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GCT TRADING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023






GCT TRADING LIMITED (REGISTERED NUMBER: 08502114)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GCT TRADING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: G W Toothill
Mrs C Toothill





REGISTERED OFFICE: Wilkinson and Partners
Fairfax House
6A Mill Field Road, Cottingley
Bingley
West Yorkshire
BD16 1PY





REGISTERED NUMBER: 08502114 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

GCT TRADING LIMITED (REGISTERED NUMBER: 08502114)

BALANCE SHEET
30 APRIL 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,055 3,159

CURRENT ASSETS
Stocks 250,000 225,000
Debtors 5 4,214 3,495
Cash at bank and in hand 66,042 106,867
320,256 335,362
CREDITORS
Amounts falling due within one year 6 167,170 181,832
NET CURRENT ASSETS 153,086 153,530
TOTAL ASSETS LESS CURRENT LIABILITIES 156,141 156,689

CREDITORS
Amounts falling due after more than one
year

7

(24,947

)

(34,837

)

PROVISIONS FOR LIABILITIES 8 (589 ) (600 )
NET ASSETS 130,605 121,252

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 130,505 121,152
SHAREHOLDERS' FUNDS 130,605 121,252

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

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.

GCT TRADING LIMITED (REGISTERED NUMBER: 08502114)

BALANCE SHEET - continued
30 APRIL 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 October 2023 and were signed on its behalf by:





G W Toothill - Director


GCT TRADING LIMITED (REGISTERED NUMBER: 08502114)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

GCT Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

In accordance with Section 444 of the Companies Act 2006, the Directors Report has not been delivered.

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 historical cost convention.

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.
Improvements to property - 20% on cost
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

GCT TRADING LIMITED (REGISTERED NUMBER: 08502114)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 May 2022 12,433 8,842 5,471 26,746
Additions - 478 194 672
At 30 April 2023 12,433 9,320 5,665 27,418
DEPRECIATION
At 1 May 2022 12,363 6,060 5,164 23,587
Charge for year 69 489 218 776
At 30 April 2023 12,432 6,549 5,382 24,363
NET BOOK VALUE
At 30 April 2023 1 2,771 283 3,055
At 30 April 2022 70 2,782 307 3,159

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Other debtors 1,509 1,500
Tax 1,522 1,522
Prepayments 1,183 473
4,214 3,495

GCT TRADING LIMITED (REGISTERED NUMBER: 08502114)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 10,778 9,646
Trade creditors 1,315 1,255
Tax 16,687 33,117
Social security and other taxes 522 1,672
VAT 25,562 24,313
Other creditors 47,069 44,668
Directors' current accounts 63,852 65,841
Accrued expenses 1,385 1,320
167,170 181,832

The directors' loan accounts are interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans after 1 year 24,947 34,837

8. PROVISIONS FOR LIABILITIES
30.4.23 30.4.22
£    £   
Deferred tax 589 600

Deferred
tax
£   
Balance at 1 May 2022 600
Accelerated capital allowances (11 )
Balance at 30 April 2023 589

The entire provision for deferred taxation is in respect of accelerated capital allowances.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
100 Ordinary £1.00 100 100

10. ULTIMATE CONTROLLING PARTY

Mr G W Toothill has a beneficial interest in 65% of the issued share capital and therefore controls the company.