Gilheaney Construction Limited

Financial Statements for the Year Ended 31 December 2024

DIRECTORS:

M Gilheaney Jnr

P B Gilheaney

REGISTERED OFFICE:

Coed Cae Mawr Farm

Castellau

Llantrisant

CF72 8LQ

REGISTERED NUMBER:

03684390 (England and Wales)

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gilheaney Construction Limited for the year ended 31 December 2024 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Gilheaney Construction Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gilheaney Construction Limited and state those matters that we have agreed to state to the Board of Directors of Gilheaney Construction Limited, as a body, in this report in accordance with icaew/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gilheaney Construction Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gilheaney Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Gilheaney Construction Limited. You consider that Gilheaney Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Gilheaney Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BPU Limited

Chartered Accountants

22 September 2025

FIXED ASSETS

Tangible assets

3

32,486

33,012

CURRENT ASSETS

Stocks

1,018,700

CREDITORS

Amounts falling due within one year

4

61,423

62,949

NET CURRENT ASSETS

957,277

955,751

TOTAL ASSETS LESS CURRENT
LIABILITIES

989,763

988,763

CREDITORS

Amounts falling due after more than
one year

5

(1,225,901

)

(1,222,451

)

PROVISIONS FOR LIABILITIES

(400

)

(400

)

NET LIABILITIES

(236,538

)

(234,088

)

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

(236,638

)

(234,188

)

(236,538

)

(234,088

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2025 and were signed on its behalf by:

M Gilheaney Jnr - Director

1.	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.

The accounts have been prepared on a going concern basis which is considered appropriate due to the continuing support of the directors and shareholders.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

25% reducing balance

Fixtures and fittings

-

25% reducing balance

Motor vehicles

-

25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

COST

At 1 January 2024

and 31 December
2024

30,906

29,994

6,980

36,208

104,088

DEPRECIATION

At 1 January 2024

-

29,819

6,850

34,407

71,076

Charge for year

-

44

32

450

526

At 31 December 2024

-

29,863

6,882

34,857

71,602

NET BOOK VALUE

At 31 December 2024

30,906

131

98

1,351

32,486

At 31 December 2023

30,906

175

130

1,801

33,012

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

44,177

43,110

Taxes & social security costs

6,418

9,093

Other creditors & accruals

10,828

10,746

61,423

62,949

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

2024

2023

£

Bank loans

626,363

621,740

Other creditors

599,538

600,711

1,225,901

1,222,451

6.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Secured loans

665,370

660,748

Loans taken out are secured against the company's properties held in stock.