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Company No: 02477122 (England and Wales)

GYNN CONSTRUCTION LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

GYNN CONSTRUCTION LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

GYNN CONSTRUCTION LIMITED

BALANCE SHEET

As at 31 May 2024
GYNN CONSTRUCTION LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 643,225 601,385
643,225 601,385
Current assets
Stocks 4 55,816 140,931
Debtors 5 1,728,201 1,562,106
Cash at bank and in hand 198,053 230,769
1,982,070 1,933,806
Creditors: amounts falling due within one year 6 ( 1,627,502) ( 1,477,201)
Net current assets 354,568 456,605
Total assets less current liabilities 997,793 1,057,990
Creditors: amounts falling due after more than one year 7 ( 376,100) ( 371,345)
Provision for liabilities ( 16,234) ( 15,636)
Net assets 605,459 671,009
Capital and reserves
Called-up share capital 8 300 300
Profit and loss account 605,159 670,709
Total shareholder's funds 605,459 671,009

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Gynn Construction Limited (registered number: 02477122) were approved and authorised for issue by the Board of Directors on 23 October 2024. They were signed on its behalf by:

D G Derry
Director
GYNN CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
GYNN CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gynn Construction Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Kestle Quarry, Sladesbridge, Wadebridge, Cornwall, PL27 6JB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Plant and machinery 15 % reducing balance
3 - 4 years straight line
Vehicles 25 % reducing balance
4 years straight line
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 41 40

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 June 2023 87,712 453,014 410,844 80,268 1,031,838
Additions 0 62,923 173,850 0 236,773
Disposals 0 ( 61,000) ( 84,426) 0 ( 145,426)
At 31 May 2024 87,712 454,937 500,268 80,268 1,123,185
Accumulated depreciation
At 01 June 2023 26,316 235,337 102,218 66,582 430,453
Charge for the financial year 4,386 59,122 59,518 2,053 125,079
Disposals 0 ( 38,808) ( 36,764) 0 ( 75,572)
At 31 May 2024 30,702 255,651 124,972 68,635 479,960
Net book value
At 31 May 2024 57,010 199,286 375,296 11,633 643,225
At 31 May 2023 61,396 217,677 308,626 13,686 601,385

Included within the net book value of land and buildings above is £57,010 (2023 £61,396) in respect of short leasehold land and buildings.

4. Stocks

2024 2023
£ £
Raw materials 2,500 2,500
Work in progress 53,316 138,431
55,816 140,931

5. Debtors

2024 2023
£ £
Trade debtors 1,542,977 1,425,973
Amounts owed by Parent undertakings 127,436 28,322
Amounts owed by directors 0 22,944
Amounts recoverable on contracts 28,549 0
Prepayments 16,195 19,978
VAT recoverable 13,044 34,889
Other debtors 0 30,000
1,728,201 1,562,106

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,172,183 1,172,604
Amounts owed to connected companies 10,113 10,113
Amounts owed to directors 58,182 0
Accruals 42,533 6,665
Corporation tax 154,124 146,163
Other taxation and social security 49,566 38,929
Obligations under finance leases and hire purchase contracts 113,094 102,061
Other creditors 27,707 666
1,627,502 1,477,201

The finance lease liabilities are secured over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 376,100 371,345

The finance lease liabilities are secured over the assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
300 Ordinary shares of £ 1.00 each 300 300

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 6,359 0

The company leases motor vehicles under contract hire.

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
D G Derry 18,629 (8,413)
J L Derry 18,629 (8,413)
K M Derry 20,924 (6,118)

The directors operate interest free loans with the company. At the balance sheet date the amounts due to the directors were as shown above.

Other related party transactions

Gynn Construction Holdings Limited
(Parent company)
Intercompany loan
The company operates a loan account with Gynn Construction Holdings Limited. At the balance sheet date the amount due from Gynn Construction Holdings Limited was £127,436 (2023 £28,322 due to Gynn Construction Holdings Limited).

Gynn Investments Limited
(A company in which D G Derry and J L Derry are directors and controlling parties)
Intercompany loan
The company operates a loan account with Gynn Investments Limited. At the balance sheet date the amount due to Gynn Investments Limited was £10,113 (2023 £10,113).