Registration number:
Glasgiven Contracts Limited
for the Year Ended 30 April 2024
Glasgiven Contracts Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Glasgiven Contracts Limited
Company Information
Directors |
Mr Cormac Murphy Mr Colm Rodgers Mr W J J Murphy Mr Vincent Small |
Company secretary |
Mr W J J Murphy |
Registered office |
|
Solicitors |
|
Auditors |
|
Glasgiven Contracts Limited
Strategic Report for the Year Ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024.
Principal activity
The principal activity of the company is that of building and civil engineering contracting.
Fair review of the business
The turnover increased significantly in the year, up by 79% and overall a good level of margin is being achieved by the company, the overall result reflects improved prices on contracts in progress. A review of the contracts being undertaken and awarded in the current financial year would indicate that the margin on contracts will be sustained and the level of turnover will be at a similar level in the year to 30 April 2025 and again in the 2026 financial year.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Turnover |
£000's |
49,395 |
27,609 |
(Loss)/profit before tax |
£000's |
1,224 |
(122) |
Principal risks and uncertainties
The key business risks and uncertainties in the construction sector within which the company operates are market risk and health and safety risk. In the past number of years the company has incurred significant professional fees related to procurement and improved quality submissions to potential clients with the result that the company is currently securing contracts on the basis of quality and not solely on price. The significant efforts in this area have placed the company in a greatly improved position in the market place to gain new contracts in Northern Ireland and in the Republic of Ireland. In relation to health and safety the company has separately designated personnel to ensure the safety of all site and office personnel and compliance with legislation.
The primary focus of the directors has been the health, safety and well being of company staff, clients and their staff and those working in the wider supply chain. The directors have endeavoured to manage any operational disruption, assess financial implications, mitigate risk and take action to ensure the ongoing stability of the business. The directors believe that they have taken the appropriate decisions for the company and that the company is well positioned and will be profitable over the next 12 months.
Approved and authorised by the
......................................... |
Glasgiven Contracts Limited
Directors' Report for the Year Ended 30 April 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The activities of the company expose it to a number of financial risks including credit risk, cash flow risk, liquidity risk, interest rate risk and currency risk. The currency risk of the company is managed by matching inflows and outflows in the same currency and the operation of separate currency bank accounts. This enables the directors to review the exchange rates and transfer funds into sterling at a time that they deem appropriate taking into consideration any opinions received from financial institutions. The company does not engage in hedging in connection with the foreign exchange exposure, however, this position is constantly kept under review. The directors review and agree policies for the prudent management of financial risks as follows:
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
The company is exposed to commodity price risk as a result of its operations, However, given the size of the company operations the costs of managing exposure to commodity price risk exceed any potential benefits. If there is any significant change in the size or nature of the company operations this policy will be revisited.
Credit Risk
The level of credit risk is low as the majority of the customers of the company are government sector. Policies are in place to perform credit checks on any potential non government sector customers.
Liquidity risk
The company seeks to manage liquidity risk by ensuring that sufficient finance is available to meet foreseeable needs by using a mixture of long term and short term debt finance.
Interest rate and cash flow risk
The company is exposed to interest rate risk as a consequence of its financing facilities. The majority of the company borrowings are at variable interest rates, which in recent years with the low base rate has been advantageous and in the current banking climate the potential to change this is limited. The company does not enter into interest rate swaps.
Future developments
The company has had an increased turnover in the year and the turnover is expected to be at a similar level in the 2025 financial year. The directors believe that they have taken the appropriate decisions for the company to enable the company to trade successfully over the next few years.as the company is well positioned with a strong order book for the financial years to 2026
Branches outside the United Kingdom
The company continues to operate a branch in the Republic of Ireland.
Glasgiven Contracts Limited
Directors' Report for the Year Ended 30 April 2024
Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue in business for at least 12 months from the date these financial statements were approved. The company meets its day to day working capital requirements through bank overdraft facilities which, in common with all such facilities, are repayable on demand. The banking facilities with Danske Bank were agreed in August 2024 and will fall due for renewal again in February 2025. Based on ongoing informal discussions it is expected that the bank will continue to support the company under acceptable terms.
Taking these matters into account the directors consider it appropriate to prepare financial statements on the going concern basis.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Glasgiven Contracts Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are 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 and in accordance with FRS 102. They are 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.
