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COMPANY REGISTRATION NUMBER: 03366760
Garrard Jones Engineering Limited
Filleted Unaudited Abridged Financial Statements
31 May 2024
Garrard Jones Engineering Limited
Abridged Financial Statements
Year Ended 31 May 2024
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 7
Garrard Jones Engineering Limited
Abridged Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
5
67,162
83,485
Current Assets
Stocks
2,000
2,000
Debtors
606,871
399,906
Investments
6
10,000
10,000
Cash at bank and in hand
269,382
175,245
---------
---------
888,253
587,151
Creditors: amounts falling due within one year
596,731
306,595
---------
---------
Net Current Assets
291,522
280,556
---------
---------
Total Assets Less Current Liabilities
358,684
364,041
Provisions
Taxation including deferred tax
3,300
6,300
---------
---------
Net Assets
355,384
357,741
---------
---------
Capital and Reserves
Called up share capital
7
100
100
Profit and loss account
355,284
357,641
---------
---------
Shareholders Funds
355,384
357,741
---------
---------
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 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 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 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Garrard Jones Engineering Limited
Abridged Statement of Financial Position (continued)
31 May 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 25 February 2025 , and are signed on behalf of the board by:
Mr R Jones
Mr A Taylor
Director
Director
Company registration number: 03366760
Garrard Jones Engineering Limited
Notes to the Abridged Financial Statements
Year Ended 31 May 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 business address is Bidstone House, Astwith Close, Holmewood Industrial Estate, Holmewood, Chesterfield, S42 5UR.
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. Recoverable on contracts The value of work in progress comprises the costs incurred on contracts plus an appropriate proportion of overheads and attributable profit. Fees invoiced on account are deducted from the value of work in progress and the balance is separately disclosed in trade and other receivables as amounts recoverable on contracts, unless such fees exceed the value of the work in progress on any contract when the excess is separately disclosed in trade and other payables as fees invoiced in advance. Profit is recognised on a percentage completion basis when the outcome of a contract or project can be reasonably foreseen. Provision is made in full for estimated losses. Where the outcome of a contract cannot be reasonably foreseen, profit is taken on completion.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Leasehold improvements
-
straight line over the lease term
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
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.
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 22 (2023: 16 ).
5. Tangible assets
£
Cost
At 1 June 2023
330,730
Additions
15,174
Disposals
( 48,579)
---------
At 31 May 2024
297,325
---------
Depreciation
At 1 June 2023
247,245
Charge for the year
23,458
Disposals
( 40,540)
---------
At 31 May 2024
230,163
---------
Carrying amount
At 31 May 2024
67,162
---------
At 31 May 2023
83,485
---------
6. Investments
2024
2023
£
£
Other investments
10,000
10,000
--------
--------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
100,000
15,913
Later than 1 year and not later than 5 years
116,667
---------
--------
216,667
15,913
---------
--------
9. Controlling party
The ultimate parent companies are Justice and Hazelwood Limited and Happy Endings Chesterfield Limited , companies incorporated in England and Wales.