Company Registration No. 10084128 (England and Wales)
GT Works Ltd
Unaudited accounts
for the year ended 31 March 2022
GT Works Ltd
Unaudited accounts
Contents
GT Works Ltd
Company Information
for the year ended 31 March 2022
Company Number
10084128 (England and Wales)
Registered Office
57 St. Marys Road
Teignmouth
Devon
TQ14 9LY
England
Accountants
Yannons Chartered Accountants
The Gallery
New Quay Street
Teignmouth
Devon
TQ14 8DA
GT Works Ltd
Statement of financial position
as at 31 March 2022
Tangible assets
26,031
31,494
Cash at bank and in hand
34,712
20,723
Creditors: amounts falling due within one year
(99,276)
(61,525)
Net current liabilities
(20,227)
(25,249)
Total assets less current liabilities
5,804
6,245
Provisions for liabilities
Deferred tax
(4,946)
(5,984)
Called up share capital
1
1
Profit and loss account
857
260
Shareholders' funds
858
261
For the year ending 31 March 2022 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 director acknowledges his 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.
The financial statements were approved by the Board and authorised for issue on 5 September 2022 and were signed on its behalf by
G. Turner
Director
Company Registration No. 10084128
GT Works Ltd
Notes to the Accounts
for the year ended 31 March 2022
GT Works Ltd is a private company, limited by shares, registered in England and Wales, registration number 10084128. The registered office is 57 St. Marys Road, Teignmouth, Devon, TQ14 9LY, England.
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.
The accounts are presented in £ sterling.
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:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
25% reducing balance
The financial statements have been prepared on a going concern basis dependent on the ongoing support of the director.
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Stock is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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.
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
GT Works Ltd
Notes to the Accounts
for the year ended 31 March 2022
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2021
18,913
42,923
4,511
66,347
At 31 March 2022
21,640
42,923
4,511
69,074
At 1 April 2021
10,396
21,954
2,503
34,853
Charge for the year
2,446
5,242
502
8,190
At 31 March 2022
12,842
27,196
3,005
43,043
At 31 March 2022
8,798
15,727
1,506
26,031
At 31 March 2021
8,517
20,969
2,008
31,494
5
Debtors: amounts falling due within one year
2022
2021
Accrued income and prepayments
42,298
2,181
6
Creditors: amounts falling due within one year
2022
2021
Trade creditors
13,302
12,536
Taxes and social security
15,240
1,993
Other creditors
15,115
9,122
Loans from directors
48,016
36,061
7
Average number of employees
During the year the average number of employees was 2 (2021: 2).