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Company No: SC342231 (Scotland)

GCF JOINERS & CONTRACTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

GCF JOINERS & CONTRACTORS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 MAY 2024

Contents

GCF JOINERS & CONTRACTORS LIMITED

BALANCE SHEET

AS AT 29 MAY 2024
GCF JOINERS & CONTRACTORS LIMITED

BALANCE SHEET (continued)

AS AT 29 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 60,201 57,729
60,201 57,729
Current assets
Stocks 3,600 6,500
Debtors 4 162,028 361,182
Cash at bank and in hand 5,262 ( 9,519)
170,890 358,163
Creditors: amounts falling due within one year 5 ( 246,024) ( 376,203)
Net current liabilities (75,134) (18,040)
Total assets less current liabilities (14,933) 39,689
Creditors: amounts falling due after more than one year 6 ( 33,316) ( 41,318)
Provision for liabilities 7 ( 14,738) ( 13,675)
Net liabilities ( 62,987) ( 15,304)
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account ( 62,989 ) ( 15,306 )
Total shareholders' deficit ( 62,987) ( 15,304)

For the financial year ending 29 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of GCF Joiners & Contractors Limited (registered number: SC342231) were approved and authorised for issue by the Board of Directors on 26 February 2025. They were signed on its behalf by:

Mark William Graham
Director
Martin Peter Graham
Director
GCF JOINERS & CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 MAY 2024
GCF JOINERS & CONTRACTORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 MAY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GCF Joiners & Contractors Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit 18a Ben Nevis Industrial Estate, Fort William, PH33 6PR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 3 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 14

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 30 May 2023 27,006 96,938 300 124,244
Additions 723 17,519 0 18,242
At 29 May 2024 27,729 114,457 300 142,486
Accumulated depreciation
At 30 May 2023 14,192 52,023 300 66,515
Charge for the financial year 1,986 13,784 0 15,770
At 29 May 2024 16,178 65,807 300 82,285
Net book value
At 29 May 2024 11,551 48,650 0 60,201
At 29 May 2023 12,814 44,915 0 57,729

4. Debtors

2024 2023
£ £
Trade debtors 128,241 161,626
Corporation tax 0 7,306
Other debtors 33,787 192,250
162,028 361,182

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,249 9,997
Trade creditors 94,262 252,849
Other taxation and social security 120,687 83,293
Obligations under finance leases and hire purchase contracts 11,859 10,458
Other creditors 8,967 19,606
246,024 376,203

Included in Bank loans is a Coronavirus Bounce Back loan of £10,249 (2023- £9,997) which is guaranteed by the UK Government.

The obligations under hire purchase contracts totalling £11,859 (2023 - £10,458) are secured over the assets which the agreements relate to.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,404 20,613
Obligations under finance leases and hire purchase contracts 22,912 20,705
33,316 41,318

Included in Bank loans is a Coronavirus Bounce Back loan of £10,404 (2023 - £20,613) which is guaranteed by the UK Government.

The obligations under hire purchase contracts included within other creditors totalling £22,912 (2023 - £20,705) are secured over the assets which the agreements relate to.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 13,675) ( 8,356)
Charged to the Profit and Loss Account ( 1,063) ( 5,319)
At the end of financial year ( 14,738) ( 13,675)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Financial commitments

Other financial commitments

2024 2023
£ £
Amounts due under operating leases 82,036 92,000