G.B Contracts Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03689012 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

G.B CONTRACTS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

Mr G Brooks

REGISTERED OFFICE:

Unit 2-3

Chelworth Industrial Estate

Cricklade

Swindon

Wiltshire

SN6 6HQ

REGISTERED NUMBER:

03689012 (England and Wales)

ACCOUNTANTS:

Haines Watts Cirencester Limited

Old Station House

Station Approach

Newport Street

Swindon

Wiltshire

SN1 3DU

FIXED ASSETS

Tangible assets

4

115,830

180,629

Investments

5

1

1

Investment property

6

2,910,322

2,673,198

3,026,153

2,853,828

CURRENT ASSETS

Stocks

271,209

271,209

Debtors

7

874,596

887,110

Cash at bank

25,627

45,683

1,171,432

1,204,002

CREDITORS

Amounts falling due within one year

8

655,349

612,233

NET CURRENT ASSETS

516,083

591,769

TOTAL ASSETS LESS CURRENT LIABILITIES

3,542,236

3,445,597

CREDITORS

Amounts falling due after more than one year

9

(451,156

)

(666,025

)

PROVISIONS FOR LIABILITIES

(361,803

)

(243,705

)

NET ASSETS

2,729,277

2,535,867

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,729,177

2,535,767

2,729,277

2,535,867

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 3 January 2023 and were signed by:

Mr G Brooks - Director

1.	STATUTORY INFORMATION

G.B Contracts 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 as modified by the revaluation of certain assets.

Going Concern

The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Directors' view on the impact of COVID-19 is that, given the measures that could be undertaken to mitigate the current adverse conditions and the current resources available, they can continue to adopt the going concern basis in preparing the annual report and accounts

Preparation of consolidated financial statements

The financial statements contain information about G.B Contracts Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 10% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks & work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Costs include all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

604,022

Additions

17,000

Disposals

(200,201

)

At 31 December 2021

420,821

DEPRECIATION

At 1 January 2021

423,393

Charge for year

43,631

Eliminated on disposal

(162,033

)

At 31 December 2021

304,991

NET BOOK VALUE

At 31 December 2021

115,830

At 31 December 2020

180,629

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2021

and 31 December 2021

1

NET BOOK VALUE

At 31 December 2021

1

At 31 December 2020

1

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

GB Contracts (Drake House) Limited

Registered office: Chelworth Industrial Estate, Cricklade, Swindon SN6 6HQ. England

Nature of business: Letting and operating of real estate

%

Class of shares:

holding

Ordinary

100.00

31/12/21

31/12/20

£

£

Aggregate capital and reserves

450,461

370,877

Profit for the year

79,585

77,314

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

2,673,198

Additions

7,784

Revaluations

229,340

At 31 December 2021

2,910,322

NET BOOK VALUE

At 31 December 2021

2,910,322

At 31 December 2020

2,673,198

The basis of the valuation of investment property as at 31 December 2021 was sales value in an open market, assuming that not all properties would be sold at once.

Fair value at 31 December 2021 is represented by:

£

Valuation in 2021

2,910,322

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

as

restated

£

£

Trade debtors

4,890

32

Amounts owed by group undertakings

338,627

377,912

Other debtors

531,079

509,166

874,596

887,110

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/21

31/12/20

as

restated

£

£

Bank loans and overdrafts

105,107

103,357

Trade creditors

12,073

15,669

Taxation and social security

161,446

133,956

Other creditors

376,723

359,251

655,349

612,233

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/21

31/12/20

as

restated

£

£

Bank loans

451,156

666,025

10.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/21

31/12/20

as

restated

£

£

Bank loans

556,263

769,382

Bank loans are secured against properties of the company and other specified assets.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

31/12/21

31/12/20

as

restated

£

£

Mr G Brooks

Balance outstanding at start of year

310,639

(18,298

)

Amounts advanced

15,547

328,937

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

326,186

310,639

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G.B Contracts Limited for the year ended 31 December 2021 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of G.B Contracts Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of G.B Contracts Limited and state those matters that we have agreed to state to the director of G.B Contracts Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G.B Contracts Limited and its director for our work or for this report.

It is your duty to ensure that G.B Contracts Limited 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 G.B Contracts Limited. You consider that G.B Contracts Limited 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 G.B Contracts Limited. 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.

Haines Watts Cirencester Limited

Old Station House

Station Approach

Newport Street

Swindon

Wiltshire

SN1 3DU

3 January 2023