Registered number
14305436
GAREY CONSTRUCTION LTD
Filleted Accounts
31 August 2024
GAREY CONSTRUCTION LTD
Registered number: 14305436
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 5,200
Tangible assets 4 - 1,860
- 7,060
Current assets
Stocks - 250
Debtors 5 3,779 2,133
Cash at bank and in hand 4,242 8,352
8,021 10,735
Creditors: amounts falling due within one year 6 (7,816) (10,599)
Net current assets 205 136
Total assets less current liabilities 205 7,196
Provisions for liabilities - (353)
Net assets 205 6,843
Capital and reserves
Called up share capital 1 1
Profit and loss account 204 6,842
Shareholder's funds 205 6,843
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mason Garey
Director
Approved by the board on 11 October 2024
GAREY CONSTRUCTION LTD
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company, including the director 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 6,500
Disposals (6,500)
At 31 August 2024 -
Amortisation
At 1 September 2023 1,300
On disposals (1,300)
At 31 August 2024 -
Net book value
At 31 August 2024 -
At 31 August 2023 5,200
Goodwill had been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 467 2,000 2,467
Additions 610 - 610
Disposals (1,077) (2,000) (3,077)
At 31 August 2024 - - -
Depreciation
At 1 September 2023 107 500 607
On disposals (107) (500) (607)
At 31 August 2024 - - -
Net book value
At 31 August 2024 - - -
At 31 August 2023 360 1,500 1,860
5 Debtors 2024 2023
£ £
Trade debtors - 1,946
Other debtors 3,779 187
3,779 2,133
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 2,724 6,696
Other creditors 5,092 3,903
7,816 10,599
7 Other information
GAREY CONSTRUCTION LTD is a private company limited by shares and incorporated in England. Its registered office is:
Braham Hall, New Cottage
Bentley Road
Manningtree
Essex
CO11 2PS
GAREY CONSTRUCTION LTD 14305436 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts July 2024 Mason Garey No description of principal activity 14305436 2022-09-01 2023-08-31 14305436 core:WithinOneYear 2023-08-31 14305436 core:ShareCapital 2023-08-31 14305436 core:RetainedEarningsAccumulatedLosses 2023-08-31 14305436 2023-09-01 2024-08-31 14305436 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 14305436 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 14305436 bus:Director40 2023-09-01 2024-08-31 14305436 1 2023-09-01 2024-08-31 14305436 2 2023-09-01 2024-08-31 14305436 core:Goodwill 2023-09-01 2024-08-31 14305436 core:PlantMachinery 2023-09-01 2024-08-31 14305436 core:Vehicles 2023-09-01 2024-08-31 14305436 countries:England 2023-09-01 2024-08-31 14305436 bus:FRS102 2023-09-01 2024-08-31 14305436 bus:FilletedAccounts 2023-09-01 2024-08-31 14305436 2024-08-31 14305436 core:WithinOneYear 2024-08-31 14305436 core:ShareCapital 2024-08-31 14305436 core:RetainedEarningsAccumulatedLosses 2024-08-31 14305436 core:Goodwill 2024-08-31 14305436 core:PlantMachinery 2024-08-31 14305436 core:Vehicles 2024-08-31 14305436 2023-08-31 14305436 core:Goodwill 2023-08-31 14305436 core:PlantMachinery 2023-08-31 14305436 core:Vehicles 2023-08-31 iso4217:GBP xbrli:pure