Caseware UK (AP4) 2018.0.111 2018.0.111 2018-03-312018-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueengineering servicesfalse2017-04-01 07171255 2017-04-01 2018-03-31 07171255 2016-04-01 2017-03-31 07171255 2018-03-31 07171255 2017-03-31 07171255 c:Director1 2017-04-01 2018-03-31 07171255 d:CurrentFinancialInstruments 2018-03-31 07171255 d:CurrentFinancialInstruments 2017-03-31 07171255 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 07171255 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 07171255 d:ShareCapital 2018-03-31 07171255 d:ShareCapital 2017-03-31 07171255 d:RetainedEarningsAccumulatedLosses 2018-03-31 07171255 d:RetainedEarningsAccumulatedLosses 2017-03-31 07171255 c:FRS102 2017-04-01 2018-03-31 07171255 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 07171255 c:FullAccounts 2017-04-01 2018-03-31 07171255 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 iso4217:GBP xbrli:pure
Registered number: 07171255






GTEC ELECTRONICS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018










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GTEC ELECTRONICS LIMITED
REGISTERED NUMBER:07171255

BALANCE SHEET
AS AT 31 MARCH 2018

2018
2017
Note
£
£

  

Current assets
  

Stocks
 4 
39,048
2,500

Debtors: amounts falling due within one year
 5 
187,447
63,639

Cash at bank and in hand
 6 
82,205
89,867

  
308,700
156,006

Creditors: amounts falling due within one year
 7 
(127,831)
(80,120)

Net current assets
  
 
 
180,869
 
 
75,886

Total assets less current liabilities
  
180,869
75,886

  

Net assets
  
180,869
75,886


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
180,867
75,884

  
180,869
75,886


Page 1

 
GTEC ELECTRONICS LIMITED
REGISTERED NUMBER:07171255
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Barker
Director

Date: 6 November 2018

Page 2

 
GTEC ELECTRONICS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1.


General information

 GTEC Electronics Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of electronics engineers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

Page 3

 
GTEC ELECTRONICS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

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 when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
GTEC ELECTRONICS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2.Accounting policies (continued)

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2017 - 1).


4.


Stocks

2018
2017
£
£

Raw materials and consumables
39,048
2,500

39,048
2,500



5.


Debtors

2018
2017
£
£


Trade debtors
187,447
63,639

187,447
63,639


Page 5

 
GTEC ELECTRONICS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

6.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
82,205
89,867

82,205
89,867



7.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
52,419
47,594

Taxation and social security
74,556
31,185

Other creditors
28
576

Accruals and deferred income
828
765

127,831
80,120


 
Page 6