Grand Projects Construction Ltd 31/03/2020 iXBRL

Grand Projects Construction Ltd 31/03/2020 iXBRL

GRAND PROJECTS CONSTRUCTION LTD - Company Information

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Company registration number: 08019986
Grand Projects Construction Ltd
Unaudited filleted financial statements
31 March 2020
Grand Projects Construction Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Grand Projects Construction Ltd
Directors and other information
Director Mr Mr D Halip
Secretary Mrs D M Halip
Company number 08019986
Registered office Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
Business address 26 Forty Avenue
Wembley
Middlesex
HA9 8JP
Accountants Pandit & Associates Ltd
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
Bankers Lloyds Bank
P O Box 1000
Andover
BX1 1LT
Grand Projects Construction Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Grand Projects Construction Ltd
Year ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grand Projects Construction Ltd for the year ended 31 March 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Grand Projects Construction Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Grand Projects Construction Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grand Projects Construction Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Grand Projects Construction Ltd 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 profit of Grand Projects Construction Ltd. You consider that Grand Projects Construction Ltd 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 Grand Projects Construction Ltd. 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.
Pandit & Associates Ltd
Chartered Certified Accountants & Registered Auditors
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
21 September 2020
Grand Projects Construction Ltd
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 8 54,425 58,394
_______ _______
54,425 58,394
Current assets
Stocks 9 36,206 23,231
Debtors 10 92,833 176,933
Cash at bank and in hand - 616
_______ _______
129,039 200,780
Creditors: amounts falling due
within one year 12 ( 79,515) ( 122,857)
_______ _______
Net current assets 49,524 77,923
_______ _______
Total assets less current liabilities 103,949 136,317
Creditors: amounts falling due
after more than one year ( 32,943) ( 36,979)
_______ _______
Net assets 71,006 99,338
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 70,906 99,238
_______ _______
Shareholders funds 71,006 99,338
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 September 2020 , and are signed on behalf of the board by:
Mr Mr D Halip
Director
Company registration number: 08019986
Grand Projects Construction Ltd
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Portland House, 228 Portland Crescent, Stanmore, Middlesex, HA7 1LS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15% % reducing balance
Motor vehicles - 25% % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit is stated after charging/(crediting):
2020 2019
£ £
Depreciation of tangible assets 17,760 5,584
Operating lease rentals - 278
_______ _______
6. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2020 2019
£ £
Remuneration 15,000 15,000
_______ _______
7. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2020 2019
£ £
Depreciation of tangible assets 17,760 5,584
_______ _______
8. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2019 3,081 63,252 66,333
Additions 1,255 12,536 13,791
_______ _______ _______
At 31 March 2020 4,336 75,788 80,124
_______ _______ _______
Depreciation
At 1 April 2019 1,473 6,466 7,939
Charge for the year 429 17,331 17,760
_______ _______ _______
At 31 March 2020 1,902 23,797 25,699
_______ _______ _______
Carrying amount
At 31 March 2020 2,434 51,991 54,425
_______ _______ _______
At 31 March 2019 1,608 56,786 58,394
_______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2020 46,019
_______
At 31 March 2019 56,830
_______
9. Stocks
2020 2019
£ £
Work in progress 36,206 23,231
_______ _______
10. Debtors
2020 2019
£ £
Trade debtors 81,728 164,885
Other debtors 11,105 12,048
_______ _______
92,833 176,933
_______ _______
11. Cash and cash equivalents
2020 2019
£ £
Cash at bank and in hand - 616
Bank overdrafts ( 482) -
_______ _______
( 482) 616
_______ _______
12. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 482 -
Trade creditors - 44,833
Corporation tax 8,201 16,188
Social security and other taxes 18,697 20,657
Other creditors 52,135 41,179
_______ _______
79,515 122,857
_______ _______
13. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Mr D Halip 25,361 - ( 1,189) 24,172
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Mr D Halip 22,449 2,912 - 25,361
_______ _______ _______ _______
14. Controlling party
During the year the company was under the control of Mr D Halip the director and shareholder of the company.