Company Registration No. 03760255 (England and Wales)
G.T. Products (Europe) Ltd.
Unaudited accounts
for the year ended 31 May 2023
G.T. Products (Europe) Ltd.
Unaudited accounts
Contents
G.T. Products (Europe) Ltd.
Company Information
for the year ended 31 May 2023
Directors
Roger Gillam
Anna Gillam
Company Number
03760255 (England and Wales)
Registered Office
Unit 14 Ford Lane Business Park
Ford Lane
Ford
West Sussex
BN18 0UZ
United Kingdom
Accountants
B4Bookkeeping Ltd
1 Lincoln House
Tangmere
Chichester
West Sussex
PO20 2FS
G.T. Products (Europe) Ltd.
Statement of financial position
as at 31 May 2023
Tangible assets
10,392
13,571
Inventories
293,445
266,580
Cash at bank and in hand
71,367
132,099
Creditors: amounts falling due within one year
(162,861)
(183,285)
Net current assets
276,561
300,449
Total assets less current liabilities
286,953
314,020
Provisions for liabilities
Deferred tax
(1,540)
(2,512)
Net assets
285,413
311,114
Called up share capital
2
2
Profit and loss account
285,411
311,112
Shareholders' funds
285,413
311,114
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by
Roger Gillam
Director
Company Registration No. 03760255
G.T. Products (Europe) Ltd.
Notes to the Accounts
for the year ended 31 May 2023
G.T. Products (Europe) Ltd. is a private company, limited by shares, registered in England and Wales, registration number 03760255. The registered office is Unit 14 Ford Lane Business Park, Ford Lane, Ford, West Sussex, BN18 0UZ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost
Plant & machinery
25% on reducing balance
Computer equipment
25% on reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
G.T. Products (Europe) Ltd.
Notes to the Accounts
for the year ended 31 May 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2022
5,542
108,825
26,514
140,881
At 31 May 2023
5,542
108,825
26,839
141,206
At 1 June 2022
5,194
96,382
25,734
127,310
Charge for the year
117
3,111
276
3,504
At 31 May 2023
5,311
99,493
26,010
130,814
At 31 May 2023
231
9,332
829
10,392
At 31 May 2022
348
12,443
780
13,571
Amounts falling due within one year
Trade debtors
71,123
80,798
Accrued income and prepayments
717
2,207
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
105
105
Trade creditors
137,260
137,728
Taxes and social security
11,192
23,096
Loans from directors
2,245
14,018
G.T. Products (Europe) Ltd.
Notes to the Accounts
for the year ended 31 May 2023
7
Transactions with related parties
Included in creditors is an amount due to be paid by the company to its directors. The amount is an advance made to the company of £14,018.
There is no interest due to be paid on any outstanding amount. No fixed date has been set for the amount to be repaid by the company.
8
Average number of employees
During the year the average number of employees was 5 (2022: 5).