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REGISTERED NUMBER: 03569488 (England and Wales)
















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: M C Godfrey
G Godfrey
A J Roberts



SECRETARY: M C Godfrey



REGISTERED OFFICE: Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN



REGISTERED NUMBER: 03569488 (England and Wales)



ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN



BANKERS: National Westminster Bank Plc

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 69,747 91,217

CURRENT ASSETS
Stocks 49,636 87,594
Debtors 2,439,233 3,182,653
Cash at bank and in hand 468,263 469,954
2,957,132 3,740,201
CREDITORS
Amounts falling due within one year 1,310,294 1,055,483
NET CURRENT ASSETS 1,646,838 2,684,718
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,716,585

2,775,935

CREDITORS
Amounts falling due after more than one
year

(6,464

)

(31,362

)

PROVISIONS FOR LIABILITIES (16,540 ) (21,907 )
NET ASSETS 1,693,581 2,722,666

CAPITAL AND RESERVES
Called up share capital 7 1,000 2,000
Capital redemption reserve 1,000 -
Retained earnings 1,691,581 2,720,666
SHAREHOLDERS' FUNDS 1,693,581 2,722,666

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:




M C Godfrey - Director G Godfrey - Director




A J Roberts - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - in accordance with the lease term
Plant and machinery - 20% on reducing balance and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 33 (2023 - 38 ) .

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 432,021
DEPRECIATION
At 1 November 2023 340,804
Charge for year 21,470
At 31 October 2024 362,274
NET BOOK VALUE
At 31 October 2024 69,747
At 31 October 2023 91,217

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 6,544 14,894
Between one and five years 6,464 31,362
13,008 46,256

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 55,642 56,544
Between one and five years 78,935 134,802
134,577 191,346

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: £    £   
1,000 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).