Registration number: 14371011

G Corcoran Carpentry Ltd

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 6

G Corcoran Carpentry Ltd

(Registration number: 14371011)
Balance Sheet as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	6,000	8,000
Tangible assets	5	844	1,125
		6,844	9,125
Current assets
Debtors	6	3,502	5,166
Cash at bank and in hand		11,283	21,462
		14,785	26,628
Creditors: Amounts falling due within one year	7	(13,554)	(22,416)
Net current assets		1,231	4,212
Net assets		8,075	13,337
Capital and reserves
Called up share capital		101	100
Retained earnings		7,974	13,237
Shareholders' funds		8,075	13,337

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 March 2025
 

......................................... G Corcoran Director

G Corcoran Carpentry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1	General information

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

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

G Corcoran Carpentry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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
Motor vehicles	25% reducing balance

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	20% straight line

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.

G Corcoran Carpentry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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 the director) during the year, was 2 (2023 - 2).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 October 2023	10,000	10,000
At 30 September 2024	10,000	10,000
Amortisation
At 1 October 2023	2,000	2,000
Amortisation charge	2,000	2,000
At 30 September 2024	4,000	4,000
Net book value
At 30 September 2024	6,000	6,000
At 30 September 2023	8,000	8,000

G Corcoran Carpentry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation
At 1 October 2023	1,500	1,500
At 30 September 2024	1,500	1,500
Depreciation
At 1 October 2023	375	375
Charge for the year	281	281
At 30 September 2024	656	656
Net book value
At 30 September 2024	844	844
At 30 September 2023	1,125	1,125

6

Debtors

	Note	2024 £	2023 £
Trade debtors		3,502	2,000
Amounts owed by related parties	8	-	3,166
		3,502	5,166

7

Creditors

Amounts falling due within one year

	2024 £	2023 £
Due within one year
Taxation and social security	4,315	7,036
Accruals and deferred income	1,346	415
Other creditors	7,893	14,965
	13,554	22,416

G Corcoran Carpentry Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8	Related party transactions

Summary of transactions with entities with joint control or significant interest

During the year the company traded on a commercial terms with another company under common control. The company received repayments amounting to £3,166. At the Balance Sheet date the company is owed £0 (2023 - £3,166).