Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-31No description of principal activity2021-01-01false2727truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07301752 2021-01-01 2021-12-31 07301752 2020-01-01 2020-12-31 07301752 2021-12-31 07301752 2020-12-31 07301752 c:Director1 2021-01-01 2021-12-31 07301752 d:Buildings d:ShortLeaseholdAssets 2021-01-01 2021-12-31 07301752 d:Buildings d:ShortLeaseholdAssets 2021-12-31 07301752 d:Buildings d:ShortLeaseholdAssets 2020-12-31 07301752 d:PlantMachinery 2021-01-01 2021-12-31 07301752 d:PlantMachinery 2021-12-31 07301752 d:PlantMachinery 2020-12-31 07301752 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 07301752 d:MotorVehicles 2021-01-01 2021-12-31 07301752 d:FurnitureFittings 2021-01-01 2021-12-31 07301752 d:OfficeEquipment 2021-01-01 2021-12-31 07301752 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 07301752 d:CurrentFinancialInstruments 2021-12-31 07301752 d:CurrentFinancialInstruments 2020-12-31 07301752 d:Non-currentFinancialInstruments 2021-12-31 07301752 d:Non-currentFinancialInstruments 2020-12-31 07301752 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 07301752 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 07301752 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 07301752 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 07301752 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 07301752 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2020-12-31 07301752 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 07301752 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 07301752 d:UKTax 2021-01-01 2021-12-31 07301752 d:UKTax 2020-01-01 2020-12-31 07301752 d:ShareCapital 2021-12-31 07301752 d:ShareCapital 2020-12-31 07301752 d:RetainedEarningsAccumulatedLosses 2021-12-31 07301752 d:RetainedEarningsAccumulatedLosses 2020-12-31 07301752 c:OrdinaryShareClass1 2021-01-01 2021-12-31 07301752 c:OrdinaryShareClass1 2021-12-31 07301752 c:OrdinaryShareClass1 2020-12-31 07301752 c:FRS102 2021-01-01 2021-12-31 07301752 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 07301752 c:FullAccounts 2021-01-01 2021-12-31 07301752 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 07301752 2 2021-01-01 2021-12-31 07301752 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 07301752 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 07301752 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 07301752 d:TaxLossesCarry-forwardsDeferredTax 2020-12-31 07301752 d:OtherDeferredTax 2021-12-31 07301752 d:OtherDeferredTax 2020-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07301752









GT ENGINE SERVICES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

 
GT ENGINE SERVICES LIMITED
REGISTERED NUMBER: 07301752

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

FIXED ASSETS
  

Tangible assets
 5 
800,835
704,879

  
800,835
704,879

CURRENT ASSETS
  

Stocks
  
393,681
122,433

Debtors: amounts falling due within one year
 6 
1,754,025
934,457

Cash at bank and in hand
  
45,784
769,052

  
2,193,490
1,825,942

Creditors: amounts falling due within one year
 7 
(904,540)
(490,895)

NET CURRENT ASSETS
  
 
 
1,288,950
 
 
1,335,047

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,089,785
2,039,926

Creditors: amounts falling due after more than one year
 8 
(716,861)
(321,050)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 10 
(146,765)
(103,805)

  
 
 
(146,765)
 
 
(103,805)

NET ASSETS
  
1,226,159
1,615,071


CAPITAL AND RESERVES
  

Called up share capital 
 11 
1,000
1,000

Profit and loss account
  
1,225,159
1,614,071

  
1,226,159
1,615,071


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 the 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 income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1

 
GT ENGINE SERVICES LIMITED
REGISTERED NUMBER: 07301752
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021


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






G I MacLeod
Director

Date: 5 September 2022

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


GENERAL INFORMATION

The company is limited by shares and incorporated in England. The registered office and trading address is 6025 Taylors End, Long Boarder Road, London Stansted, Stansted, CM24 1RL.
The financial statement are presented in sterling which is the functional currency of the company.
The significant accounting policies applied in the preparation of these financial statements are set out
below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

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

 
2.3

TURNOVER

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of VAT Added Tax and trade discounts.  Invoices are raised on completion of the project or stage of work.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

PENSIONS

The Company operates a defined contribution plan for its employees. A Defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity.  Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due.  Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold Improvements
-
10%
Straight Line
Plant and machinery
-
20%
Straight Line
Motor vehicles
-
20%
Straight Line
Fixtures and fittings
-
20%
Straight Line
Office equipment
-
20%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

STOCKS

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

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 27 (2020 - 27).

