Gater Contractors Limited 05087600 false 2023-04-01 2024-03-30 2024-03-30 The principal activity of the company is that of building contractors. Digita Accounts Production Advanced 6.30.9574.0 true 05087600 2023-04-01 2024-03-30 05087600 2024-03-30 05087600 core:RetainedEarningsAccumulatedLosses 2024-03-30 05087600 core:ShareCapital 2024-03-30 05087600 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-30 05087600 core:CurrentFinancialInstruments 2024-03-30 05087600 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-30 05087600 core:Non-currentFinancialInstruments 2024-03-30 05087600 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-30 05087600 core:Goodwill 2024-03-30 05087600 core:FurnitureFittingsToolsEquipment 2024-03-30 05087600 core:MotorVehicles 2024-03-30 05087600 core:OtherPropertyPlantEquipment 2024-03-30 05087600 1 2024-03-30 05087600 2 2024-03-30 05087600 bus:SmallEntities 2023-04-01 2024-03-30 05087600 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-30 05087600 bus:FullAccounts 2023-04-01 2024-03-30 05087600 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-30 05087600 bus:RegisteredOffice 2023-04-01 2024-03-30 05087600 bus:Director2 2023-04-01 2024-03-30 05087600 bus:Director3 2023-04-01 2024-03-30 05087600 bus:Director4 2023-04-01 2024-03-30 05087600 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-30 05087600 core:Goodwill 2023-04-01 2024-03-30 05087600 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-30 05087600 core:MotorCars 2023-04-01 2024-03-30 05087600 core:MotorVehicles 2023-04-01 2024-03-30 05087600 core:OfficeEquipment 2023-04-01 2024-03-30 05087600 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-30 05087600 core:PlantMachinery 2023-04-01 2024-03-30 05087600 countries:EnglandWales 2023-04-01 2024-03-30 05087600 1 2023-04-01 2024-03-30 05087600 2 2023-04-01 2024-03-30 05087600 2023-03-31 05087600 core:Goodwill 2023-03-31 05087600 core:FurnitureFittingsToolsEquipment 2023-03-31 05087600 core:MotorVehicles 2023-03-31 05087600 core:OtherPropertyPlantEquipment 2023-03-31 05087600 1 2023-03-31 05087600 2 2023-03-31 05087600 2022-04-01 2023-03-31 05087600 2023-03-31 05087600 core:RetainedEarningsAccumulatedLosses 2023-03-31 05087600 core:ShareCapital 2023-03-31 05087600 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 05087600 core:CurrentFinancialInstruments 2023-03-31 05087600 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05087600 core:Non-currentFinancialInstruments 2023-03-31 05087600 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05087600 core:FurnitureFittingsToolsEquipment 2023-03-31 05087600 core:MotorVehicles 2023-03-31 05087600 core:OtherPropertyPlantEquipment 2023-03-31 05087600 1 2023-03-31 05087600 2 2023-03-31 05087600 1 2022-04-01 2023-03-31 05087600 2 2022-04-01 2023-03-31 05087600 1 2022-03-31 05087600 2 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05087600

Gater Contractors Limited

Filleted Unaudited Financial Statements

for the Period from 1 April 2023 to 30 March 2024

 

Gater Contractors Limited
(Registration number: 05087600)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Gater Contractors Limited
(Registration number: 05087600)

Company Information

Directors

Mr D M Gater

Mr W H Gater

Mr H J Gater

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Gater Contractors Limited
(Registration number: 05087600)

Balance Sheet as at 30 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

478,974

425,556

Current assets

 

Stocks

6

6,100

462,461

Debtors

7

600,433

335,916

Cash at bank and in hand

 

769,143

491,148

 

1,375,676

1,289,525

Creditors: Amounts falling due within one year

8

(666,812)

(687,969)

Net current assets

 

708,864

601,556

Total assets less current liabilities

 

1,187,838

1,027,112

Creditors: Amounts falling due after more than one year

8

(12,233)

(22,437)

Provisions for liabilities

(97,162)

(91,316)

Net assets

 

1,078,443

913,359

Capital and reserves

 

Called up share capital

1,100

1,100

Profit and loss account

1,077,343

912,259

Total equity

 

1,078,443

913,359

For the financial period ending 30 March 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Gater Contractors Limited
(Registration number: 05087600)

Balance Sheet as at 30 March 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 March 2025 and signed on its behalf by:
 

.........................................
Mr W H Gater
Director

 

Gater Contractors Limited
(Registration number: 05087600)

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Gater Contractors Limited
(Registration number: 05087600)

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% reducing balance basis

Motor vehicles

20% reducing balance basis

Office equipment

10% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Gater Contractors Limited
(Registration number: 05087600)

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Gater Contractors Limited
(Registration number: 05087600)

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 17 (2023 - 17).

 

Gater Contractors Limited
(Registration number: 05087600)

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

240,000

240,000

At 30 March 2024

240,000

240,000

Amortisation

At 1 April 2023

240,000

240,000

At 30 March 2024

240,000

240,000

Carrying amount

At 30 March 2024

-

-

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 April 2023

22,920

476,925

210,159

710,004

Additions

-

151,090

57,602

208,692

Disposals

-

(63,202)

(13,700)

(76,902)

At 30 March 2024

22,920

564,813

254,061

841,794

Depreciation

At 1 April 2023

11,737

199,947

72,764

284,448

Charge for the period

1,121

62,067

20,879

84,067

Eliminated on disposal

-

(1,027)

(4,668)

(5,695)

At 30 March 2024

12,858

260,987

88,975

362,820

Carrying amount

At 30 March 2024

10,062

303,826

165,086

478,974

At 31 March 2023

11,183

276,978

137,395

425,556

 

Gater Contractors Limited
(Registration number: 05087600)

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

6

Stocks

2024
£

2023
£

Other stocks

6,100

462,461

7

Debtors

2024
£

2023
£

Trade debtors

337,893

23,320

Other debtors

257,272

274,939

Prepayments and accrued income

5,268

37,657

Total current trade and other debtors

600,433

335,916

 

Gater Contractors Limited
(Registration number: 05087600)

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

22,814

9,952

Trade creditors

 

280,713

394,859

Taxation and social security

 

254,994

170,375

Other creditors

 

94,751

98,393

Accrued expenses and deferred income

 

13,540

14,390

 

666,812

687,969

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

12,233

22,437

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,206

9,952

Hire purchase contracts

12,608

-

22,814

9,952

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

12,233

22,437

Hire purchase and finance leases are secured over the assets to which the liability relates.

Bank borrowings are unsecured.

 

Gater Contractors Limited
(Registration number: 05087600)

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 30 March 2024
£

Director 1 - interest bearing loan, repayable on demand

2,185

45,208

(46,727)

666

Director 2 - interest bearing loan, repayable on demand

56,514

93,893

(66,356)

84,051

 

58,699

139,101

(113,083)

84,717

       

 

Interest on beneficial loan arrangements is charged at the average official rate.

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Director 1 - interest bearing loan, repayable on demand

28,626

49,560

(76,001)

2,185

Director 2 - interest bearing loan, repayable on demand

27,887

71,649

(43,022)

56,514

 

56,513

121,209

(119,023)

58,699