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M Geal Construction Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Registration number: 7972853

 

M Geal Construction Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 5

 

M Geal Construction Limited

(Registration number: 7972853)
Statement of financial position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

80,406

107,209

Current assets

 

Stocks

5

2,500

2,500

Debtors

6

966,392

3,667

Cash at bank and in hand

 

145,663

798,783

 

1,114,555

804,950

Creditors: Amounts falling due within one year

7

(118,028)

(71,472)

Net current assets

 

996,527

733,478

Total assets less current liabilities

 

1,076,933

840,687

Provisions for liabilities

(20,102)

(20,370)

Net assets

 

1,056,831

820,317

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,056,731

820,217

Shareholders' funds

 

1,056,831

820,317

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Income statement.

Approved and authorised by the director on 20 June 2024
 

.........................................
Mr M Geal
Director

 

M Geal Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the director on 20 June 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

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.

 

M Geal Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 statement of financial position 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:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing Balance

Furniture, fittings and equipment

25% reducing Balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

 

M Geal Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

53,735

104,215

157,950

At 31 March 2024

53,735

104,215

157,950

Depreciation

At 1 April 2023

11,931

38,810

50,741

Charge for the year

10,451

16,352

26,803

At 31 March 2024

22,382

55,162

77,544

Carrying amount

At 31 March 2024

31,353

49,053

80,406

At 31 March 2023

41,804

65,405

107,209

5

Stocks

2024
£

2023
£

Raw materials and consumables

2,500

2,500

6

Debtors

2024
£

2023
£

Prepayments

4,049

3,667

Other debtors

962,343

-

966,392

3,667

 

M Geal Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

115,728

59,404

Accruals and deferred income

2,300

2,300

Other creditors

-

9,768

118,028

71,472

Creditors: amounts falling due after more than one year

2024
£

2023
£

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Mr M Geal

Directors Loan at 2.25%

(9,768)

251,608

241,840

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

Mr M Geal

Directors Loan at 2.25%

2,613

(12,381)

(9,768)