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Registered number: 08715053
Gosforth Building Services Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08715053
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 34,620 55,997
Investments 5 55,000 55,000
89,620 110,997
CURRENT ASSETS
Stocks 6 10,990 10,990
Debtors 7 64,764 57,173
Cash at bank and in hand 53,382 121,387
129,136 189,550
Creditors: Amounts Falling Due Within One Year 8 (96,071 ) (116,378 )
NET CURRENT ASSETS (LIABILITIES) 33,065 73,172
TOTAL ASSETS LESS CURRENT LIABILITIES 122,685 184,169
Creditors: Amounts Falling Due After More Than One Year 9 (29,158 ) (26,013 )
NET ASSETS 93,527 158,156
CAPITAL AND RESERVES
Called up share capital 11 60 60
Profit and Loss Account 93,467 158,096
SHAREHOLDERS' FUNDS 93,527 158,156
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gary O'Connor
Director
30th October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Gosforth Building Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08715053 . The registered office is 75-77 Great North Road, Gosforth, Newcastle Upon Tyne, NE3 2DQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 10% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2022: 11)
11 11
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 November 2022 6,790 113,602 - 120,392
Additions - 22,242 6,200 28,442
Disposals - (47,889 ) - (47,889 )
As at 31 October 2023 6,790 87,955 6,200 100,945
Depreciation
As at 1 November 2022 2,990 61,405 - 64,395
Provided during the period 2,240 8,678 155 11,073
Disposals - (9,143 ) - (9,143 )
As at 31 October 2023 5,230 60,940 155 66,325
Net Book Value
As at 31 October 2023 1,560 27,015 6,045 34,620
As at 1 November 2022 3,800 52,197 - 55,997
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5. Investments
Other
£
Cost
As at 1 November 2022 55,000
As at 31 October 2023 55,000
Provision
As at 1 November 2022 -
As at 31 October 2023 -
Net Book Value
As at 31 October 2023 55,000
As at 1 November 2022 55,000
6. Stocks
2023 2022
£ £
Finished goods 10,990 10,990
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 10,132
Prepayments and accrued income 64,050 29,641
Intercompany Loan Account. 360 -
Corporation tax recoverable assets - 17,400
Director's loan account 354 -
64,764 57,173
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 3,900 -
Trade creditors 43,293 24,672
Bank loans and overdrafts 10,000 9,820
Corporation tax 24,262 16,190
Other taxes and social security 12,612 13,085
VAT 1,673 22,756
Intercompany Loan Account - 23,547
Pension fund 331 607
Accruals and deferred income - 503
Director's loan account - 5,198
96,071 116,378
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9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 13,325 -
Bank loans 15,833 26,013
29,158 26,013
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,912 -
Later than one year and not later than five years 16,782 -
21,694 -
Less: Finance charges allocated to future periods 4,469 -
17,225 -
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 60 60
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