J R McGill (Construction) Limited
J R McGill (Construction) Limited
Registered number: 02910616
Financial Statements
For The Year Ended 30 September 2019
J R McGill (Construction) Limited
Financial Statements
For The Year Ended 30 September 2019
Financial Statements
Contents | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—7 |
J R McGill (Construction) Limited
Balance Sheet
As at
30 September 2019
Balance Sheet
Registered number:
02910616
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 5 |
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CURRENT ASSETS | |||||
Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 9 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 74,273 | 55,707 | |||
Page 1
J R McGill (Construction) Limited
Balance Sheet (continued)
As at
30 September 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
J R McGill (Construction) Limited
Notes to the Financial Statements
For The Year Ended 30 September 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial sttements have been prepared under the historical cost convention.
1.2.
Turnover
Turnover, which is stated net of Value Added Tax, represents the value of services provided to third parties including long-term contract work in progress where turnover represents sales value of work done in the year including amounts not invoiced.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
1.3.
Tangible Fixed Assets and Depreciation
Depreciation is provided at following annual rates in order to write off each asset over its estimated useful life:
Plant & Machinery |
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Motor Vehicles |
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Fixtures & Fittings |
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Computer Equipment |
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1.4.
Financial Instruments
Financial liabilities and equity instruments are classified and accounted for according to the substance of contractual arrangements, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
1.5.
Taxation
Taxation for the year 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.
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.
Page 3
J R McGill (Construction) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2019
1.6.
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. Deffered 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.
1.7.
Stock and long term contracts
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 stocks.
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
3.
Average Number of Employees
The average number of employees during the year was 3 (2018: 3)
Page 4
J R McGill (Construction) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2019
5.
Tangible Assets
Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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Cost | |||||
As at |
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Additions |
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As at |
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Depreciation | |||||
As at |
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Provided during the period |
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As at |
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Net Book Value | |||||
As at |
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As at |
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6.
Debtors
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£ | £ | ||
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Trade debtors |
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Prepayments and accrued income |
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VAT |
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Page 5
J R McGill (Construction) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2019
7.
Creditors: Amounts Falling Due Within One Year
2019 | 2018 | ||
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£ | £ | ||
Trade creditors |
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Corporation tax |
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PAYE and social security |
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Net wages | 187 | - | |
Accruals and deferred income |
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Director's loan account |
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8.
Provisions for Liabilities
Deferred Tax | ||
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£ | ||
As at |
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Increase/(Decrease) in the year |
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Balance at |
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Page 6
J R McGill (Construction) Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2019
10.
Related Party Transactions
CONTROLLING PARTIES
J R McGill, director, has ultimate control of the company by virtue of his shareholding.
TRANSACTIONS WITH DIRECTORS
Mr J R McGill is a director and shareholder of Moorpoint Limited. The company traded with Moorpoint Limited during the accounting period generating sales transactions amounting to £16,206 (2018: £7,015) net of Value Added Tax.
Mr J R McGill is a director and shareholder of John McGill Limited. The company traded with John McGill Limited during the accounting period generating sales transactions amounting to £273,670 (2018: £53,000) net of Value Added Tax.
Mr J R McGill is a director and shareholder of McGill Estates Limited. The company traded with McGill Estates Limited during the accounting period generating sales transactions amounting to £6,132 (2018: 19,656) net of Value Added Tax.
Mr J R McGill is a proprietor of Property Solutions. The company traded with Property Solutions during the accounting period generating sales transactions amounting to £1,446 (2018: £3,017) net of Value Added Tax.
All transactions were undertaken at arms length.
Other then movements on Mr McGill's loan account with the company, there were no other transactions with the director during the year. Mr McGill's loan account remained in credit through out the year.
The company's bank overdraft facility is personally guaranteed by the director.
11.
General Information
J R McGill (Construction) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02910616 . The registered office is 39 Alma Vale Road, Clifton, Bristol, BS8 2HL.
The presentation currency of the financial statements is the Pound Sterling (£)
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