REGISTERED NUMBER: 02145150 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

GN Construction Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M P Cull

P Rege

REGISTERED OFFICE:

Northgate House

Northgate

Sleaford

Lincolnshire

NG34 7BZ

REGISTERED NUMBER:

02145150 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

Northgate House

Northgate

Sleaford

Lincolnshire

NG34 7BZ

FIXED ASSETS

Tangible assets

4

29,137

53,742

CURRENT ASSETS

Stocks

668,748

1,338,433

Debtors

5

846,851

1,032,770

Cash at bank and in hand

1,416,838

910,893

2,932,437

3,282,096

CREDITORS

Amounts falling due within one year

6

530,560

756,502

NET CURRENT ASSETS

2,401,877

2,525,594

TOTAL ASSETS LESS CURRENT LIABILITIES

2,431,014

2,579,336

PROVISIONS FOR LIABILITIES

10,211

10,211

NET ASSETS

2,420,803

2,569,125

CAPITAL AND RESERVES

Called up share capital

8

275

275

Capital redemption reserve

725

725

Retained earnings

2,419,803

2,568,125

SHAREHOLDERS' FUNDS

2,420,803

2,569,125

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

M P Cull - Director

1.	STATUTORY INFORMATION

GN Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

33% on cost and 10% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

33.33% Straight line

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

237,376

42,265

1,171

280,812

Disposals

(54,250

)

-

-

(54,250

)

At 31 December 2024

183,126

42,265

1,171

226,562

DEPRECIATION

At 1 January 2024

184,919

40,980

1,171

227,070

Charge for year

4,758

1,285

-

6,043

Eliminated on disposal

(35,688

)

-

-

(35,688

)

At 31 December 2024

153,989

42,265

1,171

197,425

NET BOOK VALUE

At 31 December 2024

29,137

-

-

29,137

At 31 December 2023

52,457

1,285

-

53,742

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

Plant and

machinery

etc

£

COST

At 1 January 2024

95,250

Transfer to ownership

(95,250

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

44,194

Transfer to ownership

(44,194

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

51,056

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

13,352

513,768

Amounts owed by group undertakings

191,747

192,967

Other debtors

641,752

326,035

846,851

1,032,770

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

-

3,722

Trade creditors

12,150

184,432

Amounts owed to group undertakings

425,242

425,242

Taxation and social security

84,932

133,876

Other creditors

8,236

9,230

530,560

756,502

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

7.	FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

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 balance sheet date.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

275

Ordinary

£1

275

275

9.	RELATED PARTY DISCLOSURES

During the year Pelstone Limited, a company in which the directors have a financial interest, was provided with management services of £9,000 (2023: £9,000).

GN Construction Limited continued to rent one of the commercial units from Pelstone Limited. The amount paid in the year was £6,851 (2023: £6,851).

As at 31 December 2024 the net amount owed by Pelstone Limited was £191,747 (202: £192,967 and is included within other debtors in note 8 to the financial statements.

Included in other creditors is an amount of £425,742 (2023: £425,742) owed to Spa Developments Ltd, a company in which the directors have a financial interest.

10.	ULTIMATE CONTROLLING PARTY

The controlling parties are Mr N R Cull and Mr M P Cull who between them own 90% of the share capital.