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Company Registration No. 04892067 (England and Wales)
GETI LTD Unaudited accounts for the year ended 31 August 2023
GETI LTD Unaudited accounts Contents
Page
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GETI LTD Company Information for the year ended 31 August 2023
Director
A.HARDWICK
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
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GETI LTD Statement of financial position as at 31 August 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
163,006 
60,453 
Current assets
Inventories
2,800 
2,900 
Debtors
70,053 
42,072 
Cash at bank and in hand
133,901 
132,175 
206,754 
177,147 
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)
Net assets
131,786 
79,957 
Capital and reserves
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
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GETI LTD Notes to the Accounts for the year ended 31 August 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
Foreign currencies
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.
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GETI LTD Notes to the Accounts for the year ended 31 August 2023
Leased assets
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.
Pension costs
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
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 
£ 
Cost or valuation
At 1 September 2022
304,235 
Additions
121,362 
At 31 August 2023
425,597 
Depreciation
At 1 September 2022
243,782 
Charge for the year
18,809 
At 31 August 2023
262,591 
Net book value
At 31 August 2023
163,006 
At 31 August 2022
60,453 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
131,896 
36,559 
5
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
6
Controlling party
The company is controlled by the director.
7
Average number of employees
During the year the average number of employees was 7 (2022: 7).
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