 05484301)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 950 -
Tangible assets 5 97,420 63,083
98,370 63,083

CURRENT ASSETS
Stocks 4,250 3,050
Debtors 6 58,051 54,854
Cash at bank 1,308 330
63,609 58,234
CREDITORS
Amounts falling due within one year 7 91,263 55,444
NET CURRENT (LIABILITIES)/ASSETS (27,654 ) 2,790
TOTAL ASSETS LESS CURRENT
LIABILITIES

70,716

65,873

CREDITORS
Amounts falling due after more than one year 8 (30,930 ) (13,085 )

PROVISIONS FOR LIABILITIES (7,475 ) (11,829 )
NET ASSETS 32,311 40,959

CAPITAL AND RESERVES
Called up share capital 102 102
Capital redemption reserve 50 50
Retained earnings 32,159 40,807
32,311 40,959

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GAP DRAINAGE LIMITED (REGISTERED NUMBER: 05484301)

BALANCE SHEET - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 March 2024 and were signed by:





G P McQuaid - Director


GAP DRAINAGE LIMITED (REGISTERED NUMBER: 05484301)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

GAP Drainage Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured using a percentage of completion method.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Franchise license are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GAP DRAINAGE LIMITED (REGISTERED NUMBER: 05484301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 July 2022 75,500 1,000 76,500
Additions - 1,000 1,000
At 30 June 2023 75,500 2,000 77,500
AMORTISATION
At 1 July 2022 75,500 1,000 76,500
Charge for year - 50 50
At 30 June 2023 75,500 1,050 76,550
NET BOOK VALUE
At 30 June 2023 - 950 950
At 30 June 2022 - - -

GAP DRAINAGE LIMITED (REGISTERED NUMBER: 05484301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

5. TANGIBLE FIXED ASSETS
Equipment Motor Office
and tools vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 77,610 31,043 11,610 120,263
Additions 3,877 48,772 1,441 54,090
Disposals - - (4,186 ) (4,186 )
At 30 June 2023 81,487 79,815 8,865 170,167
DEPRECIATION
At 1 July 2022 39,761 11,050 6,369 57,180
Charge for year 7,913 9,675 (2,021 ) 15,567
At 30 June 2023 47,674 20,725 4,348 72,747
NET BOOK VALUE
At 30 June 2023 33,813 59,090 4,517 97,420
At 30 June 2022 37,849 19,993 5,241 63,083

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 52,178 48,943
Other debtors 5,873 5,911
58,051 54,854

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,703 9,667
Hire purchase contracts 7,309 -
Trade creditors 18,430 9,613
Taxation and social security 21,430 21,850
Other creditors 13,391 14,314
91,263 55,444

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 4,000 6,000
Hire purchase contracts 25,290 -
Other creditors 1,640 7,085
30,930 13,085