2023-03-012024-03-312024-03-31falseNI659143GBL CONTRACTS 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GBL CONTRACTS LTD

Registered Number
NI659143
(Northern Ireland)

Unaudited Financial Statements for the Period ended
31 March 2024

GBL CONTRACTS LTD
Company Information
for the period from 1 March 2023 to 31 March 2024

Directors

Jonathan Kelly
Margaret Kelly

Registered Address

128 Foreglen Road
Claudy
BT47 4ED

Registered Number

NI659143 (Northern Ireland)
GBL CONTRACTS LTD
Statement of Financial Position
31 March 2024

Notes

31 Mar 2024

28 Feb 2023

£

£

£

£

Fixed assets
Intangible assets36,0007,000
Tangible assets411,4406,720
17,44013,720
Current assets
Debtors13,35421,209
Cash at bank and on hand2,2741,179
15,62822,388
Creditors amounts falling due within one year(12,524)(16,612)
Net current assets (liabilities)3,1045,776
Total assets less current liabilities20,54419,496
Net assets20,54419,496
Capital and reserves
Called up share capital22
Profit and loss account20,54219,494
Shareholders' funds20,54419,496
The financial statements were approved and authorised for issue by the Board of Directors on 15 October 2024, and are signed on its behalf by:
Jonathan Kelly
Director
Registered Company No. NI659143
GBL CONTRACTS LTD
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 10% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Plant and machinery - 20% Reducing balance Motor Vehicles - 20% Reducing balance
2.Average number of employees

20242023
Average number of employees during the year11
3.Intangible assets

Total

£
Cost or valuation
At 01 March 2310,000
At 31 March 2410,000
Amortisation and impairment
At 01 March 233,000
Charge for year1,000
At 31 March 244,000
Net book value
At 31 March 246,000
At 28 February 237,000
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 March 239,000
Additions9,500
Disposals(3,000)
At 31 March 2415,500
Depreciation and impairment
At 01 March 232,280
Charge for year2,860
On disposals(1,080)
At 31 March 244,060
Net book value
At 31 March 2411,440
At 28 February 236,720