Company Registration No. 06990591 (England and Wales)
GENTECH PRODUCTS (TELFORD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GENTECH PRODUCTS (TELFORD) LIMITED
COMPANY INFORMATION
Directors
Mr D N P Farla
Mr C R Johnson
Secretary
Mr D N P Farla
Company number
06990591
Registered office
Naird Lane
Nedge Hill
Telford T54
Telford
Shropshirew
TF3 3AL
Accountants
James Holyoak & Parker Limited
1 Knights Court
Archers Way
Battlefield Enterprise Park
Shrewsbury
SY1 3GA
GENTECH PRODUCTS (TELFORD) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GENTECH PRODUCTS (TELFORD) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,099
14,077
Current assets
Stocks
74,033
51,873
Debtors
4
897,582
886,361
Cash at bank and in hand
273,272
194,043
1,244,887
1,132,277
Creditors: amounts falling due within one year
5
(597,260)
(597,158)
Net current assets
647,627
535,119
Total assets less current liabilities
667,726
549,196
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
667,526
548,996
Total equity
667,726
549,196

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 23 February 2024 and are signed on its behalf by:
Mr D N P Farla
Mr C R Johnson
Director
Director
Company Registration No. 06990591
GENTECH PRODUCTS (TELFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information

Gentech Products (Telford) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Naird Lane, Nedge Hill, Telford T54, Telford, Shropshirew, TF3 3AL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Straight line over the life of the lease
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

GENTECH PRODUCTS (TELFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are not recognised in the financial statements on the basis that they are immaterial.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
GENTECH PRODUCTS (TELFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
3
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2022
1,063
1,322
10,191
55,273
67,849
Additions
-
0
-
0
-
0
12,999
12,999
At 30 September 2023
1,063
1,322
10,191
68,272
80,848
Depreciation and impairment
At 1 October 2022
1,063
1,322
9,913
41,474
53,772
Depreciation charged in the year
-
0
-
0
277
6,700
6,977
At 30 September 2023
1,063
1,322
10,190
48,174
60,749
Carrying amount
At 30 September 2023
-
0
-
0
1
20,098
20,099
At 30 September 2022
-
0
-
0
278
13,799
14,077
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
392,021
425,337
Other debtors
500,480
455,916
Prepayments and accrued income
5,081
5,108
897,582
886,361
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
38,897
75,912
Trade creditors
473,208
444,599
Corporation tax
55,220
45,138
Other taxation and social security
15,080
26,118
Other creditors
-
0
2,641
Accruals and deferred income
14,855
2,750
597,260
597,158
GENTECH PRODUCTS (TELFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
A Ordinary shares of £1 each
100
100
100
100
200
200
200
200
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
12,143
11,493
GENTECH PRODUCTS (TELFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

As at 30 September 2023, the company was owed an amount of £986 from Fluid Power Supplies Limited, a company under common control (2022: £986).

 

As at 30 September 2023, the company was owed an amount of £376,411 from Gentech Holdings Limited, a company under common control (2022: £352,992). Gentech Holdings charged rent of £12,000 to the company during the year to 30 September 2023 (2021: £12,036).

 

As at 30 September 2023, the company was owed an amount of £7,025 from Micron Engineering Services Limited, a company under common control (2022: £7,025 due to Micron Engineering Services Limited).

9
Directors' transactions

Dividends totalling £81,162 (2022 - £79,156) were paid in the year in respect of shares held, or ultimately held by the company's directors.

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