Glasgiven Contracts Limited
Independent Auditor's Report to the Members of Glasgiven Contracts Limited
Opinion
We have audited the financial statements of Glasgiven Contracts Limited (the 'company') for the year ended 30 April 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 April 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. |
Basis for opinion
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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Glasgiven Contracts Limited
Independent Auditor's Report to the Members of Glasgiven Contracts Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where 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 directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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.
Glasgiven Contracts Limited
Independent Auditor's Report to the Members of Glasgiven Contracts Limited
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
On the basis of our understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, we considered the risk of non-compliance and to what extent it might have a material effect on the financial statements. The principal laws and regulations that we determined as being the most significant are the Companies Act 2006, FRS 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the relevant UK tax compliance regulations.
- We made enquiries of management to understand how the company is complying with its legal and regulatory obligations.
- We read the board minutes to determine whether any fraud or non-compliance had been identified by the company.
- We evaluated the susceptibility of the financial statements to material misstatement and discussed with management the areas where we believed risk of fraud may be higher and what procedures are in place to prevent or detect fraud or non-compliance.
- We reviewed manual journal entries for any unusual postings.
- We performed tests in areas where significant accounting estimates and judgements are made to assess their reasonableness.
There are inherent limitations in the audit procedures described above. The further removed any 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. Furthermore, the risk of material misstatement due to fraud is higher than the risk of material misstatement due to error, as fraud may involve deliberate concealment.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of this 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.
......................................
For and on behalf of
27 College Gardens
BT9 6BS
Glasgiven Contracts Limited
Profit and Loss Account for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit/(loss) |
|
( |
|
Interest payable and similar charges |
( |
( |
|
(43,025) |
(73,456) |
||
Profit/(loss) before tax |
|
( |
|
Taxation |
( |
- |
|
Profit/(loss) for the financial year |
|
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Glasgiven Contracts Limited
Statement of Comprehensive Income for the Year Ended 30 April 2024
2024 |
2023 |
|
Profit/(loss) for the year |
|
( |
Total comprehensive income for the year |
|
( |
Glasgiven Contracts Limited
(Registration number: NI018020)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
- |
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
......................................... |
Glasgiven Contracts Limited
Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 May 2023 |
|
- |
|
|
|
Profit for the year |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
New share capital subscribed |
|
|
- |
- |
|
At 30 April 2024 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
At 1 May 2022 |
|
- |
|
|
Loss for the year |
- |
- |
( |
( |
Purchase of own share capital |
(5,000) |
5,000 |
(1,005,000) |
(1,005,000) |
At 30 April 2023 |
|
|
|
|
Glasgiven Contracts Limited
Statement of Cash Flows for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit/(loss) for the year |
|
( |
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
- |
|
|
( |
||
Working capital adjustments |
|||
Decrease in stocks |
|
|
|
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
|
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from issue of ordinary shares, net of issue costs |
|
- |
|
Repayment of bank borrowing |
(54,384) |
(51,678) |
|
Proceeds from other borrowing draw downs |
100,000 |
261 |
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
- |
|
Purchase of own shares |
- |
(1,005,000) |
|
Net cash flows from financing activities |
( |
( |
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
Cash and cash equivalents at 1 May |
( |
( |
|
Cash and cash equivalents at 30 April |
3,271,895 |
(629,693) |
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in business for at least 12 months from the date these financial statements were approved. The directors are of the opinion that the company will continue to generate sufficient turnover to enable it to remain profitable, reduce banking liabilities and continue as a going concern.
Judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations on future events. Recognised amounts of construction contract revenues and related receivables reflect management's best estimate of each contract's outcome and stage of completion and includes the assessment of the profitability of ongoing construction contracts. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
2 |
Accounting policies (continued) |
Contract revenue recognition
Turnover on long-term construction contracts is calculated by reference to the stage of completion of the work performed at the reporting date as a proportion of the total contract value together with attributable profit. Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Profit and Loss Account the turnover and related costs as each contract progresses.The excess of recognised turnover over payments on account for each contract are included in debtors as amounts recoverable on contracts.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold buildings |
2% straight line |
Plant and equipment |
12.5% - 33.3% straight line |
Fixtures and fittings |
12.5% straight line |
Motor vehicles |
20% - 25% straight line |
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
2 |
Accounting policies (continued) |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business and are recorded at transaction price.
Trade debtors receivable after one year are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is determined using the weighted average basis method.
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 inventories 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.
