REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
for |
Golden Valley Construction Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
for |
Golden Valley Construction Limited |
Golden Valley Construction Limited (Registered number: 09801289) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Golden Valley Construction Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
21 Gold Tops |
Newport |
South Wales |
NP20 4PG |
Golden Valley Construction Limited (Registered number: 09801289) |
Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Golden Valley Construction Limited (Registered number: 09801289) |
Balance Sheet - continued |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
Golden Valley Construction Limited (Registered number: 09801289) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Golden Valley Construction Limited is a private company, limited by shares and is incorporated in England and Wales. |
These financial statements are the company's separate financial statements, covering the year to 30 September 2024 and are presented in Sterling (£), the company's functional currency, rounded to the nearest pound. |
The accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated. |
2. | STATEMENT OF COMPLIANCE |
The individual financial statements of Golden Valley Construction Limited have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax. |
Turnover represents the fair value of the sale of materials and services of labour (excluding value added tax) provided during the year on client projects. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on labour time spent, skills and expertise provided and expenditure incurred. |
Uninvoiced turnover on client projects is included in amounts recoverable on contracts. Where on-account billings exceed revenue recognised on client projects, the excess is included as payments on account in creditors. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit and loss account. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Golden Valley Construction Limited (Registered number: 09801289) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Rent and wayleave income |
Rent and wayleave income is recognised when receivable, excluding value added tax and other sales taxes. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Golden Valley Construction Limited (Registered number: 09801289) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2023 |
Additions |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2023 |
Additions |
Transfer to ownership | (59,000 | ) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Transfer to ownership | (12,405 | ) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Golden Valley Construction Limited (Registered number: 09801289) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 | 39,400 |
Impairments | 7,510 |
At 30 September 2024 | 46,910 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
Golden Valley Construction Limited (Registered number: 09801289) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
30.9.24 | 30.9.23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
10. | SECURED DEBTS |
One of the bank loans is an interest only loan and is repayable within eighteen years. The loan interest rate being charged is 3.78% per annum over the first five years and 3.53% over the remaining term.. |
The bank loan is secured by a first legal charge over the investment property. |
The hire purchase liabilities are secured over the related assets. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
At the year end, included in debtors is the sum of £24,378 (2023:£37,078) owed by owners holding a participating interest. There is no fixed repayment date on these loan balances and no interest has been charged. |
During the year, the company entered into transactions with related parties. Transactions entered into were as follows: |
Expenditure of £48,000 (2023: £48,000) was incurred. |