Company registration number 03015078 (England and Wales)
G D Construction (St Albans) Ltd
Annual Report and Financial Statements
For the year ended 30 June 2024
G D Construction (St Albans) Ltd
Content
Page
Company information
1
Strategic report
2
Director's report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19
G D Construction (St Albans) Ltd
Company Information
- 1 -
Director
Mr K W Hull
Company number
03015078
Registered office
Pendragon House
65 London Road
St Albans
Herts
AL1 1LJ
Auditor
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
G D Construction (St Albans) Ltd
Strategic Report
For the year ended 30 June 2024
- 2 -
The director presents the strategic report for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of commercial and residential building and refurbishment services.
Business review
The Company's turnover during the year was £24,603,416 (2023 - £24,690,076) achieving a gross profit margin of 15.0% (2023 - 17.1%) and which generated an operating profit of £2,031,314 (2023 - £2,724,139).
Future developments
The director aims to maintain the businesses profitability in future years and continue with the current business strategy. The current economic uncertainty caused by inflation and suppliers material prices has had an effect on confidence and could impact turnover in the short term.
Key performance indicators
The directors use the gross profit margin associated with each project to evaluate the performance of the Company.
Priciple risks and uncertainties
The principal risks and uncertainties faced by the Company include the following:
Operating in a competitive market
Reductions in economic growth
Shortage of materials and labour resources
Price changes in raw materials and inflationary pressures
Cut-backs in government funding to the public sector
Changes to the laws and regulations within the market in which the Company operates
Mr K W Hull
Director
5 November 2024
G D Construction (St Albans) Ltd
Director's Report
For the year ended 30 June 2024
- 3 -
The director presents his annual report and financial statements for the year ended 30 June 2024.
Results and dividends
The results for the year are set out on page 8.
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr K W Hull
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information in the strategic report
The company has chosen to set out in the company's strategic report information about its future developments.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
G D Construction (St Albans) Ltd
Director's Report (Continued)
For the year ended 30 June 2024
- 4 -
On behalf of the board
Mr K W Hull
Director
5 November 2024
G D Construction (St Albans) Ltd
Independent Auditor's Report
To the Members of G D Construction (St Albans) Ltd
- 5 -
Opinion
We have audited the financial statements of G D Construction (St Albans) Ltd (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
G D Construction (St Albans) Ltd
Independent Auditor's Report (Continued)
To the Members of G D Construction (St Albans) Ltd
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanations as to what extent the audit was consdiered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed in our approach below:
•
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.
•
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
•
We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. There are inherent limitations in the audit procedures noted above, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
•
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance, miscellaneous receipts and payments testing, journal entry testing, analytical procedures and obtaining additional corroborative evidence as required. In doing so we evaluate whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
•
We recognise that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
•
We communicated relevant key laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud and non-compliance with laws and regulations throughout the audit.
G D Construction (St Albans) Ltd
Independent Auditor's Report (Continued)
To the Members of G D Construction (St Albans) Ltd
- 7 -
We did not identify any audit matters relating to irregularities, including fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Amanda Ruggles
Senior Statutory Auditor
For and on behalf of Gilberts Chartered Accountants (Statutory Auditor)
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
5 November 2024
G D Construction (St Albans) Ltd
Statement of Comprehensive Income
For the year ended 30 June 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
24,603,416
24,690,076
Cost of sales
(20,855,750)
(20,468,481)
Gross profit
3,747,666
4,221,595
Administrative expenses
(1,716,352)
(1,497,456)
Operating profit
4
2,031,314
2,724,139
Interest receivable and similar income
8
56,145
Interest payable and similar expenses
9
(1,394)
(931)
Profit before taxation
2,086,065
2,723,208
Tax on profit
10
(528,698)
(580,105)
Profit for the financial year
1,557,367
2,143,103
The income statement has been prepared on the basis that all operations are continuing operations.
G D Construction (St Albans) Ltd
Statement Of Financial Position
As at 30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
795,129
782,556
Current assets
Debtors
13
3,409,234
3,310,622
Cash at bank and in hand
6,359,798
4,865,996
9,769,032
8,176,618
Creditors: amounts falling due within one year
14
(5,610,566)
(5,348,636)
Net current assets
4,158,466
2,827,982
Net assets
4,953,595
3,610,538
Capital and reserves
Called up share capital
17
32
32
Capital redemption reserve
68
68
Profit and loss reserves
4,953,495
3,610,438
Total equity
4,953,595
3,610,538
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and signed by the director and authorised for issue on 5 November 2024
Mr K W Hull
Director
Company registration number 03015078 (England and Wales)
G D Construction (St Albans) Ltd
Statement of Changes in Equity
For the year ended 30 June 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
37
63
2,372,335
2,372,435
Year ended 30 June 2023:
Profit and total comprehensive income
-
-
2,143,103
2,143,103
Dividends
11
-
-
(155,000)
(155,000)
Own shares acquired
-
-
(750,000)
(750,000)
Redemption of shares
17
5
5
Reduction of shares
17
(5)
-
(5)
Balance at 30 June 2023
32
68
3,610,438
3,610,538
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
1,557,367
1,557,367
Dividends
11
-
-
(214,310)
(214,310)
Balance at 30 June 2024
32
68
4,953,495
4,953,595
G D Construction (St Albans) Ltd
Statement of Cash Flows
For the year ended 30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
2,280,073
2,571,700
Interest paid
(1,394)
(931)
Income taxes paid
(522,632)
(285,058)
Net cash inflow from operating activities
1,756,047
2,285,711
Investing activities
Purchase of tangible fixed assets
(93,389)
(40,242)
Proceeds on disposal of tangible fixed assets
7,993
3,400
Interest received
56,145
Net cash used in investing activities
(29,251)
(36,842)
Financing activities
Purchase of own shares
(750,000)
Payment of finance leases obligations
(18,684)
(26,908)
Dividends paid
(214,310)
(155,000)
Net cash used in financing activities
(232,994)
(931,908)
Net increase in cash and cash equivalents
1,493,802
1,316,961
Cash and cash equivalents at beginning of year
4,865,996
3,549,035
Cash and cash equivalents at end of year
6,359,798
4,865,996
G D Construction (St Albans) Ltd
Notes to the Financial Statements
For the year ended 30 June 2024
- 12 -
1
Accounting policies
Company information
G D Construction (St Albans) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ.
