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Registration number: 02765364

Gardner Mechanical Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Gardner Mechanical Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Gardner Mechanical Services Limited

(Registration number: 02765364)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

191,662

109,184

Current assets

 

Stocks

5

4,500

4,500

Debtors

6

490,831

640,810

Cash at bank and in hand

 

558,558

582,369

 

1,053,889

1,227,679

Creditors: Amounts falling due within one year

7

(462,244)

(678,581)

Net current assets

 

591,645

549,098

Total assets less current liabilities

 

783,307

658,282

Creditors: Amounts falling due after more than one year

7

(39,894)

(31,874)

Provisions for liabilities

(46,241)

(27,295)

Net assets

 

697,172

599,113

Capital and reserves

 

Called up share capital

100

100

Retained earnings

697,072

599,013

Shareholders' funds

 

697,172

599,113

 

Gardner Mechanical Services Limited

(Registration number: 02765364)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 April 2024 and signed on its behalf by:
 

.........................................
C Stockinger
Company secretary and director

 

Gardner Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for building services engeering work in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Gardner Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

20% reducing balance

Property improvements

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Gardner Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 12).

 

Gardner Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Property improvements
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

-

23,800

13,291

168,832

205,923

Additions

20,477

12,344

12,399

74,855

120,075

Disposals

-

-

(1,748)

-

(1,748)

At 30 September 2023

20,477

36,144

23,942

243,687

324,250

Depreciation

At 1 October 2022

-

8,203

6,718

81,818

96,739

Charge for the year

630

4,367

2,023

30,070

37,090

Eliminated on disposal

-

-

(1,241)

-

(1,241)

At 30 September 2023

630

12,570

7,500

111,888

132,588

Carrying amount

At 30 September 2023

19,847

23,574

16,442

131,799

191,662

At 30 September 2022

-

15,597

6,573

87,014

109,184

5

Stocks

2023
£

2022
£

Other inventories

4,500

4,500

6

Debtors

Current

2023
£

2022
£

Trade debtors

344,181

545,649

Prepayments

32,635

20,890

Other debtors

114,015

74,271

 

490,831

640,810

 

Gardner Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

17,178

11,885

Trade creditors

278,782

341,489

Taxation and social security

162,023

319,606

Other creditors

4,261

5,601

462,244

678,581

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

39,894

31,874

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

7,609

7,733

Hire purchase contracts

9,569

4,152

17,178

11,885

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,510

27,218

Hire purchase contracts

21,384

4,656

39,894

31,874

 

Gardner Mechanical Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Bank borrowings

HSBC bank bounceback loan is denominated in pounds with a nominal interest rate of 2.5%, and the final instalment is due on 27 January 2027. The carrying amount at year end is £26,119 (2022 - £34,951).

The bounceback loan is a government backed lending scheme.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £5,696 (2022 - £8,079).

10

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

D J Stockinger

28,126

4,191

(11,337)

20,980

         
       

C Stockinger

28,127

4,192

(11,338)

20,981

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

D J Stockinger

(260)

30,949

(2,563)

28,126

         
       

C Stockinger

(260)

30,949

(2,562)

28,127

         
       

 

Other transactions with directors

Mr & Mrs Stockinger (directors) had a loan account with the company on which interest has been charged at the HMRC official rate. At the balance sheet date the amount due from Mr & Mrs Stockinger was £41,961 (2022: £56,253).