IRIS Accounts Production v23.4.0.336 SC231366 Board of Directors 1.7.22 30.6.23 30.6.23 29.3.24 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2313662022-06-30SC2313662023-06-30SC2313662022-07-012023-06-30SC2313662021-04-30SC2313662021-05-012022-06-30SC2313662022-06-30SC231366ns15:Scotland2022-07-012023-06-30SC231366ns14:PoundSterling2022-07-012023-06-30SC231366ns10:Director12022-07-012023-06-30SC231366ns10:PrivateLimitedCompanyLtd2022-07-012023-06-30SC231366ns10:SmallEntities2022-07-012023-06-30SC231366ns10:Audited2022-07-012023-06-30SC231366ns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-30SC231366ns10:SmallCompaniesRegimeForAccounts2022-07-012023-06-30SC231366ns10:AbridgedAccounts2022-07-012023-06-30SC23136612022-07-012023-06-30SC231366ns10:Director22022-07-012023-06-30SC231366ns10:Director32022-07-012023-06-30SC231366ns10:Director42022-07-012023-06-30SC231366ns10:RegisteredOffice2022-07-012023-06-30SC231366ns5:CurrentFinancialInstruments2023-06-30SC231366ns5:CurrentFinancialInstruments2022-06-30SC231366ns5:ShareCapital2023-06-30SC231366ns5:ShareCapital2022-06-30SC231366ns5:RetainedEarningsAccumulatedLosses2023-06-30SC231366ns5:RetainedEarningsAccumulatedLosses2022-06-30SC231366ns5:IntangibleAssetsOtherThanGoodwill2022-07-012023-06-30SC231366ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-07-012023-06-30SC231366ns5:ShortLeaseholdAssetsns5:LandBuildings2022-07-012023-06-30SC231366ns5:PlantMachinery2022-07-012023-06-30SC231366ns5:FurnitureFittings2022-07-012023-06-30SC231366ns5:ComputerEquipment2022-07-012023-06-30SC231366ns5:WithinOneYear2023-06-30SC231366ns5:WithinOneYear2022-06-30SC231366ns5:BetweenOneFiveYears2023-06-30SC231366ns5:BetweenOneFiveYears2022-06-30SC231366ns5:AllPeriods2023-06-30SC231366ns5:AllPeriods2022-06-30
REGISTERED NUMBER: SC231366 (Scotland)















Audited Financial Statements For The Year Ended 30 June 2023

for

GT4 Limited

GT4 Limited (Registered number: SC231366)






Contents of the Financial Statements
For The Year Ended 30 June 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


GT4 Limited

Company Information
For The Year Ended 30 June 2023







DIRECTORS: T Brown
S Cumming
I J Johnstone
C Lindsay





REGISTERED OFFICE: C/O Davidson Chalmers Stewart Llp
163 Bath Street
Glasgow
G2 4SQ





REGISTERED NUMBER: SC231366 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

GT4 Limited (Registered number: SC231366)

Abridged Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 10,707 9,252
10,707 9,252

CURRENT ASSETS
Debtors 183,558 132,608
Cash at bank 593 709
184,151 133,317
CREDITORS
Amounts falling due within one year 264,257 202,431
NET CURRENT LIABILITIES (80,106 ) (69,114 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(69,399

)

(59,862

)

CAPITAL AND RESERVES
Called up share capital 85,000 85,000
Retained earnings (154,399 ) (144,862 )
(69,399 ) (59,862 )

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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:





S Cumming - Director


GT4 Limited (Registered number: SC231366)

Notes to the Financial Statements
For The Year Ended 30 June 2023

1. STATUTORY INFORMATION

GT4 Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

The financial statements of the company are consolidated in the financial statement's of The GT4 Group Limited. These consolidated financial statements are available from its registered office, C/O Davidson Chalmers Stewart Llp, 163 Bath Street, Glasgow, Scotland, G2 4SQ.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

IT costs are being amortised evenly over their estimated useful life of five years.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

GT4 Limited (Registered number: SC231366)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 2% on cost
Fixed plant and equipment - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on cost

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered ar impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of far value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss beer recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

GT4 Limited (Registered number: SC231366)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate af interest. Financial assets Classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of
impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or it some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


GT4 Limited (Registered number: SC231366)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity. in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current lax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Going concern
At 30 June 2023, the company had net liabilities of £69,399 (2022 - £59,862). The directors have prepared the accounts on the going concern basis as they have sought assurances from the company's principal creditor, The GT4 Group Limited, that it won't call up its loan for a period of at least 12 months from the date of signing the account's. The directors have also confirmed their support of the company and are therefore confident that the company will have adequate funding over the course of the next year. On this basis, the accounts have been prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

GT4 Limited (Registered number: SC231366)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2022
and 30 June 2023 93,875
AMORTISATION
At 1 July 2022
and 30 June 2023 93,875
NET BOOK VALUE

At 30 June 2023 -
At 30 June 2022 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 July 2022 146,867
Additions 6,675
At 30 June 2023 153,542
DEPRECIATION
At 1 July 2022 137,615
Charge for year 5,220
At 30 June 2023 142,835
NET BOOK VALUE
At 30 June 2023 10,707
At 30 June 2022 9,252

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 46,200 46,200
Between one and five years 184,800 158,093
231,000 204,293

GT4 Limited (Registered number: SC231366)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Cantlay (Senior Statutory Auditor)
for and on behalf of Robb Ferguson

8. ULTIMATE CONTROLLING PARTY

GT4 Limited is a 100% owned subsidiary of The GT4 Group Limited, a company incorporated in Scotland which is under the control of I J Johnstone.