Company registration number: 01272500
Unaudited financial statements
for the year ended 31 January 2023
for
Gaite (engineering) Limited
Pages for filing with the Registrar
Company registration number: 01272500
Gaite (engineering) Limited
Balance sheet
as at 31 January 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 33,399 33,740
33,399 33,740
Current assets
Cash at bank and in hand 34,862 33,775
34,862 33,775
Creditors: amounts falling due within
one year
(9,232) (9,331)
Net current assets 25,630 24,444
Total assets less current liabilities 59,029 58,184
NET ASSETS 59,029 58,184
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 58,029 57,184
TOTAL EQUITY 59,029 58,184
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 January 2023.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 01272500
Gaite (engineering) Limited
Balance sheet - continued
as at 31 January 2023
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 9 October 2023 and signed on its behalf by:
Mr S Taite, Director Mr A Taite, Director
9 October 2023 9 October 2023
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Gaite (engineering) Limited
Notes to the financial statements
for the year ended 31 January 2023
1 Company information
The company is registered in England and Wales. Its registered number is 01272500. The company is limited by shares. Its registered office is 66 Botley Road, Park Gate, Southampton, SO31 1BB.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings:
Freehold property - 1% reducing balance
Plant and machinery etc.:
Plant and machinery - 25% reducing balance
Taxation
Taxation for the year comprises current taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Gaite (engineering) Limited
Notes to the financial statements - continued
for the year ended 31 January 2023
3 Average number of employees
During the year the average number of employees was 2 (2022 - 2).
4 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 February 2022 51,473 3,180 54,653
At 31 January 2023 51,473 3,180 54,653
Depreciation
At 1 February 2022 17,733 3,180 20,913
Charge for year 341 - 341
At 31 January 2023 18,074 3,180 21,254
Net book value
At 31 January 2023 33,399 - 33,399
At 31 January 2022 33,740 - 33,740
5 Advances, credit and guarantees granted to directors
The following advances and credits to a director subsisted during the years ended 31 January 2023 and 31 January 2022.
2023 2022
£ £
Mr Simon Taite
Balance outstanding at start of year (729) (729)
Balance outstanding at end of year (729) (729)
6 Related party transactions
The company was under the joint control of the directors by virtue of the respective interest of the issued share capital of the company
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