Company Registration No. 04892067 (England and Wales)
GETI LTD
Unaudited accounts
for the year ended 31 August 2023
GETI LTD
Unaudited accounts
Contents
GETI LTD
Company Information
for the year ended 31 August 2023
Company Number
04892067 (England and Wales)
Registered Office
44 HOCKLEY STREET
HOCKLEY
BIRMINGHAM
B18 6BH
Accountants
Sanghera & Co.
Chartered Certified Accountants
43 Pear Tree Road
Great Barr
Birmingham
B43 6HX
GETI LTD
Statement of financial position
as at 31 August 2023
Tangible assets
163,006
60,453
Cash at bank and in hand
133,901
132,175
Creditors: amounts falling due within one year
(104,955)
(134,131)
Net current assets
101,799
43,016
Total assets less current liabilities
264,805
103,469
Creditors: amounts falling due after more than one year
(102,048)
(12,026)
Provisions for liabilities
Deferred tax
(30,971)
(11,486)
Called up share capital
100
100
Profit and loss account
131,686
79,857
Shareholders' funds
131,786
79,957
For the year ending 31 August 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
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 and authorised for issue on 5 February 2024 and were signed on its behalf by
A.HARDWICK
Director
Company Registration No. 04892067
GETI LTD
Notes to the Accounts
for the year ended 31 August 2023
GETI LTD is a private company, limited by shares, registered in England and Wales, registration number 04892067. The registered office is 44 HOCKLEY STREET, HOCKLEY, BIRMINGHAM, B18 6BH.
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 represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Fixtures & fittings
25% reducing balance
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
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 is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
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.
GETI LTD
Notes to the Accounts
for the year ended 31 August 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Total
At 1 September 2022
304,235
At 1 September 2022
243,782
Charge for the year
18,809
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
131,896
36,559
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
The company is controlled by the director.
7
Average number of employees
During the year the average number of employees was 7 (2022: 7).