REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 28 February 2021 |
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GK General Engineering Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 28 February 2021 |
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for |
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GK General Engineering Limited |
GK General Engineering Limited (Registered number: 01697708) |
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Contents of the Financial Statements |
for the Year Ended 28 February 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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GK General Engineering Limited |
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Company Information |
for the Year Ended 28 February 2021 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
50 Osmaston Road |
Derby |
DE1 2HU |
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BANKERS: |
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58 St Peter's Street |
Derby |
Derbyshire |
DE1 1XL |
GK General Engineering Limited (Registered number: 01697708) |
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Balance Sheet |
28 February 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 9 |
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Retained earnings |
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The director acknowledges her 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. |
GK General Engineering Limited (Registered number: 01697708) |
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Balance Sheet - continued |
28 February 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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GK General Engineering Limited (Registered number: 01697708) |
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Notes to the Financial Statements |
for the Year Ended 28 February 2021 |
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1. | STATUTORY INFORMATION |
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GK General Engineering Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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Judgements and key sources of estimation uncertainty |
The preparation of the financial statement requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements:- |
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Revaluation of land and buildings |
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The company carries its land and buildings at fair value with changes in fair value being recognised in comprehensive income. The current valuation used the most recent valuation report prepared by independent valuation specialists to determine fair value at 28 February 2019. The valuer used a valuation technique which took account of the estimate of fair maintainable turnover and the marketability of the property. The determined fair value of the property is most sensitive to the estimated yield as well as the long term vacancy rate. |
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Coronavirus |
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The impact of the coronavirus pandemic will cause disruption to and create uncertainty around the business, not least with regard to its working capital and the ability of its customers to pay now and into the future and whether it needs to impair its assets. Any disruption or uncertainty could have an adverse effect on the business, financial results and operations. |
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The full impact of the coronavirus is still to be determined and the director continues to assess and monitor the potential risks and impacts on GK General Engineering Limited's customers and major stakeholders, whilst taking appropriate mitigation measures to address challenges including logistics, staff and supply. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
GK General Engineering Limited (Registered number: 01697708) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures & fittings, office equipment | - |
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Motor vehicles | - |
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The Director considers it inappropriate to provide depreciation on freehold land and buildings as it is their practice to maintain the properties in a continual state of sound repair such that their useful lives are so long and residual values so high that depreciation is felt to be insignificant.The financial statements comply with accounting standards and applicable legislation, subject to this departure which management has concluded is required to ensure the financial statements present a true and fair view. |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairments losses. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
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Government grants |
Income from government grants, whether capital grants or revenue grants, is recognised when the |
company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably. |
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Where entitlements occur before the income is received, the income is accrued. Where income is |
received in advance of the company having entitlement to the funds, the income is deferred. |
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The government grant income received and for which there are no unfulfilled conditions relates to amongst others the government's Job Retention Scheme which has been introduced as part of its response to the coronavirus pandemic. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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GK General Engineering Limited (Registered number: 01697708) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. Rentals payable under under operating leases are charged to the Profit and Loss Account on a straight line basis over the period of the lease. |
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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. |
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Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that the outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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GK General Engineering Limited (Registered number: 01697708) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
& fittings, |
Freehold | Plant and | office | Motor |
property | machinery | equipment | vehicles | Totals |
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COST OR VALUATION |
At 1 March 2020 |
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Additions |
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Disposals |
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At 28 February 2021 |
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DEPRECIATION |
At 1 March 2020 |
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Charge for year |
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Eliminated on disposal |
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At 28 February 2021 |
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NET BOOK VALUE |
At 28 February 2021 |
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At 29 February 2020 |
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The director has not provided depreciation on the freehold property in the current year which is a departure from the requirements of the Financial Reporting Standard 102. Given the continued current use of the property and its position on an industrial estate the director believes this isolated instance of non-adherence to the provisions of the Financial Reporting Standard 102 does not impact on the true and fair view of the financial statements. |
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6. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Prepayments |
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GK General Engineering Limited (Registered number: 01697708) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Payments on account |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | 115,839 | 112,203 |
Accruals |
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9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 March 2020 |
and 28 February 2021 |
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