Registration number: 07935963

G & L Homes Limited

Contents

Company Information	1
Statement of financial position	2
Notes to the Unaudited Financial Statements	3 to 8

G & L Homes Limited

Company Information

Directors

G Mallott LA Rust

Registered office

19 King Street King's Lynn Norfolk PE30 1HB

Accountants

Hayhow & Co Chartered Certified Accountants & Business Advisers19 King Street King's Lynn Norfolk PE30 1HB

G & L Homes Limited

(Registration number: 07935963)
Statement of financial position as at 31 July 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	569	759
Current assets
Stocks	5	512,578	212,543
Debtors	6	7,777	-
Cash at bank and in hand		44,885	21,714
		565,240	234,257
Creditors: Amounts falling due within one year	7	(203,782)	(4,084)
Net current assets		361,458	230,173
Total assets less current liabilities		362,027	230,932
Creditors: Amounts falling due after more than one year	7	(200,000)	-
Net assets		162,027	230,932
Capital and reserves
Called up share capital	8	1,000	500
Capital redemption reserve		-	500
Retained earnings		161,027	229,932
Shareholders' funds		162,027	230,932

For the financial year ending 31 July 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 year 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 2 April 2025 and signed on its behalf by:
 

......................................... LA Rust Director

G & L Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
19 King Street
King's Lynn
Norfolk
PE30 1HB

These financial statements were authorised for issue by the Board on 2 April 2025.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Motor Vehicles	25% Reducing balance
Furniture & Fittings	25% Reducing balance
Plant & Machinery	15% Reducing balance

G & L Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

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.

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.

G & L Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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 statement of comprehensive income 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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

G & L Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
At 1 August 2023	3,200	3,200
At 31 July 2024	3,200	3,200
Depreciation
At 1 August 2023	2,441	2,441
Charge for the year	190	190
At 31 July 2024	2,631	2,631
Carrying amount
At 31 July 2024	569	569
At 31 July 2023	759	759

5

Stocks

	2024 £	2023 £
Work in progress	512,578	212,543

6

Debtors

	2024 £	2023 £
Prepayments	6,247	-
Other debtors	1,530	-
	7,777	-

G & L Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings		197,460	-
Trade creditors		1,306	1,415
Amounts due to related parties	9	426	167
Social security and other taxes		3,359	1,578
Accruals		1,231	924
		203,782	4,084
Due after one year
Loans and borrowings		200,000	-

Creditors include a secure loan, which is secured against the properties currently being built £197,460.

8	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary A shares of £1 each	250	250	250	250
Ordinary B shares of £1 each	500	500	500	500
Ordinary C shares of £1 each	250	250	250	250
	1,000	1,000	1,000	1,000

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

G & L Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

9	Related party transactions

Summary of transactions with other related parties

A loan was received in the year from a directors family member and interest of £8,999 was paid. The loan is still outstanding at the year end £200,000.