Gatwick Construction Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05327079 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

Gatwick Construction Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Property, plant and equipment

4

108,255

146,514

Current assets

Debtors

5

86,824

153,392

Cash at bank

738,057

598,407

824,881

751,799

Creditors

Amounts falling due within one year

6

129,076

162,929

Net current assets

695,805

588,870

Total assets less current liabilities

804,060

735,384

Provisions for liabilities

17,708

21,609

Net assets

786,352

713,775

Capital and reserves

Called up share capital

7

100

100

Retained earnings

786,252

713,675

Shareholders' funds

786,352

713,775

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2021 and were signed on its behalf by:

G S Parker - Director

1.	Statutory information

Gatwick Construction Limited 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:

05327079

Registered office:

Southpoint

Old Brighton Road

Lowfield Heath

Crawley

West Sussex

RH11 0PR

The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£).

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.

Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised.

Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Government grants

Government grants are accounted for in the period to which they relate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

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

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

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 (2020 - 8 ) .

4.	Property, plant and equipment

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 February 2020

17,931

198,474

21,405

237,810

Additions

664

-

1,677

2,341

Disposals

-

(13,020

)

-

(13,020

)

At 31 January 2021

18,595

185,454

23,082

227,131

Depreciation

At 1 February 2020

5,412

74,357

11,527

91,296

Charge for year

3,861

30,886

4,977

39,724

Eliminated on disposal

-

(12,144

)

-

(12,144

)

At 31 January 2021

9,273

93,099

16,504

118,876

Net book value

At 31 January 2021

9,322

92,355

6,578

108,255

At 31 January 2020

12,519

124,117

9,878

146,514

5.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

59,342

56,741

Amounts recoverable on contracts

7,500

26,845

Other debtors

19,982

69,806

86,824

153,392

6.

Creditors: amounts falling due within one year

2021

2020

£

£

Hire purchase contracts

-

7,664

Trade creditors

36,977

70,736

Taxation and social security

55,912

71,615

Other creditors

36,187

12,914

129,076

162,929

Creditors falling due within one year includes a balance of £nil (2020: £7,664) which is secured by the related asset.

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

15

Ordinary A

1

15

15

65

Ordinary B

1

65

65

20

Ordinary C

1

20

20

100

100

8.	Directors' advances, credits and guarantees

During the year the company made advances of £52,000 (2020: £60,300) and credits of £11,629 (2020: £75,418) to a director, with repayments of £83,243 (2020: £126,000) being received. This resulted in a balance of £nil (2020: £19,614) being owed to the company which is held within debtors at the year end. These loans were made interest free and were repayable on demand.