The company's place of business is Unit 4 Spring Valley Business Park, Porters Wood, St Albans, Hertfordshire, AL3 6PD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year recognised by reference to the stage of completion, including estimates of amounts not invoiced.
Revenue from residential property development and the subsequent profit is recognised when the property is structurally completed and legally transferred to the purchaser.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% straight line
Equipment
25% straight line
Motor vehicles
25% straight line
Freehold land is not depreciated.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
G D Construction (St Albans) Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
G D Construction (St Albans) Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 14 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Long-term contracts
In determining the accruals for materials in respect of long-term contracts, estimates are made by reference to each contract's stage of completion and the anticipated overall return.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contracts
24,603,416
24,690,076
2024
2023
£
£
Other revenue
Interest income
56,145
-
The whole of the company's turnover is attributable to activities of the company wholly undertaken in the United Kingdom.
G D Construction (St Albans) Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
- 15 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
78,874
87,268
Profit on disposal of tangible fixed assets
(6,051)
(3,399)
Operating lease charges
7,233
-
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,000
15,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production and on-site support staff
43
42
Management and administrative staff
15
9
Total
58
51
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,096,576
2,906,365
Social security costs
343,496
322,595
Pension costs
125,300
51,629
3,565,372
3,280,589
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
66,933
76,000
Company pension contributions to defined contribution schemes
61,188
440
128,121
76,440
G D Construction (St Albans) Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
- 16 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
53,145
Other interest income
3,000
Total income
56,145
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
53,145
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
1,394
931
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
528,698
580,105
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
2,086,065
2,723,208
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
521,516
558,258
Tax effect of expenses that are not deductible in determining taxable profit
12,778
10,570
Effect of capital allowances and depreciation
(5,596)
11,277
Taxation charge for the year
528,698
580,105
G D Construction (St Albans) Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
- 17 -
11
Dividends
2024
2023
£
£
Final paid
214,310
155,000
12
Tangible fixed assets
Freehold property
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
721,617
174,115
365,473
1,261,205
Additions
25,904
67,485
93,389
Disposals
(11,650)
(11,650)
At 30 June 2024
721,617
200,019
421,308
1,342,944
Depreciation and impairment
At 1 July 2023
78,242
118,400
282,007
478,649
Depreciation charged in the year
10,432
29,831
38,611
78,874
Eliminated in respect of disposals
(9,708)
(9,708)
At 30 June 2024
88,674
148,231
310,910
547,815
Carrying amount
At 30 June 2024
632,943
51,788
110,398
795,129
At 30 June 2023
643,375
55,715
83,466
782,556
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
26,289
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,378,824
1,235,356
Other debtors
2,030,410
2,075,266
3,409,234
3,310,622
G D Construction (St Albans) Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
- 18 -
14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
15
18,684
Trade creditors
1,207,734
1,224,256
Corporation tax
342,665
336,599
Other taxation and social security
664,325
267,870
Deferred income
1,386,950
1,336,540
Other creditors
50,721
45,179
Accruals and deferred income
1,958,171
2,119,508
5,610,566
5,348,636
Hire purchase creditors are secured on the assets concerned.
15
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
18,684
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,300
51,629
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
32
32
32
32
18
Related party transactions
Transactions with related parties
During the year the loan to a shareholder of £300,000 was fully repaid with interest charged at the authorised rate.
G D Construction (St Albans) Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
- 19 -
19
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,557,367
2,143,103
Adjustments for:
Taxation charged
528,698
580,105
Finance costs
1,394
931
Investment income
(56,145)
Gain on disposal of tangible fixed assets
(6,051)
(3,399)
Depreciation and impairment of tangible fixed assets
78,873
87,268
Movements in working capital:
Increase in debtors
(98,611)
(428,111)
Increase/(decrease) in creditors
224,138
(1,144,737)
Increase in deferred income
50,410
1,336,540
Cash generated from operations
2,280,073
2,571,700
20
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
4,865,996
1,493,802
6,359,798
Obligations under finance leases
(18,684)
18,684
-
4,847,312
1,512,486
6,359,798
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