Registered number
00888883
Gravesend Engineering Co. Ltd
Filleted Accounts
31 December 2024
Gravesend Engineering Co. Ltd
Registered number: 00888883
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 18,774 23,256
Current assets
Stocks 6,054 3,929
Debtors 4 61,904 56,922
Cash at bank and in hand 37,182 68,881
105,140 129,732
Creditors: amounts falling due within one year 5 (36,237) (78,837)
Net current assets 68,903 50,895
Total assets less current liabilities 87,677 74,151
Creditors: amounts falling due after more than one year 6 (21,595) (31,566)
Net assets 66,082 42,585
Capital and reserves
Called up share capital 6,000 6,000
Profit and loss account 60,082 36,585
Shareholders' funds 66,082 42,585
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 members have 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.
Keith Robert Wolfe
Director
Approved by the board on 30 September 2025
Gravesend Engineering Co. Ltd
Notes to the Accounts
for the year ended 31 December 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.
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 evenly over its expected useful life, as follows:
Freehold buildings 2% Reducing balance
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 10% reducing balance
Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 77,487 43,667 121,154
At 31 December 2024 77,487 43,667 121,154
Depreciation
At 1 January 2024 68,046 29,852 97,898
Charge for the year 1,027 3,455 4,482
At 31 December 2024 69,073 33,307 102,380
Net book value
At 31 December 2024 8,414 10,360 18,774
At 31 December 2023 9,441 13,815 23,256
4 Debtors 2024 2023
£ £
Trade debtors 19,471 14,489
Other debtors 42,433 42,433
61,904 56,922
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 5,788 14,039
Amounts owed to group undertakings and undertakings in which the company has a participating interest 101,962 51,262
Corporation tax 22,461 16,564
Other taxes and social security costs 15,531 14,777
Other creditors (109,505) (17,805)
36,237 78,837
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,595 31,566
7 Related party transactions
2021 2020
Lingall Brothers Ltd. (Parent Company)
Amount due to the related party 101,962 38,471
8 Controlling party
The company is a wholly owned subsidiary of Lingall Brothers Ltd (Company No 00831279)
9 Other information
Gravesend Engineering Co. Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8-12
East Crescent Road
Gravesend
Kent
DA12 2AR
Gravesend Engineering Co. Ltd 00888883 false 2024-01-01 2024-12-31 2024-12-31 VT Final Accounts April 2025 Keith Robert Wolfe No description of principal activity 00888883 2023-01-01 2023-12-31 00888883 core:WithinOneYear 2023-12-31 00888883 core:AfterOneYear 2023-12-31 00888883 core:ShareCapital 2023-12-31 00888883 core:RetainedEarningsAccumulatedLosses 2023-12-31 00888883 2024-01-01 2024-12-31 00888883 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00888883 bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 00888883 bus:Director40 2024-01-01 2024-12-31 00888883 1 2024-01-01 2024-12-31 00888883 2 2024-01-01 2024-12-31 00888883 core:PlantMachinery 2024-01-01 2024-12-31 00888883 core:Vehicles 2024-01-01 2024-12-31 00888883 countries:England 2024-01-01 2024-12-31 00888883 bus:FRS102 2024-01-01 2024-12-31 00888883 bus:FilletedAccounts 2024-01-01 2024-12-31 00888883 2024-12-31 00888883 core:WithinOneYear 2024-12-31 00888883 core:AfterOneYear 2024-12-31 00888883 core:ShareCapital 2024-12-31 00888883 core:RetainedEarningsAccumulatedLosses 2024-12-31 00888883 core:PlantMachinery 2024-12-31 00888883 core:Vehicles 2024-12-31 00888883 2023-12-31 00888883 core:PlantMachinery 2023-12-31 00888883 core:Vehicles 2023-12-31 iso4217:GBP xbrli:pure