GCL Building Technologies Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 03523894 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 APRIL 2024 TO 31 DECEMBER 2024

FOR

GCL BUILDING TECHNOLOGIES LTD

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

5

88,437

99,050

Tangible assets

6

99,904

137,820

188,341

236,870

CURRENT ASSETS

Debtors

7

1,063,293

1,384,568

Cash at bank

30,582

44,167

1,093,875

1,428,735

CREDITORS

Amounts falling due within one year

8

989,409

1,083,646

NET CURRENT ASSETS

104,466

345,089

TOTAL ASSETS LESS CURRENT
LIABILITIES

292,807

581,959

CREDITORS

Amounts falling due after more than
one year

9

(133,689

)

(259,116

)

PROVISIONS FOR LIABILITIES

11

(21,733

)

(24,387

)

NET ASSETS

137,385

298,456

CAPITAL AND RESERVES

Called up share capital

12

1,000

Retained earnings

136,385

297,456

SHAREHOLDERS' FUNDS

137,385

298,456

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

The members have not required the company to obtain an audit of its financial statements for the period 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 and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:

Mr P Cottrell - Director

1.	STATUTORY INFORMATION

GCL Building Technologies Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03523894

Registered office:

Pharmacy Chambers

High Street

Wadhurst

East Sussex

TN5 6AP

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

The lease premium is being amortised evenly over the lease term of ten years.

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.

Plant and machinery

-

20% on cost

Motor vehicles

-

25% on reducing balance

Equipment

-

20% on cost

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and 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 period 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 15 (2024 - 18 ) .

5.	INTANGIBLE FIXED ASSETS

Lease

premium

£

COST

At 1 April 2024

and 31 December 2024

141,500

AMORTISATION

At 1 April 2024

42,450

Amortisation for period

10,613

At 31 December 2024

53,063

NET BOOK VALUE

At 31 December 2024

88,437

At 31 March 2024

99,050

6.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Equipment

Totals

£

COST

At 1 April 2024

167,476

268,353

21,092

456,921

Additions

3,590

-

1,238

4,828

Disposals

-

(34,891

)

-

(34,891

)

At 31 December 2024

171,066

233,462

22,330

426,858

DEPRECIATION

At 1 April 2024

148,828

160,014

10,259

319,101

Charge for period

5,156

18,894

2,986

27,036

Eliminated on disposal

-

(19,183

)

-

(19,183

)

At 31 December 2024

153,984

159,725

13,245

326,954

NET BOOK VALUE

At 31 December 2024

17,082

73,737

9,085

99,904

At 31 March 2024

18,648

108,339

10,833

137,820

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2024

168,227

Disposals

(34,891

)

At 31 December 2024

133,336

DEPRECIATION

At 1 April 2024

80,024

Charge for period

15,537

Eliminated on disposal

(19,183

)

At 31 December 2024

76,378

NET BOOK VALUE

At 31 December 2024

56,958

At 31 March 2024

88,203

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

£

Trade debtors

246,242

294,274

Amounts receivable on

contracts

19,214

204,417

Other debtors

697,071

837,227

Tax

44,918

-

Prepayments

55,848

48,650

1,063,293

1,384,568

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

£

Bank loans and overdrafts

146,183

60,000

Hire purchase contracts

23,928

34,006

Trade creditors

228,395

285,589

Corporation tax

43,478

59,865

PAYE and social security

21,474

35,998

VAT

50,068

109,234

Other creditors

461,819

272,649

Net wages

9,370

10,013

Pension control

659

3,521

Accruals and deferred income

4,035

212,771

989,409

1,083,646

The hire purchase creditor is secured upon the assets to which it relates.

The bank loans are secured by a fixed and floating charge over the assets of the company.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

2024

£

Bank loans - 1-2 years

20,000

60,000

Bank loans - 2-5 years

-

5,000

Hire purchase contracts

15,641

37,681

Other creditors

98,048

156,435

133,689

259,116

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

£

Bank loans

166,183

125,000

Hire purchase contracts

39,569

71,687

205,752

196,687

11.	PROVISIONS FOR LIABILITIES

2024

£

Deferred tax

Accelerated capital allowances

21,733

24,387

Deferred

tax

£

Balance at 1 April 2024

24,387

Provided during period

(2,654

)

Balance at 31 December 2024

21,733

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

value:

£

92,500

Ordinary

1p

925

7,500

B Ordinary

1p

75

1,000

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 31 December 2024 and the year ended 31 March 2024:

2024

£

Mr P Cottrell

Balance outstanding at start of period

651,153

623,966

Amounts advanced

77,324

27,187

Amounts repaid

(222,000

)

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

506,477

651,153

Interest of £9,687 has been charged on the overdrawn Directors current account balance at HM Revenue & Customs' official rate of interest.

14.	RELATED PARTY DISCLOSURES

Personal guarantees have been provided by a director to Lloyds Bank and IWOCA for amounts outstanding on the relevant loan/borrowing.