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Registration number: 05809517

Ginway Construction Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Ginway Construction Ltd

(Registration number: 05809517)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

346,615

391,289

Current assets

 

Debtors

5

118,073

303,914

Cash at bank and in hand

 

134,694

407,239

 

252,767

711,153

Creditors: Amounts falling due within one year

6

(11,787)

(91,853)

Net current assets

 

240,980

619,300

Total assets less current liabilities

 

587,595

1,010,589

Provisions for liabilities

(65,857)

(73,632)

Net assets

 

521,738

936,957

Capital and reserves

 

Called up share capital

100

100

Retained earnings

521,638

936,857

Shareholders' funds

 

521,738

936,957

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 September 2024 and signed on its behalf by:
 

 

Ginway Construction Ltd

(Registration number: 05809517)
Balance Sheet as at 31 December 2023

.........................................
Mr Damian Conway
Director

 

Ginway Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit 15 Station Approach
Hitchin
Hertfordshire
SG4 9UW

These financial statements were authorised for issue by the Board on 9 September 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

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.

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.

 

Ginway Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 income 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:

No depreciation has been charged on Land and Buildings which is a deviation from the companies act, The directors feel this does give a true and fair value. This asset is held at cost.

Asset class

Depreciation method and rate

Office Equipment

33% Straight Line

Plant and Machinery

25% Reducing Balance

Motor Vehicles

20% Reducing Balance

Land and Buildings

No Depreciation

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

 

Ginway Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Ginway Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

120,000

441

133,230

468,699

722,370

Additions

-

2,599

30,622

2,705

35,926

Disposals

-

-

(24,088)

-

(24,088)

At 31 December 2023

120,000

3,040

139,764

471,404

734,208

Depreciation

At 1 January 2023

-

441

50,921

279,719

331,081

Charge for the year

-

335

13,753

47,865

61,953

Eliminated on disposal

-

-

(5,441)

-

(5,441)

At 31 December 2023

-

776

59,233

327,584

387,593

Carrying amount

At 31 December 2023

120,000

2,264

80,531

143,820

346,615

At 31 December 2022

120,000

-

82,309

188,980

391,289

Included within the net book value of land and buildings above is £120,000 (2022 - £120,000) in respect of freehold land and buildings.
 

 

Ginway Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,068

82,420

Amounts owed by related parties

9

69,500

35,500

Prepayments

 

5,430

4,148

Other debtors

 

42,075

181,846

   

118,073

303,914

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

6,220

61,350

Accruals and deferred income

1,975

1,870

Other creditors

3,592

28,633

11,787

91,853

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Dividends

2023

2022

£

£

Interim dividend of £4,035.00 (2022 - £2,000.00) per ordinary share

403,500

200,000

 

 
 

Ginway Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

At the balance sheet date, the company was owed £1,351 (2022: owed £1,159) to the directors of the company. The loan is provided interest free and repayable on demand.

At the balance sheet date, the company was owed £35,500 (2022: £35,500) by ROTO Gen Ltd. The loan is provided interest free and repayable on demand.

At balancew sheet date the company was owed £34,000 (2022: £0) by FD One Systems Ltd, a company connected with a shared parent. There is no interest being charged and the amounts is fully repayable upon demand.
 

 

Ginway Construction Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Parent and ultimate parent undertaking

The company's immediate parent is Ginway Holdings Ltd, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Ginway Holdings Ltd. These financial statements are available upon request from Companies House