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REGISTERED NUMBER: 03622057 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

G.B. WARD (BUILDERS) LTD

G.B. WARD (BUILDERS) LTD (REGISTERED NUMBER: 03622057)

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










Page

Balance sheet 1

Notes to the financial statements 2


G.B. WARD (BUILDERS) LTD (REGISTERED NUMBER: 03622057)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 195,971 86,007

Current assets
Stocks 52,545 1,172,654
Debtors 5 337,439 46,266
Cash at bank 931 26,217
390,915 1,245,137
Creditors
Amounts falling due within one year 6 283,551 1,376,428
Net current assets/(liabilities) 107,364 (131,291 )
Total assets less current liabilities 303,335 (45,284 )

Creditors
Amounts falling due after more than one year 7 (166,245 ) -

Provisions for liabilities 9 (22,498 ) -
Net assets/(liabilities) 114,592 (45,284 )

Capital and reserves
Called up share capital 10 100 100
Retained earnings 114,492 (45,384 )
Shareholders' funds 114,592 (45,284 )

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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 August 2024 and were signed by:




Mr G B Ward - Director


G.B. WARD (BUILDERS) LTD (REGISTERED NUMBER: 03622057)

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


1. Statutory information

G.B. Ward Builders Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03622057. The registered office is 7 & 8 Church Street, Wimborne, BH21 1JH and business address is Amblemead, Broomhill, Wimborne, BH21 7AR.

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.

Preparation of consolidated financial statements
The company is a wholly owned subsidiary and the parent company has taken the option under S399 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover
Turnover represents the total invoice value, excluding VAT, of sales made during the year in respect of the sale of property. Revenue from the sale of completed properties is recognised at the point of completion when the full payment is received or receivable, and the keys are handed over to the purchaser.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress is valued using the 'percentage of completion' method in line with FRS102 requirements.

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 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.

G.B. WARD (BUILDERS) LTD (REGISTERED NUMBER: 03622057)

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


2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 3 (2023 - 3 ) .

4. Tangible fixed assets
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 April 2023 5,000 1,674 93,636 6,189 106,499
Additions - - 216,425 - 216,425
Disposals - - (93,636 ) - (93,636 )
At 31 March 2024 5,000 1,674 216,425 6,189 229,288
Depreciation
At 1 April 2023 2,188 689 14,045 3,570 20,492
Charge for year 703 246 25,528 393 26,870
Eliminated on disposal - - (14,045 ) - (14,045 )
At 31 March 2024 2,891 935 25,528 3,963 33,317
Net book value
At 31 March 2024 2,109 739 190,897 2,226 195,971
At 31 March 2023 2,812 985 79,591 2,619 86,007

G.B. WARD (BUILDERS) LTD (REGISTERED NUMBER: 03622057)

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


4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 April 2023 93,636
Additions 216,425
Disposals (93,636 )
At 31 March 2024 216,425
Depreciation
At 1 April 2023 14,045
Charge for year 25,528
Eliminated on disposal (14,045 )
At 31 March 2024 25,528
Net book value
At 31 March 2024 190,897
At 31 March 2023 79,591

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 415 -
Amounts owed by group undertakings 289,853 7,703
Other debtors 46,275 37,288
Prepayments 896 1,275
337,439 46,266

6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts - 820,700
Hire purchase contracts 12,563 67,358
Trade creditors 28,496 102,792
Amounts owed to group undertakings 222,129 330,161
Tax 8,810 112
Social security and other taxes - 10,982
Pension liability - 257
VAT 4,669 17,711
Other creditors 4,789 24,260
Accruals and deferred income 2,095 2,095
283,551 1,376,428

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts 166,245 -

G.B. WARD (BUILDERS) LTD (REGISTERED NUMBER: 03622057)

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


8. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 820,700

All monies due to or to become due to Lloyds Bank PLC are secured by way of a fixed and floating charge over all the assets of the company, dated 04/06/2021.

There was a legal mortgage held by Lloyds Bank PLC which was secured by way of a fixed and floating charge over 2 Gallows Drive, West Parley, dated 29/06/2021. This charge was satisfied on 14/07/2023

Amounts owing under hire purchase are secured against the assets to which they relate.

9. Provisions for liabilities
2024 2023
£    £   
Deferred tax 22,498 -

Deferred
tax
£   
Provided during year 22,498
Balance at 31 March 2024 22,498

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. Ultimate controlling party

The company is controlled by Mr & Mrs G Ward by virtue of their shareholding in the parent company, Dorset Holdings Limited.