Company registration number 06603896 (England and Wales)
GB CONTRACTS (DRAKE HOUSE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
GB CONTRACTS (DRAKE HOUSE) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
GB CONTRACTS (DRAKE HOUSE) LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
31 December 2022
Notes
£
£
£
£
Fixed assets
Investment property
3
-
0
1,200,000
Current assets
Debtors
-
0
42,398
Cash at bank and in hand
-
0
11,314
-
0
53,712
Creditors: amounts falling due within one year
1
(431,392)
Net current assets/(liabilities)
1
(377,680)
Total assets less current liabilities
1
822,320
Creditors: amounts falling due after more than one year
-
0
(292,173)
Net assets
1
530,147
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
-
0
530,146
Total equity
1
530,147

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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

GB CONTRACTS (DRAKE HOUSE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 15 August 2024
Mr Glenn Brooks
Director
Company registration number 06603896 (England and Wales)
GB CONTRACTS (DRAKE HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

GB Contracts (Drake House) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2-3, Chelworth Industrial Estate, Cricklade, Swindon, Wiltshire, SN6 6HQ.

1.1
Reporting period

FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

 

To that end -

a) The accounting period has been extended by two months to 29. February 2024.

b) The accounting period was extended as the investment property was transferred to the Holding Company G B Contracts Limited on 12. February 2024. G B Contracts (Drake House) will no longer trade after 29. February 2024.

c) Comparative amounts presented in the financial statements are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Going concern

The Company ceased trading as at 29. February 2024.true

1.4
Turnover

Turnover represents rental income received to the 12. February 2024 which is the date that the property was transferred to the parent Company.

1.5
Investment property

 

 

The Investment Property was transferred to the Parent Company on 12. February 2024.

Investment property, which is property held to earn rentals and/or for capital appreciation, is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GB CONTRACTS (DRAKE HOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2022
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 January 2023
1,200,000
Disposals
(1,200,000)
At 29 February 2024
-
0

The basis of the valuation of investment property as at 23 November 2017 by Symonds and Sampson on behalf of Barclays Bank PLC, was sales value in an open market.

No up to date valuation has been completed since due to Covid.

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