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COMPANY REGISTRATION NUMBER: 01620686
Glapwell Contracting Services Limited
Filleted Unaudited Abridged Financial Statements
31 July 2024
Glapwell Contracting Services Limited
Abridged Financial Statements
Year Ended 31 July 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Glapwell Contracting Services Limited
Abridged Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
5
114,426
118,122
Current Assets
Stocks
192,158
92,322
Debtors
1,400,289
1,535,990
Cash at bank and in hand
1,359,378
932,756
------------
------------
2,951,825
2,561,068
Creditors: amounts falling due within one year
1,246,050
884,752
------------
------------
Net Current Assets
1,705,775
1,676,316
------------
------------
Total Assets Less Current Liabilities
1,820,201
1,794,438
Provisions
4,025
------------
------------
Net Assets
1,816,176
1,794,438
------------
------------
Capital and Reserves
Called up share capital
6
10,000
10,000
Profit and loss account
1,806,176
1,784,438
------------
------------
Shareholders Funds
1,816,176
1,794,438
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Glapwell Contracting Services Limited
Abridged Statement of Financial Position (continued)
31 July 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 4 February 2025 , and are signed on behalf of the board by:
R Staniforth
Director
Company registration number: 01620686
Glapwell Contracting Services Limited
Notes to the Abridged Financial Statements
Year Ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, Derbyshire, S40 1LA. The company's place of business is Newbridge Works, Whitting Valley Road, Old Whittington, Chesterfield, S41 9EY.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.
Income tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
5% reducing balance
Motor vehicles
-
20% straight line
Government grants
Government and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 21 ).
5. Tangible assets
£
Cost
At 1 August 2023
604,016
Additions
394
---------
At 31 July 2024
604,410
---------
Depreciation
At 1 August 2023
485,894
Charge for the year
4,090
---------
At 31 July 2024
489,984
---------
Carrying amount
At 31 July 2024
114,426
---------
At 31 July 2023
118,122
---------
6. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
12,343
11,727
Later than 1 year and not later than 5 years
29,326
13,602
--------
--------
41,669
25,329
--------
--------
8. Contingent liabilities
In connection with the sale of products in the ordinary course of business, the company is required on occasions to provide irrevocable bank guarantees in order to warrant the fulfillment of its obligations under the terms of the contract with its customer. At 31st July 2024 such indemnities given by the company's bankers totalled £458,460 (2023: £573,806). The directors do not expect any of the arrangements to result in any material loss to the company.
9. Directors' advances, credits and guarantees
At the Company's year end Mr R Staniforth had an overdrawn directors loan accounts of £nil (2023: £12,644).
10. Related party transactions
The company is under the control of Glapwell Contracting Services Holdings Limited. The ultimate controlling party is considered to be Mr M Staniforth, by virtue of his shareholdings and directorship in that company.