Company registration number 00823358 (England and Wales)
GAYBANK CONSTRUCTION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GAYBANK CONSTRUCTION LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GAYBANK CONSTRUCTION LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
81,353
102,170
Current assets
Stocks
9,312
10,789
Debtors
5
1,288,500
973,038
Cash at bank and in hand
134,635
168,203
1,432,447
1,152,030
Creditors: amounts falling due within one year
6
(1,030,378)
(784,159)
Net current assets
402,069
367,871
Total assets less current liabilities
483,422
470,041
Creditors: amounts falling due after more than one year
7
(10,743)
(29,475)
Provisions for liabilities
(16,094)
(21,298)
Net assets
456,585
419,268
Capital and reserves
Called up share capital
8
4,928
4,928
Capital redemption reserve
2,872
2,872
Profit and loss reserves
448,785
411,468
Total equity
456,585
419,268

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

GAYBANK CONSTRUCTION LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 April 2025 and are signed on its behalf by:
Ms S N Holley
Director
Company registration number 00823358 (England and Wales)
GAYBANK CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Gaybank Construction Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 34 Biddulph Road, South Croydon, Surrey, CR2 6QB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred including materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Nil
Plant and machinery
20% Reducing balance
Fixtures and fittings
20% Straight line
Motor vehicles
25% Reducing balance

Freehold land and assets are not depreciated on the basis that repairs expenditure is incurred to maintain the condition of the asset. Which is at least equivalent to what depreciation would have been.

 

Although this accounting policy is in accordance with FRS 102, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been changed cannot be separately identified or quantified

GAYBANK CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

 

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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GAYBANK CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GAYBANK CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
10
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
16,979
245,028
262,007
Additions
-
0
645
645
At 30 September 2024
16,979
245,673
262,652
Depreciation and impairment
At 1 October 2023
-
0
159,837
159,837
Depreciation charged in the year
-
0
21,462
21,462
At 30 September 2024
-
0
181,299
181,299
Carrying amount
At 30 September 2024
16,979
64,374
81,353
At 30 September 2023
16,979
85,191
102,170

The net book value of tangible fixed assets includes £60,560 (2023: £80,747) in respect of assets held under finance lease or hire purchase contracts. The depreciation charge in respect of such assets amounted to £20,187 (2023: £16,918) for the year.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,099,646
902,377
Gross amounts due from contract customers
167,612
47,458
Other debtors
14,464
16,363
Prepayments and accrued income
6,778
6,840
1,288,500
973,038
GAYBANK CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
-
0
200
Obligations under finance leases
18,732
22,484
Trade creditors
587,453
494,838
Corporation tax
120,969
83,777
Other taxation and social security
114,416
60,664
Other creditors
89,352
43,026
Accruals and deferred income
99,456
79,170
1,030,378
784,159
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
10,743
29,475
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,928
1,928
1,928
1,928
Ordinary B shares of £1 each
256
256
256
256
Ordinary C shares of £1 each
256
256
256
256
Ordinary D shares of £1 each
1,339
1,339
1,339
1,339
Ordinary E shares of £1 each
893
893
893
893
Ordinary F shares of £1 each
256
256
256
256
4,928
4,928
4,928
4,928

 

9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
20,023
54,782
10
Directors' transactions

At the year end, included within other creditors is an amount of £74,081 (2023: £27,228) due to the directors of the company.

2024-09-302023-10-01falsefalsefalse30 April 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMs S HolleyMr K HoodMs S N Holley008233582023-10-012024-09-30008233582024-09-30008233582023-09-3000823358core:LandBuildings2024-09-3000823358core:OtherPropertyPlantEquipment2024-09-3000823358core:LandBuildings2023-09-3000823358core:OtherPropertyPlantEquipment2023-09-3000823358core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3000823358core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3000823358core:Non-currentFinancialInstrumentscore:AfterOneYear2024-09-3000823358core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3000823358core:CurrentFinancialInstruments2024-09-3000823358core:CurrentFinancialInstruments2023-09-3000823358core:ShareCapital2024-09-3000823358core:ShareCapital2023-09-3000823358core:CapitalRedemptionReserve2024-09-3000823358core:CapitalRedemptionReserve2023-09-3000823358core:RetainedEarningsAccumulatedLosses2024-09-3000823358core:RetainedEarningsAccumulatedLosses2023-09-3000823358core:ShareCapitalOrdinaryShareClass12024-09-3000823358core:ShareCapitalOrdinaryShareClass12023-09-3000823358core:ShareCapitalOrdinaryShareClass32024-09-3000823358core:ShareCapitalOrdinaryShareClass32023-09-3000823358core:ShareCapitalOrdinaryShareClass42024-09-3000823358core:ShareCapitalOrdinaryShareClass42023-09-3000823358core:ShareCapitalOrdinaryShareClass52024-09-3000823358core:ShareCapitalOrdinaryShareClass52023-09-3000823358core:ShareCapitalOrdinaryShares2024-09-3000823358core:ShareCapitalOrdinaryShares2023-09-3000823358bus:CompanySecretaryDirector12023-10-012024-09-3000823358core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-012024-09-3000823358core:PlantMachinery2023-10-012024-09-3000823358core:FurnitureFittings2023-10-012024-09-3000823358core:MotorVehicles2023-10-012024-09-30008233582022-10-012023-09-3000823358core:LandBuildings2023-09-3000823358core:OtherPropertyPlantEquipment2023-09-30008233582023-09-3000823358core:LandBuildings2023-10-012024-09-3000823358core:OtherPropertyPlantEquipment2023-10-012024-09-3000823358core:Non-currentFinancialInstruments2024-09-3000823358core:Non-currentFinancialInstruments2023-09-3000823358bus:OrdinaryShareClass12023-10-012024-09-3000823358bus:OrdinaryShareClass32023-10-012024-09-3000823358bus:OrdinaryShareClass52023-10-012024-09-3000823358bus:OrdinaryShareClass42023-10-012024-09-3000823358bus:OrdinaryShareClass12024-09-3000823358bus:OrdinaryShareClass12023-09-3000823358bus:OrdinaryShareClass32024-09-3000823358bus:OrdinaryShareClass32023-09-3000823358bus:OrdinaryShareClass42024-09-3000823358bus:OrdinaryShareClass42023-09-3000823358bus:OrdinaryShareClass52024-09-3000823358bus:OrdinaryShareClass52023-09-3000823358bus:AllOrdinaryShares2024-09-3000823358bus:AllOrdinaryShares2023-09-3000823358bus:PrivateLimitedCompanyLtd2023-10-012024-09-3000823358bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3000823358bus:FRS1022023-10-012024-09-3000823358bus:AuditExemptWithAccountantsReport2023-10-012024-09-3000823358bus:Director12023-10-012024-09-3000823358bus:Director22023-10-012024-09-3000823358bus:CompanySecretary12023-10-012024-09-3000823358bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP