GECT Limited 11581996 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is the provision of management consultancy services. Digita Accounts Production Advanced 6.30.9574.0 true true 11581996 2022-03-01 2023-02-28 11581996 2023-02-28 11581996 bus:Director1 1 2023-02-28 11581996 bus:OrdinaryShareClass1 2023-02-28 11581996 core:CurrentFinancialInstruments 2023-02-28 11581996 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11581996 core:FurnitureFittingsToolsEquipment 2023-02-28 11581996 bus:SmallEntities 2022-03-01 2023-02-28 11581996 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11581996 bus:FullAccounts 2022-03-01 2023-02-28 11581996 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 11581996 bus:RegisteredOffice 2022-03-01 2023-02-28 11581996 bus:Director1 2022-03-01 2023-02-28 11581996 bus:Director1 1 2022-03-01 2023-02-28 11581996 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 11581996 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11581996 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 11581996 core:OfficeEquipment 2022-03-01 2023-02-28 11581996 countries:AllCountries 2022-03-01 2023-02-28 11581996 2022-02-28 11581996 bus:Director1 1 2022-02-28 11581996 core:FurnitureFittingsToolsEquipment 2022-02-28 11581996 2021-03-01 2022-02-28 11581996 2022-02-28 11581996 bus:Director1 1 2022-02-28 11581996 bus:OrdinaryShareClass1 2022-02-28 11581996 core:CurrentFinancialInstruments 2022-02-28 11581996 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 11581996 core:FurnitureFittingsToolsEquipment 2022-02-28 11581996 bus:Director1 1 2021-03-01 2022-02-28 11581996 bus:Director1 1 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11581996

GECT Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

GECT Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

GECT Limited

Company Information

Director

C Busco

Registered office

63 South Edwards Square
London
W8 6HL

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

GECT Limited

(Registration number: 11581996)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

398

844

Current assets

 

Debtors

5

854

854

Cash at bank and in hand

 

856

902

 

1,710

1,756

Creditors: Amounts falling due within one year

6

(17,256)

(14,974)

Net current liabilities

 

(15,546)

(13,218)

Net liabilities

 

(15,148)

(12,374)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

(15,149)

(12,375)

Shareholders' deficit

 

(15,148)

(12,374)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 October 2023
 

.........................................
C Busco
Director

 

GECT Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
63 South Edwards Square
London
W8 6HL
United Kingdom

These financial statements were authorised for issue by the director on 26 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the fact that as at 28 February 2023 total liabilities exceeded total assets by £15,148.

This basis is dependant upon the on-going support of the creditors of the company, none of whom have indicated their intention to withdraw their support.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

GECT Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight line method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

GECT Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

1,439

1,439

At 28 February 2023

1,439

1,439

Depreciation

At 1 March 2022

595

595

Charge for the year

446

446

At 28 February 2023

1,041

1,041

Carrying amount

At 28 February 2023

398

398

At 28 February 2022

844

844

5

Debtors

2023
£

2022
£

Other debtors

854

854

854

854

 

GECT Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,800

1,800

Other creditors

15,456

13,174

17,256

14,974

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

8

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Repayments by director
£

Other payments made to company by director
£

At 28 February 2023
£

C Busco

Provision of a working capital loan with no interest or fixed date of repayment

13,174

1,970

312

15,456

         
       

 

 

GECT Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 28 February 2022
£

C Busco

Provision of a working capital loan with no interest or fixed date of repayment

312

(250)

12,800

312

13,174