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Registration number: 02995325

G.N.L. Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

G.N.L. Construction Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

G.N.L. Construction Limited

Company Information

Directors

Mr Gary Goldrick

Mr Neil Martin Goldrick

Company secretary

Mr Liam Joseph Goldrick

Registered office

324 Styal Road
Heald Green
Cheshire
SK8 3UA

Accountants

The Moffatts Partnership LLP
Suite 1.1, First Floor
Jackson House
Sibson Road
Sale
M33 7RR

 

G.N.L. Construction Limited

(Registration number: 02995325)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

472,675

414,461

Current assets

 

Stocks

5

300,602

347,510

Debtors

6

107,821

97,990

Cash at bank and in hand

 

478,009

159,692

 

886,432

605,192

Creditors: Amounts falling due within one year

7

(842,163)

(573,123)

Net current assets

 

44,269

32,069

Total assets less current liabilities

 

516,944

446,530

Creditors: Amounts falling due after more than one year

7

(172,376)

(191,819)

Provisions for liabilities

(118,169)

(78,747)

Net assets

 

226,399

175,964

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

226,299

175,864

Shareholders' funds

 

226,399

175,964

 

G.N.L. Construction Limited

(Registration number: 02995325)
Balance Sheet as at 31 May 2024

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 November 2024 and signed on its behalf by:
 

.........................................
Mr Gary Goldrick
Director

 

G.N.L. Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
324 Styal Road
Heald Green
Cheshire
SK8 3UA

These financial statements were authorised for issue by the Board on 7 November 2024.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis on preparing its financial statements.

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.

Government grants

Government grants are recognised under the accrual model. Income is recognised in the same period that the related expenditure the grant is intended to compensate is incurred.

 

G.N.L. Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

Plant and Machinery

25% Reducing Balance Basis

Motor Vehicles

25% Reducing Balance Basis

Office Equipment

25% Reducing Balance Basis

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.

Trade debtors 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.

 

G.N.L. Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) 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.

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.

Trade creditors 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.

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 shorter of the useful life of the asset and the lease term. 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.

 

G.N.L. Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 17).

 

G.N.L. Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

946,486

124,739

1,071,225

Additions

81,000

120,553

201,553

Disposals

(95,500)

(39,926)

(135,426)

At 31 May 2024

931,986

205,366

1,137,352

Depreciation

At 1 June 2023

560,922

95,842

656,764

Charge for the year

93,276

15,500

108,776

Eliminated on disposal

(65,913)

(34,950)

(100,863)

At 31 May 2024

588,285

76,392

664,677

Carrying amount

At 31 May 2024

343,701

128,974

472,675

At 31 May 2023

385,564

28,897

414,461

5

Stocks

2024
£

2023
£

Work in progress

300,602

347,510

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

21,865

Prepayments

16,583

30,903

Other debtors

91,238

45,222

 

107,821

97,990

 

G.N.L. Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

191,404

182,232

Trade creditors

 

557,874

292,945

Taxation and social security

 

74,872

59,651

Accruals and deferred income

 

8,000

20,969

Other creditors

 

10,013

17,326

 

842,163

573,123

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

172,376

191,819

 

G.N.L. Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,282

108,336

Hire purchase contracts

160,094

83,483

172,376

191,819

Current loans and borrowings

2024
£

2023
£

Bank borrowings

96,055

26,710

Hire purchase contracts

95,349

91,463

Other borrowings

-

64,059

191,404

182,232