Page 6

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


TAXATION


2021
2020
£
£

CORPORATION TAX


Current tax on profits for the year
-
(73,694)

Adjustments in respect of previous periods
-
(165,319)


TOTAL CURRENT TAX
-
(239,013)

DEFERRED TAX


Origination and reversal of timing differences
10,179
(2,548)

Changes to tax rates
32,781
11,194

TOTAL DEFERRED TAX
42,960
8,646


TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES
42,960
(230,367)





Page 7

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


TANGIBLE FIXED ASSETS





Leasehold improve-ments
Other fixed assets
Total

£
£
£



COST OR VALUATION


At 1 January 2021
181,766
1,510,999
1,692,765


Additions
1,234
327,657
328,891



At 31 December 2021

183,000
1,838,656
2,021,656



DEPRECIATION


At 1 January 2021
81,998
905,888
987,886


Charge for the year on owned assets
18,047
214,888
232,935



At 31 December 2021

100,045
1,120,776
1,220,821



NET BOOK VALUE



At 31 December 2021
82,955
717,880
800,835



At 31 December 2020
99,768
605,111
704,879


6.


DEBTORS

2021
2020
£
£


Trade debtors
589,201
291,896

Amounts owed by group undertakings
772,863
46,007

Other debtors
391,961
596,554

1,754,025
934,457


Page 8

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021
2020
£
£

Bank overdrafts
10,540
-

Bank loans
56,916
31,250

Other loans
84,854
-

Trade creditors
468,605
218,832

Other taxation and social security
9,509
27,840

Obligations under finance lease and hire purchase contracts
118,557
142,815

Other creditors
155,559
70,158

904,540
490,895


Bank loans comprise a Government backed 'Coronavirus Business Interruption' loan, which was drawn down at the end of June 2020.  This loan is 80% guaranteed by the Government.  Any fees on set up and interest arising during the first twelve months is paid by the Government.  After twelve months, interest will be charged at 8.9% per annum.
Other loans comprise a Government backed IWOCA finance loan, which was drawn down in February 2021.  Any fees on setup and interest arising in the first twelve months is paid by the Government.  After twelve months, interest will be charged at 11.09% per annum.
Net obligations under finance leases and hire purchase contracts of £118,557 (2020 - £142,815) are secured over the assets concerned.


8.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021
2020
£
£

Bank loans
166,463
218,750

Other loans
415,146
-

Net obligations under finance leases and hire purchase contracts
135,252
102,300

716,861
321,050


Bank loans comprise a Government backed 'Coronavirus Business Interruption' loan, which was drawn down at the end of June 2020.  This loan is 80% guaranteed by the Government.  Any fees on set up and interest arising during the first twelve months is paid by the Government.  After twelve months, interest will be charged at 8.9% per annum.
Other loans comprise a Government backed IWOCA finance loan, which was drawn down in February 2021.  Any fees on setup and interest arising in the first twelve months is paid by the Government.  After twelve months, interest will be charged at 11.09% per annum.
Net obligations under finance leases and hire purchase contracts of £135,252 (2020 - £102,300) are secured over the assets concerned.

Page 9

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

9.


LOANS


Analysis of the maturity of loans is given below:


2021
2020
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
56,916
31,250

Other loans
84,854
-


141,770
31,250

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
62,194
62,500

Other loans
245,008
-


307,202
62,500

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
104,269
156,250

Other loans
170,138
-


274,407
156,250


723,379
250,000



10.


DEFERRED TAXATION




2021


£






At beginning of year
(103,805)


Charged to profit or loss
(42,960)



AT END OF YEAR
(146,765)

Page 10

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
 
10.DEFERRED TAXATION (CONTINUED)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(165,107)
(103,805)

Tax losses carried forward
17,963
-

Short term differences
379
-

(146,765)
(103,805)


11.


SHARE CAPITAL

2021
2020
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,000 (2020 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



12.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £70,966 (2020 - £32,250). Contributions totalling £4,210 (2020 - £3,232) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 11