Development land in the current year has been included in the balance sheet at the lower of cost and net realisable value. In the years up to 2015 development lands were included within the balance sheet at cost.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Current liabilities are recognised at transaction price. Non-current liabilities are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
2 |
Accounting policies (continued) |
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
2 |
Accounting policies (continued) |
Financial instruments
Classification
Recognition and measurement
Impairment
For financial assets measured at amortised cost, the inpairment loss is measured as the difference between an asset's carrying amount and best estimate and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These 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 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:
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
3 |
Judgements and key sources of estimation uncertainty (continued) |
Useful economic life of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Inventory provision
The company considers the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Building & civil engineering contract income |
|
|
The amount of contract revenue recognised as Turnover in the year was £
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Miscellaneous other operating income |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
Gain on disposal of Tangible assets |
|
|
Operating profit/(loss) |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Foreign exchange losses |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
Other departments |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration (including benefits in kind) |
|
|
Contributions paid to money purchase schemes |
|
|
385,350 |
365,136 |
In respect of the highest paid director:
2024 |
2023 |
|
Remuneration |
|
|
Company contributions to money purchase pension schemes |
|
|
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the income statement
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
- |
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
- |
Tax expense in the income statement |
|
- |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit/(loss) before tax |
|
( |
Corporation tax at standard rate |
|
( |
Decrease from effect of different UK tax rates on some earnings |
( |
- |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Effect of tax losses |
( |
- |
Deferred tax expense relating to changes in tax rates or laws |
|
- |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax increase from effect of unrelieved tax losses carried forward |
- |
|
Total tax charge |
|
- |
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
|||||
At 1 May 2023 |
|
|
|
|
|
Additions |
|
- |
|
- |
|
Disposals |
- |
- |
( |
- |
( |
At 30 April 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 May 2023 |
|
|
|
|
|
Charge for the year |
|
- |
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 30 April 2024 |
|
|
|
|
|
Carrying amount |
|||||
At 30 April 2024 |
|
- |
|
|
|
At 30 April 2023 |
|
- |
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Vehicles, plant and machinery |
162,067 |
130,270 |
Included within the net book value of land and buildings above is £544,667 (2023 - £29,440) in respect of freehold land and buildings.
Stocks |
2024 |
2023 |
|
Development lands and work in progress |
|
|
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
Gross amount due from customers for contract work |
|
|
|
|
|
Less non-current portion |
( |
( |
Total current trade and other debtors |
|
|
Details of non-current trade and other debtors
£141,900 (2023 -£179,017) of other debtors is classified as non current.
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Bank overdrafts |
- |
( |
Cash and cash equivalents in statement of cash flows |
3,271,895 |
(629,693) |
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
37,846 |
- |
|
Loans from directors |
125,518 |
25,518 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Provisions for liabilities |
Deferred tax |
Total |
|
Additional provisions |
|
|
At 30 April 2024 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
5,000 |
|
5,000 |
|
|
882 |
- |
- |
|
|
1,015 |
- |
- |
|
|
|
|
On 03 January 2024 the Ordinary shares of £1 each were re-designated to Ordinary A shares of £1 each, following this Ordinary B shares of £1 each and Ordinary C shares of £1 each were created. In January 2024 882 Ordinary B shares of £1 each were allotted and in March 2024 1,015 C shares of £1 each were allotted.
Reserves |
Share premium reserve
The share premium account comprises the amount in excess of the nominal value received for shares sold, less transaction costs. On 03 January 2024 882 B shares were issued at a premium of £149,118, £118 of the share premium has been paid and the balance has not yet been called by the company.
Capital redemption reserve
The capital redemption reserve represents the nominal value of ordinary shares redeemed by the company.
Profit and loss account
The profit and loss account comprises the company’s retained earnings.
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Loans and borrowings |
2024 |
2023 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
2024 |
2023 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank overdrafts |
- |
|
Hire purchase contracts |
|
|
|
|
Bank borrowings
The bank loan is secured by first legal charges over the development lands of the company, a fixed and floating charge over the assets of the company and by directors' guarantees supported by a legal mortgage over properties. |
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Dividends |
Interim dividends paid
2024 |
2023 |
|||
Interim dividend of £ |
|
- |
||
Glasgiven Contracts Limited
Notes to the Financial Statements for the Year Ended 30 April 2024
Related party transactions |
Summary of transactions with all joint ventures
(Glasgiven Contracts Limited has a 30% holding in BAM Glasgiven JV Limited)
Financial instruments |
Financial assets pledged as collateral
Financial assets at amortised cost
The carrying amount of the financial assets pledged as collateral is £