10 31/05/2023 2023-05-31 false false false false false false false false false false true false false true false false false true true true false No description of principal activities is disclosed 2022-06-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06905790 2022-06-01 2023-05-31 06905790 2023-05-31 06905790 2022-05-31 06905790 2022-05-31 06905790 core:PlantMachinery 2022-06-01 2023-05-31 06905790 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 06905790 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 06905790 bus:Director1 2022-06-01 2023-05-31 06905790 core:FurnitureFittingsToolsEquipment 2022-05-31 06905790 core:FurnitureFittingsToolsEquipment 2023-05-31 06905790 core:MotorVehicles 2023-05-31 06905790 core:WithinOneYear 2023-05-31 06905790 core:WithinOneYear 2022-05-31 06905790 core:ShareCapital 2023-05-31 06905790 core:ShareCapital 2022-05-31 06905790 core:RetainedEarningsAccumulatedLosses 2023-05-31 06905790 core:RetainedEarningsAccumulatedLosses 2022-05-31 06905790 bus:OrdinaryShareClass1 core:ShareCapital 2023-05-31 06905790 bus:OrdinaryShareClass1 core:ShareCapital 2022-05-31 06905790 core:MotorVehicles 2022-06-01 2023-05-31 06905790 core:CostValuation core:Non-currentFinancialInstruments 2023-05-31 06905790 core:Non-currentFinancialInstruments 2023-05-31 06905790 core:Non-currentFinancialInstruments 2022-05-31 06905790 core:FurnitureFittingsToolsEquipment 2022-05-31 06905790 bus:SmallEntities 2022-06-01 2023-05-31 06905790 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 06905790 bus:FullAccounts 2022-06-01 2023-05-31 06905790 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 06905790 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 06905790 core:Subsidiary1 2022-06-01 2023-05-31 06905790 core:Subsidiary2 2022-06-01 2023-05-31 06905790 core:Subsidiary2 2023-05-31
Company registration number: 06905790
GT Aerospace (Europe) Limited
Unaudited filleted financial statements
31 May 2023
GT Aerospace (Europe) Limited
Contents
Statement of financial position
Notes to the financial statements
GT Aerospace (Europe) Limited
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3 53,560 6,016
Investments 4 90,613 90,613
_______ _______
144,173 96,629
Current assets
Debtors 5 2,480,742 729,901
Cash at bank and in hand 674,341 864,389
_______ _______
3,155,083 1,594,290
Creditors: amounts falling due
within one year 6 ( 2,337,513) ( 746,021)
_______ _______
Net current assets 817,570 848,269
_______ _______
Total assets less current liabilities 961,743 944,898
Provisions for liabilities ( 940) ( 1,143)
_______ _______
Net assets 960,803 943,755
_______ _______
Capital and reserves
Called up share capital 7 100,000 100,000
Profit and loss account 860,803 843,755
_______ _______
Shareholders funds 960,803 943,755
_______ _______
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
Mr Yutaka Oka
Director
Company registration number: 06905790
GT Aerospace (Europe) Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
GT Aerospace (Europe) Limited (Company number 06905790 ) is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Albion Place, Maidstone, Kent, ME14 5DY.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
2. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 10 (2022: 8).
3. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2022 24,544 - 24,544
Additions 2,059 52,980 55,039
_______ _______ _______
At 31 May 2023 26,603 52,980 79,583
_______ _______ _______
Depreciation
At 1 June 2022 18,528 - 18,528
Charge for the year 1,976 5,519 7,495
_______ _______ _______
At 31 May 2023 20,504 5,519 26,023
_______ _______ _______
Carrying amount
At 31 May 2023 6,099 47,461 53,560
_______ _______ _______
At 31 May 2022 6,016 - 6,016
_______ _______ _______
4. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 June 2022 and 31 May 2023 90,613 90,613
_______ _______
Impairment
At 1 June 2022 and 31 May 2023 - -
_______ _______
Carrying amount
At 31 May 2023 90,613 90,613
_______ _______
At 31 May 2022 90,613 90,613
_______ _______
The company has investments in two companies at the year end, TS516 Inc (a company based in the USA trading as GT Aerospace (USA) ), GTAj Ltd (a company based in Japan), at a cost of £37,751 and £52,862 respectively.
5. Debtors
2023 2022
£ £
Trade debtors 1,053,949 549,674
Other debtors 1,426,793 180,227
_______ _______
2,480,742 729,901
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 226,760 321,120
Social security and other taxes 9,725 13,083
Other creditors 2,101,028 411,818
_______ _______
2,337,513 746,021
_______ _______
7. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100,000 100,000 100,000 100,000
_______ _______ _______ _______
8. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
TS516 Inc. (t/a GT Aerospace (USA)) - Sales 79,076 - 79,076 -
TS516 Inc. (t/a GT Aerospace (USA)) - Purchases 79,076 - - -
GTAj Limited - Sales 325,862 591,905 325,862 -
GTAj Limited - Purchases - ( 140,519) - ( 103,547)
_______ _______ _______ _______
GT Aerospace (Europe) Limited owns 100% of the issued ordinary share capital in TS516 Inc, trading as GT Aerospace (USA). The subsidiary is based in the USA. The most recent set of financial results for the subsidiary were to the year-end 31 December 2022. They showed a turnover of $121,414 (2021- $1,289,669) and a profit before taxation of $11,322 (2021 - $130,284). The company has net assets to the value of $261,277 (2021 - $277,315). GT Aerospace (Europe) Limited owns 100% of the issued ordinary share capital in GTAj Ltd, a company based in Japan. The most recent set of financial results for the subsidiary were to the year-end 31 May 2023, and showed a turnover of ¥191,094,739 (2022 - ¥266,459,446) and a profit before taxation of ¥11,424,880 (2022 - ¥19,536,654). The company also has net assets to the value of ¥57,925,746 (2022 - ¥46,500,866).