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REGISTERED NUMBER: 05301719 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

GLB CONTRACTS LIMITED

GLB CONTRACTS LIMITED (REGISTERED NUMBER: 05301719)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GLB CONTRACTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: M C King





REGISTERED OFFICE: Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN





REGISTERED NUMBER: 05301719 (England and Wales)





ACCOUNTANTS: Clemence Hoar Cummings
Chartered Accountants
Riverside House
1-5 Como Street
Romford
Essex
RM7 7DN

GLB CONTRACTS LIMITED (REGISTERED NUMBER: 05301719)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 250,624 290,698

CURRENT ASSETS
Inventories - 772,150
Debtors 5 478,732 887,707
Cash at bank 451,120 426,016
929,852 2,085,873
CREDITORS
Amounts falling due within one year 6 284,416 791,268
NET CURRENT ASSETS 645,436 1,294,605
TOTAL ASSETS LESS CURRENT
LIABILITIES

896,060

1,585,303

CAPITAL AND RESERVES
Called up share capital 1,030 1,030
Retained earnings 895,030 1,584,273
SHAREHOLDERS' FUNDS 896,060 1,585,303

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 10 June 2024 and were signed by:





M C King - Director


GLB CONTRACTS LIMITED (REGISTERED NUMBER: 05301719)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

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

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 - 20% on reducing balance and 15% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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.

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.

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 10 (2023 - 10 ) .

GLB CONTRACTS LIMITED (REGISTERED NUMBER: 05301719)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. PROPERTY, PLANT AND EQUIPMENT
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 316,979 33,257 7,739 357,975
Additions 6,170 - - 6,170
At 31 March 2024 323,149 33,257 7,739 364,145
DEPRECIATION
At 1 April 2023 57,204 6,651 3,422 67,277
Charge for year 39,892 5,322 1,030 46,244
At 31 March 2024 97,096 11,973 4,452 113,521
NET BOOK VALUE
At 31 March 2024 226,053 21,284 3,287 250,624
At 31 March 2023 259,775 26,606 4,317 290,698

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 477,703 854,392
Other debtors 1,029 1,029
478,732 855,421

Amounts falling due after more than one year:
Trade debtors - 32,286

Aggregate amounts 478,732 887,707

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 29,197 39,202
Hire purchase contracts 1,876 13,133
Trade creditors 137,663 144,626
Taxation and social security 115,487 583,267
Other creditors 193 11,040
284,416 791,268