Registered number
12240766
GENERATOR CONTROL AND MAINTENANCE LTD
Filleted Accounts
31 October 2024
GENERATOR CONTROL AND MAINTENANCE LTD
Registered number: 12240766
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 108,428 61,778
Current assets
Stocks 5,000 5,000
Debtors 4 176,281 93,287
Cash at bank and in hand 110,495 45,731
291,776 144,018
Creditors: amounts falling due within one year 5 (130,078) (71,301)
Net current assets 161,698 72,717
Total assets less current liabilities 270,126 134,495
Creditors: amounts falling due after more than one year 6 (5,273) (4,341)
Provisions for liabilities (20,035) (10,889)
Net assets 244,818 119,265
Capital and reserves
Called up share capital 1 1
Profit and loss account 244,817 119,264
Shareholder's funds 244,818 119,265
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R W Norfolk
Director
Approved by the board on 10 February 2025
GENERATOR CONTROL AND MAINTENANCE LTD
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements over 5 years
Plant and machinery over 4 years
Motor Vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company, including director. 5 3
3 Tangible fixed assets
Leasehold improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 7,446 26,753 65,543 99,742
Additions - 40,552 58,745 99,297
Disposals - - (25,950) (25,950)
At 31 October 2024 7,446 67,305 98,338 173,089
Depreciation
At 1 November 2023 2,978 7,602 27,384 37,964
Charge for the year 1,489 7,523 17,685 26,697
At 31 October 2024 4,467 15,125 45,069 64,661
Net book value
At 31 October 2024 2,979 52,180 53,269 108,428
At 31 October 2023 4,468 19,151 38,159 61,778
4 Debtors 2024 2023
£ £
Trade debtors 161,123 88,299
Other debtors 15,158 4,988
176,281 93,287
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,667 4,274
Obligations under finance lease and hire purchase contracts 7,895 4,561
Trade creditors 15,206 19,211
Taxation and social security costs 100,579 40,789
Other creditors 4,731 2,466
130,078 71,301
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,823 3,166
Obligations under finance lease and hire purchase contracts 2,450 1,175
5,273 4,341
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 8,505 16,356
8 Other information
GENERATOR CONTROL AND MAINTENANCE LTD is a private company limited by shares and incorporated in England. Its registered office is:
8 Blue Barns Business Park
Old Ipswich Road, Ardleigh
Colchester
Essex
CO7 7FX
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