BrightAccountsProduction v1.0.0 v1.0.0 2023-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The Principal activity of the company is the construction of roads and motorways. 11 July 2024 23 21 NI635698 2024-03-31 NI635698 2023-03-31 NI635698 2022-03-31 NI635698 2023-04-01 2024-03-31 NI635698 2022-04-01 2023-03-31 NI635698 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI635698 uk-curr:PoundSterling 2023-04-01 2024-03-31 NI635698 uk-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI635698 uk-bus:FullAccounts 2023-04-01 2024-03-31 NI635698 uk-core:ShareCapital 2024-03-31 NI635698 uk-core:ShareCapital 2023-03-31 NI635698 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 NI635698 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI635698 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-03-31 NI635698 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI635698 uk-bus:FRS102 2023-04-01 2024-03-31 NI635698 uk-core:PlantMachinery 2023-04-01 2024-03-31 NI635698 uk-core:MotorVehicles 2023-04-01 2024-03-31 NI635698 uk-core:CurrentFinancialInstruments 2024-03-31 NI635698 uk-core:CurrentFinancialInstruments 2023-03-31 NI635698 uk-core:WithinOneYear 2024-03-31 NI635698 uk-core:WithinOneYear 2023-03-31 NI635698 uk-core:WithinOneYear 2024-03-31 NI635698 uk-core:WithinOneYear 2023-03-31 NI635698 uk-core:WithinOneYear 2024-03-31 NI635698 uk-core:WithinOneYear 2023-03-31 NI635698 uk-core:AfterOneYear 2024-03-31 NI635698 uk-core:AfterOneYear 2023-03-31 NI635698 uk-core:AfterOneYear 2024-03-31 NI635698 uk-core:AfterOneYear 2023-03-31 NI635698 uk-core:AfterOneYear 2024-03-31 NI635698 uk-core:AfterOneYear 2023-03-31 NI635698 uk-core:BetweenOneTwoYears 2024-03-31 NI635698 uk-core:BetweenOneTwoYears 2023-03-31 NI635698 uk-core:BetweenTwoFiveYears 2024-03-31 NI635698 uk-core:BetweenTwoFiveYears 2023-03-31 NI635698 uk-core:BetweenOneFiveYears 2024-03-31 NI635698 uk-core:BetweenOneFiveYears 2023-03-31 NI635698 uk-core:EmployeeBenefits 2023-03-31 NI635698 uk-core:EmployeeBenefits 2023-04-01 2024-03-31 NI635698 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 NI635698 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-03-31 NI635698 uk-core:OtherDeferredTax 2024-03-31 NI635698 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-03-31 NI635698 uk-core:EmployeeBenefits 2024-03-31 NI635698 2023-04-01 2024-03-31 NI635698 uk-bus:Director1 2023-04-01 2024-03-31 NI635698 uk-bus:Director2 2023-04-01 2024-03-31 NI635698 uk-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI635698
 
 
Gerald Love Contracts Ltd
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2024
Gerald Love Contracts Ltd
Company Registration Number: NI635698
BALANCE SHEET
as at 31 March 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 197,115 84,238
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Current Assets
Stocks 5 253,171 313,413
Debtors 6 379,182 1,216,352
Cash and cash equivalents 63,013 99,670
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695,366 1,629,435
───────── ─────────
Creditors: amounts falling due within one year 7 (194,641) (1,201,113)
───────── ─────────
Net Current Assets 500,725 428,322
───────── ─────────
Total Assets less Current Liabilities 697,840 512,560
 
Creditors:
amounts falling due after more than one year 8 (323,711) (237,174)
 
Provisions for liabilities 9 (9,722) (2,270)
───────── ─────────
Net Assets 364,407 273,116
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Capital and Reserves
Called up share capital 100 100
Retained earnings 364,307 273,016
───────── ─────────
Equity attributable to owners of the company 364,407 273,116
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 11 July 2024 and signed on its behalf by
           
           
________________________________     ________________________________
Gerald Love     Stephen Love
Director     Director
           



Gerald Love Contracts Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
Gerald Love Contracts Ltd  is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 2 Levally Road, Drumboory, Enniskillen, Co Fermanagh, BT74 5GB, Northern Ireland which is also the principal place of business of the company. The Principal activity of the company is the construction of roads and motorways. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
 
Currency
The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 25% Reducing Balance
  Motor vehicles - 25% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at 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 where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was;
 
  2024 2023
  Number Number
 
Employees 23 21
  ═════════ ═════════
         
4. Tangible assets
  Plant and Motor Total
  machinery vehicles  
       
  £ £ £
Cost
At 1 April 2023 110,375 20,720 131,095
Additions 123,587 54,995 178,582
  ───────── ───────── ─────────
At 31 March 2024 233,962 75,715 309,677
  ───────── ───────── ─────────
Depreciation
At 1 April 2023 41,169 5,688 46,857
Charge for the financial year 48,198 17,507 65,705
  ───────── ───────── ─────────
At 31 March 2024 89,367 23,195 112,562
  ───────── ───────── ─────────
Net book value
At 31 March 2024 144,595 52,520 197,115
  ═════════ ═════════ ═════════
At 31 March 2023 69,206 15,032 84,238
  ═════════ ═════════ ═════════
       
5. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 253,171 313,413
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2024 2023
  £ £
 
Trade debtors 354,370 1,176,603
Taxation 24,812 39,749
  ───────── ─────────
  379,182 1,216,352
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts - 74,212
Bank loan 10,166 9,855
Net obligations under finance leases
and hire purchase contracts 27,493 10,835
Trade creditors 125,747 218,305
Taxation 10,981 16,793
Other creditors 466 852,773
Accruals:
Pension accrual 1,488 1,840
Other accruals 18,300 16,500
  ───────── ─────────
  194,641 1,201,113
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 13,886 24,106
Finance leases and hire purchase contracts 107,266 38,269
Directors' loan accounts 202,559 174,799
  ───────── ─────────
  323,711 237,174
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 10,166 84,067
Repayable between one and two years 10,432 9,855
Repayable between two and five years 3,454 14,251
  ───────── ─────────
  24,052 108,173
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 27,493 10,835
Repayable between one and five years 107,266 38,269
  ───────── ─────────
  134,759 49,104
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total
  allowances    
       
  2024 2024 2023
  £ £ £
 
At financial year start 2,270 - 2,018
Charged to profit and loss 11,740 (4,288) 252
  ───────── ───────── ─────────
At financial year end 14,010 (4,288) 2,270
  ═════════ ═════════ ═════════
           
10. Related party transactions
 
The directors had an opening directors loan account balance of £174,799.  During the year Gerald Love Contracts Ltd borrowed £96,619 from the directors and repaid £68,859, leaving a closing balance of £202,559.  (2023 - £174,799).  This is included in the creditors section of the balance sheet.