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Company Registration number: SC310883

GTR Contracts Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 October 2023

 

GTR Contracts Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

GTR Contracts Limited

Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

9,283,107

8,458,258

Current assets

 

Stocks

5

343,399

296,664

Debtors

6

812,140

906,097

Cash at bank and in hand

 

848,876

356,173

 

2,004,415

1,558,934

Creditors: Amounts falling due within one year

7

(2,743,287)

(2,864,856)

Net current liabilities

 

(738,872)

(1,305,922)

Total assets less current liabilities

 

8,544,235

7,152,336

Creditors: Amounts falling due after more than one year

7

(3,507,849)

(3,345,199)

Provisions for liabilities

(805,063)

(487,619)

Net assets

 

4,231,323

3,319,518

Capital and reserves

 

Called up share capital

2

2

Retained earnings

4,231,321

3,319,516

Shareholders' funds

 

4,231,323

3,319,518

 

GTR Contracts Limited

Balance Sheet as at 31 October 2023 (continued)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: SC310883

Approved and authorised by the director on 12 December 2023
 

.........................................
Mr G A Russell
Director

 

GTR Contracts Limited

Notes to the financial statements for the Year Ended 31 October 2023

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Terraughtie Farm
The Glen
Dumfries
DG2 8PT

These financial statements were authorised for issue by the director on 12 December 2023.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

GTR Contracts Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation 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.

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

Land and buildings

2% Straight line

Plant and machinery

10% Reducing balance

Furniture, fittings and equipment

15% Reducing balance/25% Straight line

Motor vehicles

25% Reducing balance

 

GTR Contracts Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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.

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.

 

GTR Contracts Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 48 (2022 - 45).

 

GTR Contracts Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

4

TANGIBLE ASSETS

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

439,529

81,612

840,426

12,262,930

13,624,497

Additions

-

1,959

416,078

2,117,642

2,535,679

Disposals

-

-

(105,895)

(1,124,252)

(1,230,147)

At 31 October 2023

439,529

83,571

1,150,609

13,256,320

14,930,029

Depreciation

At 1 November 2022

20,808

50,220

502,789

4,592,423

5,166,240

Charge for the year

8,790

8,468

118,489

758,887

894,634

Eliminated on disposal

-

-

(69,065)

(344,887)

(413,952)

At 31 October 2023

29,598

58,688

552,213

5,006,423

5,646,922

Carrying amount

At 31 October 2023

409,931

24,883

598,396

8,249,897

9,283,107

At 31 October 2022

418,722

31,392

337,637

7,670,507

8,458,258

 

GTR Contracts Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

5

STOCKS

2023
£

2022
£

Work in progress

343,399

296,664

6

DEBTORS

Current

2023
£

2022
£

Trade debtors

801,233

895,175

Prepayments

6,645

4,620

Other debtors

4,262

6,302

 

812,140

906,097

7

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

1,629,775

1,503,167

Trade creditors

 

516,046

667,165

Taxation and social security

 

134,891

45,879

Accruals and deferred income

 

8,353

7,100

Other creditors

 

454,222

641,545

 

2,743,287

2,864,856

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,629,775 (2022 - £1,503,167).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

3,507,849

3,345,199

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,507,849 (2022 - £3,345,199).

 

GTR Contracts Limited

Notes to the financial statements for the Year Ended 31 October 2023 (continued)

8

LOANS AND BORROWINGS

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

105,515

213,355

Hire purchase contracts

3,402,334

3,131,844

3,507,849

3,345,199

2023
£

2022
£

Current loans and borrowings

Bank borrowings

101,738

101,737

Bank overdrafts

-

138

Hire purchase contracts

1,528,037

1,401,292

1,629,775

1,503,167