| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| Godfrey & Hicks Builders Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| for |
| Godfrey & Hicks Builders Limited |
| Godfrey & Hicks Builders Limited (Registered number: 03569488) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Godfrey & Hicks Builders Limited |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Lake House |
| Market Hill |
| Royston |
| Hertfordshire |
| SG8 9JN |
| BANKERS: |
| Godfrey & Hicks Builders Limited (Registered number: 03569488) |
| Abridged Balance Sheet |
| 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Capital redemption reserve |
| 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. |
| Godfrey & Hicks Builders Limited (Registered number: 03569488) |
| Abridged Balance Sheet - continued |
| 31 October 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Godfrey & Hicks Builders Limited (Registered number: 03569488) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Godfrey & Hicks Builders Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office which is also the principle place of business can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents net invoiced work done from construction and service activities except in respect of contracting activities where turnover represents the value of work carried out during the year, including amounts not invoiced. Sales of residental properties are recognised at the point of exchange of contracts. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
| Basic financial assets |
| Basic financial assets, which include debtors, 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. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors and loans 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. |
| Godfrey & Hicks Builders Limited (Registered number: 03569488) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| 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. |
| Long term contracts |
| Contracts which are assessed to be long term in nature are accounted for in accordance with Section 23 Revenue of FRS102. The percentage margin on each individual contract is the lower of the margin earned to date and that forecast to completion. Amounts recoverable on work in progress, which are included in debtors, are stated at the net sales value of the work done after provision for anticipated future losses, less amounts received as progress payments on account. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Godfrey & Hicks Builders Limited (Registered number: 03569488) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Totals |
| £ |
| COST |
| At 1 November 2023 | 81,630 |
| Transfer to ownership | (46,080 | ) |
| At 31 October 2024 | 35,550 |
| DEPRECIATION |
| At 1 November 2023 | 34,469 |
| Charge for year | 5,581 |
| Transfer to ownership | (21,243 | ) |
| At 31 October 2024 | 18,807 |
| NET BOOK VALUE |
| At 31 October 2024 | 16,743 |
| At 31 October 2023 | 47,161 |
| 5. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Godfrey & Hicks Builders Limited (Registered number: 03569488) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 5. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| 6. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Hire purchase contracts | 13,008 | 46,256 |
| There is a debenture dated 23 June 2010 securing all monies and liabilities, now or in the future, due to Natwest, against all the assets of the company. |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.24 | 31.10.23 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 2,000 |
| During the year the company entered into a share buy back agreement purchasing 1,000 shares. |
| 8. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £20,655 (2023 - £22,116). The pension contributions outstanding at the year end amounted to £7,558 (2023 - £7,592). |