Registered number
04525788
GLK Installations Ltd
Unaudited Filleted Accounts
30 September 2024
GLK Installations Ltd
Registered number: 04525788
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 20,620 24,057
Tangible assets 4 17,319 23,123
37,939 47,180
Current assets
Stocks 4,500 4,500
Debtors 5 200,310 158,723
Cash at bank and in hand 260,130 246,776
464,940 409,999
Creditors: amounts falling due within one year 6 (64,724) (36,179)
Net current assets 400,216 373,820
Total assets less current liabilities 438,155 421,000
Creditors: amounts falling due after more than one year 7 - (4,557)
Net assets 438,155 416,443
Capital and reserves
Called up share capital 1 1
Profit and loss account 438,154 416,442
Shareholder's funds 438,155 416,443
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G L King
Director
Approved by the board on 12 April 2025
GLK Installations Ltd
Statement of Changes in Equity
for the year ended 30 September 2024
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 October 2022 1 - - 405,499 405,500
Profit for the financial year 19,471 19,471
Dividends (48,000) (48,000)
At 30 September 2023 1 - - 376,970 376,971
Correction of prior year errors 39,472 39,472
At 30 September 2023 as restated 1 - - 416,442 416,443
At 1 October 2023 1 - - 416,442 416,443
Profit for the financial year 96,712 96,712
Dividends (75,000) (75,000)
At 30 September 2024 1 - - 438,154 438,155
GLK Installations Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a reducing balance basis over its estimated useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Prior Year Adjustment
There was an error in reporting trade debtors which resulted in an over provision of Bad Debts. Net Profits were under stated by £49,966 and Corporation Tax by £9,494. Revenue Reserves are reuced by £39,472 as shown in the Statement of Changes in Equity.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 68,750
At 30 September 2024 68,750
Amortisation
At 1 October 2023 44,693
Provided during the year 3,437
At 30 September 2024 48,130
Net book value
At 30 September 2024 20,620
At 30 September 2023 24,057
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 18,855 102,751 121,606
At 30 September 2024 18,855 102,751 121,606
Depreciation
At 1 October 2023 18,119 80,364 98,483
Charge for the year 207 5,597 5,804
At 30 September 2024 18,326 85,961 104,287
Net book value
At 30 September 2024 529 16,790 17,319
At 30 September 2023 736 22,387 23,123
5 Debtors 2024 2023
£ £
Trade debtors 70,867 51,981
Other debtors 129,443 106,742
200,310 158,723
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 4,557 11,200
Trade creditors 9,290 5,091
Taxation and social security costs 47,993 16,799
Other creditors 2,884 3,089
64,724 36,179
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 4,557
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr G L King
[Loan 1] 99,842 (20,000) 79,842
99,842 - (20,000) 79,842
9 Controlling party
The company is owned by Mr G L King.
10 Other information
GLK Installations Ltd is a private company limited by shares and incorporated in England. Its registered office is:
24 Roman drive
Kings Barton
Winchester
Hampshire
SO22 6GA
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