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Company registration number:
13843141
GL Projects Limited
Unaudited financial statements
31 January 2024
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
GL Projects Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
GL Projects Limited
Directors and other information
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Directors |
Thomas Hagel-Leak |
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Secretary |
1st Secretaries Limited |
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Company number |
13843141 |
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Registered office |
71-75 Shelton Street |
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Covent Garden |
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London |
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WC2H 9JQ |
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Accountants |
The Barker Partnership |
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17 Central Buildings |
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Market Place |
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Thirsk |
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North Yorkshire |
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YO7 1HD |
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GL Projects Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of GL Projects Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GL Projects Limited for the year ended 31 January 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of GL Projects Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of GL Projects Limited and state those matters that we have agreed to state to the board of directors of GL Projects Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GL Projects Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that GL Projects Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GL Projects Limited. You consider that GL Projects Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of GL Projects Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
19 March 2024
GL Projects Limited
Balance sheet
31 January 2024
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31/01/24 |
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31/01/23 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
45,385 |
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517 |
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_______ |
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_______ |
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45,385 |
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517 |
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Current assets |
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Debtors |
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6 |
297,932 |
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19,471 |
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Cash at bank and in hand |
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4,623 |
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550 |
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_______ |
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_______ |
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302,555 |
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20,021 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
252,404) |
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(
13,096) |
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_______ |
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_______ |
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Net current assets |
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50,151 |
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6,925 |
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_______ |
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_______ |
Total assets less current liabilities |
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95,536 |
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7,442 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
19,167) |
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- |
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Provisions for liabilities |
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(
8,623) |
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- |
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_______ |
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_______ |
Net assets |
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67,746 |
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7,442 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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67,646 |
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7,342 |
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_______ |
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_______ |
Shareholders funds |
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67,746 |
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7,442 |
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_______ |
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_______ |
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
19 March 2024
, and are signed on behalf of the board by:
Thomas Hagel-Leak
Director
Company registration number:
13843141
GL Projects Limited
Notes to the financial statements
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is GL Projects Ltd, 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ. The principal activity of the company is various construction installation services.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
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Plant and machinery |
- |
20 % |
reducing balance |
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Motor vehicles |
- |
20 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
2
).
5.
Tangible assets
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Plant and machinery |
Motor vehicles |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 February 2023 |
566 |
- |
566 |
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Additions |
630 |
46,000 |
46,630 |
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_______ |
_______ |
_______ |
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At 31 January 2024 |
1,196 |
46,000 |
47,196 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 February 2023 |
49 |
- |
49 |
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Charge for the year |
229 |
1,533 |
1,762 |
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_______ |
_______ |
_______ |
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At 31 January 2024 |
278 |
1,533 |
1,811 |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 31 January 2024 |
918 |
44,467 |
45,385 |
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_______ |
_______ |
_______ |
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At 31 January 2023 |
517 |
- |
517 |
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_______ |
_______ |
_______ |
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6.
Debtors
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31/01/24 |
31/01/23 |
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£ |
£ |
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Trade debtors |
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258,892 |
18,084 |
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Other debtors |
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39,040 |
1,387 |
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_______ |
_______ |
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297,932 |
19,471 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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31/01/24 |
31/01/23 |
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£ |
£ |
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Trade creditors |
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223,823 |
- |
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Corporation tax |
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7,706 |
1,601 |
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Other creditors |
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20,875 |
11,495 |
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_______ |
_______ |
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252,404 |
13,096 |
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_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
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31/01/24 |
31/01/23 |
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£ |
£ |
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Bank loans and overdrafts |
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19,167 |
- |
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_______ |
_______ |
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9.
Related party transactions
During the year the directors provided the company with interest free unsecured loans, which have no fixed repayment terms. The amount owed to directors included within creditors was £7,900 (2023: £11,495)