Company Registration No. 02810278 (England and Wales)
G.C.C. PROPERTY CARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
PAGES FOR FILING WITH REGISTRAR
G.C.C. PROPERTY CARE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
G.C.C. PROPERTY CARE LIMITED
BALANCE SHEET
AS AT 31 MAY 2018
31 May 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
101,997
154,177
Current assets
Stocks
234,557
192,592
Debtors
5
201,721
203,394
Cash at bank and in hand
105,542
64,380
541,820
460,366
Creditors: amounts falling due within one year
6
(205,707)
(220,913)
Net current assets
336,113
239,453
Total assets less current liabilities
438,110
393,630
Creditors: amounts falling due after more than one year
7
(121,991)
(159,008)
Provisions for liabilities
(17,200)
(27,200)
Net assets
298,919
207,422
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
298,917
207,420
Total equity
298,919
207,422
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 27 July 2018
A H Calvert
Director
Company Registration No. 02810278
G.C.C. PROPERTY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2018
- 2 -
1
Accounting policies
Company information
G.C.C. Property Care Limited is a
private
company
, limited by shares
and
incorporated in England and Wales.
The registered office is
The Hart Shaw Building, Europa Link, Sheffield Business Park, Sheffield, S9 1XU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% Reducing balance
Computer equipment
33% Straight line
Motor vehicles
25% Reducing balance
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
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
G.C.C. PROPERTY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
1
Accounting policies
(Continued)
- 3 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
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. Bank overdrafts are shown within borrowings in current liabilities.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 113 (2017 - 113).
G.C.C. PROPERTY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2017 and 31 May 2018
588,015
Amortisation and impairment
At 1 June 2017 and 31 May 2018
588,015
Carrying amount
At 31 May 2018
-
At 31 May 2017
-
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2017
378,717
Additions
90,072
Disposals
(109,205)
At 31 May 2018
359,584
Depreciation and impairment
At 1 June 2017
224,540
Depreciation charged in the year
81,138
Eliminated in respect of disposals
(48,091)
At 31 May 2018
257,587
Carrying amount
At 31 May 2018
101,997
At 31 May 2017
154,177
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
192,310
196,623
Other debtors
9,411
6,771
201,721
203,394
G.C.C. PROPERTY CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2018
- 5 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
50,045
118,337
Corporation tax
36,664
12,420
Other taxation and social security
54,113
44,906
Other creditors
64,885
45,250
205,707
220,913
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
121,991
159,008
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
2
2