Company Registration No. 03948973 (England and Wales)
G.F. GORDON (PLANT HIRE) LIMITED
Unaudited accounts
for the year ended 31 January 2018
G.F. GORDON (PLANT HIRE) LIMITED
Unaudited accounts
Contents
G.F. GORDON (PLANT HIRE) LIMITED
Company Information
for the year ended 31 January 2018
Directors
Ross Gordon
Arran Gordon
Grant Gordon
Company Number
03948973 (England and Wales)
Registered Office
1ST FLOOR AUDIT HOUSE 151
HIGH STREET
BILLERICAY
ESSEX
CM12 9AB
Accountants
First Call Accounting Ltd
1st Floor Audit House
151 High Street
Billericay
Essex
CM12 9AB
G.F. GORDON (PLANT HIRE) LIMITED
Statement of financial position
as at 31 January 2018
Tangible assets
2,547,261
2,220,887
Debtors
1,067,802
1,462,731
Cash at bank and in hand
745,677
36,145
Creditors: amounts falling due within one year
(1,400,732)
(1,145,719)
Net current assets
431,019
373,837
Total assets less current liabilities
2,978,280
2,594,724
Creditors: amounts falling due after more than one year
(1,300,278)
(1,060,798)
Provisions for liabilities
Deferred tax
(69,794)
(147,359)
Net assets
1,608,208
1,386,567
Called up share capital
100
100
Revaluation reserve
301,147
301,147
Profit and loss account
1,306,961
1,085,320
Shareholders' funds
1,608,208
1,386,567
For the year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 19 July 2018.
Arran Gordon
Director
Company Registration No. 03948973
G.F. GORDON (PLANT HIRE) LIMITED
Notes to the Accounts
for the year ended 31 January 2018
G.F. GORDON (PLANT HIRE) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 03948973. The registered office is 1ST FLOOR AUDIT HOUSE 151, HIGH STREET, BILLERICAY, ESSEX, CM12 9AB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% Straight Line
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
15% Reducing Balance
Computer equipment
33% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
G.F. GORDON (PLANT HIRE) LIMITED
Notes to the Accounts
for the year ended 31 January 2018
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 February 2017
1,046,293
6,243
2,226,275
44,845
3,323,656
Additions
-
-
886,000
4,920
890,920
Disposals
-
-
(484,950)
-
(484,950)
At 31 January 2018
1,046,293
6,243
2,627,325
49,765
3,729,626
At 1 February 2017
46,293
4,859
1,030,600
21,017
1,102,769
Charge for the year
-
346
354,212
5,161
359,719
On disposals
-
-
(280,123)
-
(280,123)
At 31 January 2018
46,293
5,205
1,104,689
26,178
1,182,365
At 31 January 2018
1,000,000
1,038
1,522,636
23,587
2,547,261
At 31 January 2017
1,000,000
1,384
1,195,675
23,828
2,220,887
Raw materials
18,272
20,680
Trade debtors
420,706
501,589
Amounts due from group undertakings etc.
565,773
852,256
Accrued income and prepayments
53,405
49,930
Other debtors
27,918
58,956
G.F. GORDON (PLANT HIRE) LIMITED
Notes to the Accounts
for the year ended 31 January 2018
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Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
32,825
31,192
Obligations under finance leases and hire purchase contracts
341,068
255,167
Trade creditors
747,038
758,132
Amounts owed to group undertakings and other participating interests
31,761
78,988
Taxes and social security
129,240
(126,227)
Loans from directors
118,050
41,295
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Creditors: amounts falling due after more than one year
2018
2017
Bank loans
453,141
485,966
Obligations under finance leases and hire purchase contracts
847,137
574,832
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Transactions with related parties
There are balances at the year end in connection with companies jointly controlled by the directors. These are informal loans to help fund cash flow and there are no fixed repayment terms or interest charged on these loans. The balances are as follows:
G.F. Gordon (Waste Management) Ltd - Creditor
2018: £31,761, 2017: £78,988
G.F. Gordon (Homes) Ltd - Debtor
2018: £565,773, 2017: £842,256
G.F. Gordon (Construction) Ltd - Debtor
2017: £10,000 - This company has entered liquidation, so a specific bad debt provision of £15,000 has been made for the amount owed at the year end. The value of recoverable debt is at present unknown but is expected to be zero, hence the full provision.
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Average number of employees
During the year the average number of employees was 28 (2017: 32).
