REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
GCONNECT TECHNOLOGY LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
GCONNECT TECHNOLOGY LIMITED |
GCONNECT TECHNOLOGY LIMITED (REGISTERED NUMBER: 03484343) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GCONNECT TECHNOLOGY LIMITED |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Surgery |
43 Derbe Road |
Lytham St Annes |
Lancashire |
FY8 1NJ |
GCONNECT TECHNOLOGY LIMITED (REGISTERED NUMBER: 03484343) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
SHAREHOLDERS' FUNDS |
GCONNECT TECHNOLOGY LIMITED (REGISTERED NUMBER: 03484343) |
Balance Sheet - continued |
31 March 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GCONNECT TECHNOLOGY LIMITED (REGISTERED NUMBER: 03484343) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Gconnect Technology Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred 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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Amounts owed by group undertakings |
GCONNECT TECHNOLOGY LIMITED (REGISTERED NUMBER: 03484343) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | CONTINGENT LIABILITIES |
A group VAT registration was in existence during the year which included Gconnect Technology Limited and certain other group companies. At the year end, the amount due to HM Revenue and Customs in relation to the other group companies totalled £111,246 (2022-£172,747 ). |
There is a cross guarantee between Gconnect Technology Limited and certain other group companies regarding all loans and overdrafts with Royal Bank of Scotland. It is secured by debentures over the assets of those companies. At the year end, the bank loan and overdraft balances in relation to the other group companies totalled £Nil (2022-£29,331). |
The office rental operating lease commitment of Gconnect Technology Limited's ultimate parent company, Infinium Group Limited, is cross guaranteed by Gconnect Technology Limited and certain other group companies. At the year end, the commitment totalled £28,800 (2022 £72,000) |
6. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
7. | ULTIMATE CONTROLLING PARTY |
The parent company of Gconnect Technology Limited is Cumulus Computing Limited, and the ultimate parent company is Infinium Group Limited. Both companies have a registered office of Unit 4, Bartle Court Business Village, Rosemary Lane, Bartle, Preston, England PR4 0HB. |