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REGISTERED NUMBER: SC301411 (Scotland)















Financial Statements for the Year Ended 31 May 2024

for

G & G ENGINEERING GROUP LTD

G & G ENGINEERING GROUP LTD (REGISTERED NUMBER: SC301411)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


G & G ENGINEERING GROUP LTD (REGISTERED NUMBER: SC301411)

Balance Sheet
31 May 2024

2024 2023
Notes £    £   
Fixed assets
Intangible assets 4 15,940 27,710
Tangible assets 5 16,285 20,618
32,225 48,328

Current assets
Stocks 5,125 13,478
Debtors 6 266,562 167,235
Cash at bank 113,347 136,261
385,034 316,974
Creditors
Amounts falling due within one year 7 (87,486 ) (79,124 )
Net current assets 297,548 237,850
Total assets less current liabilities 329,773 286,178

Creditors
Amounts falling due after more than one
year

8

(144,232

)

(109,943

)

Provisions for liabilities (3,095 ) (3,918 )
Net assets 182,446 172,317

Capital and reserves
Called up share capital 9 100 100
Retained earnings 182,346 172,217
Shareholders' funds 182,446 172,317

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

G & G ENGINEERING GROUP LTD (REGISTERED NUMBER: SC301411)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2025 and were signed on its behalf by:





R S Grainger - Director


G & G ENGINEERING GROUP LTD (REGISTERED NUMBER: SC301411)

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


1. Statutory information

G & G Engineering Group Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC301411

Registered office: Unit 19 Mid Road Industrial Estate
Prestonpans
East Lothian
EH32 9ER

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

- the amount of turnover can me measured reliably;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the cost to complete the contract can be measured reliably.

Turnover from work performed on construction contracts is recognised by reference to the stage of completion at the balance sheet date and includes an element of profit where appropriate. Where it is expected that the contract costs exceed the contract turnover, the expected loss is recognised in full immediately.

Interest receivable

Interest income is recognised using the effective interest method.

Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen to write off goodwill is 10 years. Provision is made for any impairment.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Depreciation
Depreciation is calculated to write off the cost of tangible fixed assets less their estimated residual values over their estimated useful lives on the undernoted basis.

Motor vehicles25% reducing balance
Equipment15% reducing balance
Computer equipment1/3 reducing balance

G & G ENGINEERING GROUP LTD (REGISTERED NUMBER: SC301411)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


2. Accounting policies - continued

Stock
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Work in progress
Work in progress has been valued at the lower of cost and estimated selling price less costs to sell where the cost includes a relevant proportion of overheads according to the stage of completion.

Taxation
Current taxation represents the amount of taxation 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 taxation rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation represents the future taxation consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits.

Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Pension costs and other post-retirement benefits
The company operates money purchase (defined contribution) pension scheme. Contributions are charged against profits on the amounts payable for the year.

Operating leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Debtors and creditors receivable / payable within one year
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.

Bank and cash
Cash at bank and in hand includes cash and short term highly liquid investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

3. Employees and directors

The average number of employees during the year was 11 (2023 - 11 ) .

G & G ENGINEERING GROUP LTD (REGISTERED NUMBER: SC301411)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


4. Intangible fixed assets
Goodwill
£   
Cost
At 1 June 2023
and 31 May 2024 117,700
Amortisation
At 1 June 2023 89,990
Charge for year 11,770
At 31 May 2024 101,760
Net book value
At 31 May 2024 15,940
At 31 May 2023 27,710

5. Tangible fixed assets
Computer Motor
Equipment equipment vehicles Totals
£    £    £    £   
Cost
At 1 June 2023 19,331 14,939 94,975 129,245
Additions - 873 - 873
At 31 May 2024 19,331 15,812 94,975 130,118
Depreciation
At 1 June 2023 16,267 13,775 78,585 108,627
Charge for year 478 630 4,098 5,206
At 31 May 2024 16,745 14,405 82,683 113,833
Net book value
At 31 May 2024 2,586 1,407 12,292 16,285
At 31 May 2023 3,064 1,164 16,390 20,618


6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 266,562 165,915
Other debtors - 1,320
266,562 167,235

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 29,399 26,948
Taxation and social security 54,730 45,286
Other creditors 3,357 6,890
87,486 79,124

G & G ENGINEERING GROUP LTD (REGISTERED NUMBER: SC301411)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Directors' loans 144,232 109,943

The directors' loans are unsecured, interest free and carry no schedule of repayment. The directors have advised that they will not seek repayment of their loan balances falling due after more than one year within a year of the balance sheet date.

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 A Ordinary £1 50 50
50 B Ordinary £1 50 50
100 100