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Company No: 03441653 (England and Wales)

GIOTTO ENGINEERING (PROJECTS) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

GIOTTO ENGINEERING (PROJECTS) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

GIOTTO ENGINEERING (PROJECTS) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
GIOTTO ENGINEERING (PROJECTS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 204,444 204,478
Investments 4 4 4
204,448 204,482
Current assets
Debtors 5 133,645 182,561
Cash at bank and in hand 439,257 466,823
572,902 649,384
Creditors: amounts falling due within one year 6 ( 4,124) ( 13,558)
Net current assets 568,778 635,826
Total assets less current liabilities 773,226 840,308
Net assets 773,226 840,308
Capital and reserves
Called-up share capital 7 8 8
Profit and loss account 773,218 840,300
Total shareholders' funds 773,226 840,308

For the financial year ending 30 June 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 financial statements of Giotto Engineering (Projects) Limited (registered number: 03441653) were approved and authorised for issue by the Director on 28 November 2023. They were signed on its behalf by:

Malcolm Ardron
Director
GIOTTO ENGINEERING (PROJECTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
GIOTTO ENGINEERING (PROJECTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Giotto Engineering Projects Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales (Company Number 03441653). The address of the Company's registered office is 2nd Floor Stratus House, Emperor Way, Exeter Business Park, Exeter, Devon, EX1 3QS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Giotto Engineering Projects Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Freehold property is not depreciated on the basis that any depreciation on the property would be immaterial and the property is regularly maintained and refurbished.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 July 2022 204,344 10,942 215,286
At 30 June 2023 204,344 10,942 215,286
Accumulated depreciation
At 01 July 2022 4 10,804 10,808
Charge for the financial year 0 34 34
At 30 June 2023 4 10,838 10,842
Net book value
At 30 June 2023 204,340 104 204,444
At 30 June 2022 204,340 138 204,478

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 July 2022 4
At 30 June 2023 4
Carrying value at 30 June 2023 4
Carrying value at 30 June 2022 4

5. Debtors

2023 2022
£ £
Amounts owed by own subsidiaries 125,301 140,666
Amounts owed by director 8,344 41,895
133,645 182,561

6. Creditors: amounts falling due within one year

2023 2022
£ £
Accruals and deferred income 4,098 3,482
Deferred tax liability 26 35
Taxation and social security 0 10,041
4,124 13,558

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
4 A ordinary shares of £ 1.00 each 4 4
4 B ordinary shares of £ 1.00 each 4 4
8 8

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed by directors 8,344 41,895

The company paid dividends of £37,000 (2022: £37,000) to the director.