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Registered number: 02987774










Gordonson Fire Protection Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 November 2023

 
Gordonson Fire Protection Limited
 
  
Chartered Accountants' Report to the Director on the preparation of the Unaudited Statutory Financial Statements of Gordonson Fire Protection Limited for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gordonson Fire Protection Limited for the year ended 30 November 2023 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Gordonson Fire Protection Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Gordonson Fire Protection Limited and state those matters that we have agreed to state to the director of Gordonson Fire Protection Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gordonson Fire Protection Limited and its director for our work or for this report. 

It is your duty to ensure that Gordonson Fire Protection Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gordonson Fire Protection Limited. You consider that Gordonson Fire Protection Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Gordonson Fire Protection Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
2nd Floor
168 Shoreditch High Street
London
E1 6RA
26 July 2024
Page 1

 
Gordonson Fire Protection Limited
Registered number: 02987774

Balance Sheet
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
286,500
241,548

Investments
 6 
1,715
1,512

  
288,215
243,060

Current assets
  

Stocks
  
28,500
27,500

Debtors: amounts falling due within one year
 7 
1,099,688
1,303,568

Cash at bank and in hand
 8 
1,959,098
1,375,465

  
3,087,286
2,706,533

Creditors: amounts falling due within one year
 9 
(1,116,081)
(1,153,957)

Net current assets
  
 
 
1,971,205
 
 
1,552,576

Total assets less current liabilities
  
2,259,420
1,795,636

Creditors: amounts falling due after more than one year
 10 
(72,738)
(82,544)

Provisions for liabilities
  

Deferred Tax
  
(66,369)
(60,387)

  
 
 
(66,369)
 
 
(60,387)

Net assets
  
2,120,313
1,652,705


Capital and reserves
  

Called up share capital 
  
50
50

Capital redemption reserve
  
50
50

Profit and loss account
  
2,120,213
1,652,605

  
2,120,313
1,652,705


Page 2

 
Gordonson Fire Protection Limited
Registered number: 02987774

Balance Sheet (continued)
As at 30 November 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 July 2024.




JD Martin
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Gordonson Fire Protection Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

1.


General information

The company is registered as a private company, limited by shares, incorporated and domiciled in England and Wales. The company's registered office is at Unit 2, Tawney Farm, Tawney Common, Theydon Mount, Epping, Essex CM16 7EU. The principal activities of the company throughout the year were those of installation of sprinkler valves and other fire protection services. The trading address of the company is the same as the registered office.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
Gordonson Fire Protection Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
Gordonson Fire Protection Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & Machinery
-
25%
Straight line
Motor Vehicles
-
25%
Straight line
Fixtures & Fittings
-
15%
Straight line
Office Equipment
-
15%
Straight line
Computer Equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 6

 
Gordonson Fire Protection Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
Gordonson Fire Protection Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets
The company has recognised tangible fixed assets with a carrying value of £286,500 at the reporting date (see note 6).  These assets are stated at their cost less provision for depreciation and impairment.  The company’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired.   For material assets the company determines, at acquisition, reliable estimates for the useful life of the asset, its residual value and decommissioning costs.  These estimates are based upon such factors as the expected use of the acquired asset and market conditions.  At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
Where there are indicators that the carrying value of tangible assets may be impaired the company undertakes tests to determine the recoverable amount of assets.  These tests require estimates of the fair value of assets less cost to sell and of their value in use.  Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset.  The value in use calculation is based upon a discounted cash flow model, based upon the company’s forecasts for the foreseeable future which do not include any restructuring activities that the company is not yet committed to or significant future investments that will enhance the asset’s performance.  The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well expected future cash flows and the growth rate used for extrapolation purposes.


4.



The average monthly number of employees, including directors, during the year was 38 (2022 - 38).

Page 8

 
Gordonson Fire Protection Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

5.


Tangible fixed assets





Plant & Machinery
Motor Vehicles
Computer Equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
50,156
547,275
51,040
648,471


Additions
-
171,094
25,231
196,325


Disposals
-
(41,650)
-
(41,650)



At 30 November 2023

50,156
676,719
76,271
803,146



Depreciation


At 1 December 2022
49,657
310,596
46,670
406,923


Charge for the year on owned assets
184
31,209
9,256
40,649


Charge for the year on financed assets
-
69,074
-
69,074



At 30 November 2023

49,841
410,879
55,926
516,646



Net book value



At 30 November 2023
315
265,840
20,345
286,500



At 30 November 2022
499
236,679
4,370
241,548

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
190,376
236,680

Total
190,376
236,680


6.


Fixed asset investments





Listed Investments

£



Market value


At 1 December 2022
1,512


Revaluations
203



At 30 November 2023
1,715




Page 9

 
Gordonson Fire Protection Limited
 

 
Notes to the Financial Statements
For the Year Ended 30 November 2023

7.


Debtors

2023
2022
£
£


Trade debtors
897,883
1,104,591

Other debtors
160,101
158,385

Prepayments and accrued income
41,704
40,592

1,099,688
1,303,568



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,959,098
1,375,465

1,959,098
1,375,465



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
556,015
772,349

Corporation tax
278,164
133,779

Other taxation and social security
138,729
84,569

Obligations under finance lease and hire purchase contracts
57,034
78,426

Other creditors
71,386
67,034

Accruals and deferred income
14,753
17,800

1,116,081
1,153,957



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
72,738
82,544

72,738
82,544



11.


Pension commitments

The company operates both a Stakeholder and an Executive pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.



Page 10

 
Gordonson Fire Protection Limited
 

Page 11