Company Registration No. 03750928 (England and Wales)
S.J. Glynn Contracts Limited
Unaudited accounts
for the year ended 31 March 2024
S.J. Glynn Contracts Limited
Statement of financial position
as at 31 March 2024
Tangible assets
192,229
77,897
Cash at bank and in hand
20,056
32,340
Creditors: amounts falling due within one year
(163,574)
(227,059)
Net current (liabilities)/assets
(24,184)
23,405
Total assets less current liabilities
168,045
101,302
Creditors: amounts falling due after more than one year
(40,566)
(37,968)
Provisions for liabilities
Deferred tax
(28,645)
(14,279)
Called up share capital
2
2
Profit and loss account
98,832
49,053
Shareholders' funds
98,834
49,055
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 September 2024 and were signed on its behalf by
S J Glynn
Director
Company Registration No. 03750928
S.J. Glynn Contracts Limited
Notes to the Accounts
for the year ended 31 March 2024
S.J. Glynn Contracts Limited is a private company, limited by shares, registered in England and Wales, registration number 03750928. The registered office is Oakdene, Windermere Road, Benfleet, Essex, SS7 3JF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
S.J. Glynn Contracts Limited
Notes to the Accounts
for the year ended 31 March 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
76,356
318,415
6,338
13,822
414,931
Additions
97,740
47,824
-
1,248
146,812
Disposals
-
(21,621)
-
-
(21,621)
At 31 March 2024
174,096
344,618
6,338
15,070
540,122
At 1 April 2023
69,599
248,481
5,132
13,822
337,034
Charge for the year
11,107
17,625
301
26
29,059
On disposals
-
(18,200)
-
-
(18,200)
At 31 March 2024
80,706
247,906
5,433
13,848
347,893
At 31 March 2024
93,390
96,712
905
1,222
192,229
At 31 March 2023
6,757
69,934
1,206
-
77,897
Amounts falling due within one year
Trade debtors
96,973
201,615
Accrued income and prepayments
5,308
5,276
S.J. Glynn Contracts Limited
Notes to the Accounts
for the year ended 31 March 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
9,853
9,729
Obligations under finance leases and hire purchase contracts
22,279
16,663
Trade creditors
21,133
36,615
Taxes and social security
22,847
51,839
Other creditors
48,607
100,362
Loans from directors
24,559
51
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
28,755
16,031
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).