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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
Page
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GT Works Ltd Company Information for the year ended 31 March 2022
Director
G. Turner
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
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GT Works Ltd Statement of financial position as at 31 March 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
26,031 
31,494 
Current assets
Inventories
1,500 
1,000 
Debtors
42,837 
14,553 
Cash at bank and in hand
34,712 
20,723 
79,049 
36,276 
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)
Net assets
858 
261 
Capital and reserves
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
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GT Works Ltd Notes to the Accounts for the year ended 31 March 2022
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention.
Presentation currency
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
Going concern
The financial statements have been prepared on a going concern basis dependent on the ongoing support of the director.
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Stock
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 taxation
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
Government grants in relation to expenditure are credited when the expenditure is charged to profit and loss.
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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 
Additions
2,727 
- 
- 
2,727 
At 31 March 2022
21,640 
42,923 
4,511 
69,074 
Depreciation
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 
Net book value
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 
£ 
£ 
Trade debtors
539 
11,766 
Accrued income and prepayments
42,298 
2,181 
Other debtors
- 
606 
42,837 
14,553 
6
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
VAT
5,613 
- 
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 
Accruals
1,990 
1,813 
99,276 
61,525 
7
Average number of employees
During the year the average number of employees was 2 (2021: 2).
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