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REGISTERED NUMBER: 03842522 (England and Wales)












Unaudited Financial Statements for the Year Ended 30 September 2023

for

GTEC Engineering Limited

GTEC Engineering Limited (Registered number: 03842522)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


GTEC Engineering Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: G N Young
Mrs A Young
T M Wells
Mrs S A Wells
J Young



REGISTERED OFFICE: Well Spring Close
Carlyon Road
Atherstone
Warwickshire
CV9 1HU



REGISTERED NUMBER: 03842522 (England and Wales)



ACCOUNTANTS: The Profit Key Limited
Prince William House
10 Lower Church Street
Ashby de la Zouch
Leicestershire
LE65 1AB



BANKERS: Lloyds TSB
Erington Branch
Ariel House
2138 Coventry Road
Sheldon
Birmingham
B26 3JW

GTEC Engineering Limited (Registered number: 03842522)

Statement of Financial Position
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,928 25,762

CURRENT ASSETS
Stocks 5 500 500
Debtors 6 1,218,717 983,160
Cash at bank and in hand 849,724 569,794
2,068,941 1,553,454
CREDITORS
Amounts falling due within one year 7 884,354 1,210,513
NET CURRENT ASSETS 1,184,587 342,941
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,207,515

368,703

PROVISIONS FOR LIABILITIES 5,732 4,895
NET ASSETS 1,201,783 363,808

CAPITAL AND RESERVES
Called up share capital 8 600 600
Retained earnings 1,201,183 363,208
SHAREHOLDERS' FUNDS 1,201,783 363,808

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GTEC Engineering Limited (Registered number: 03842522)

Statement of Financial Position - continued
30 September 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





G N Young - Director


GTEC Engineering Limited (Registered number: 03842522)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

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

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

GTEC Engineering Limited (Registered number: 03842522)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Loans from directors
Any loans from the Director's to the company are interest free and repayable on demand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 31 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2022 120,084 20,094 86,707 226,885
Additions - 3,012 4,845 7,857
At 30 September 2023 120,084 23,106 91,552 234,742
DEPRECIATION
At 1 October 2022 111,991 10,076 79,056 201,123
Charge for year 2,023 3,178 5,490 10,691
At 30 September 2023 114,014 13,254 84,546 211,814
NET BOOK VALUE
At 30 September 2023 6,070 9,852 7,006 22,928
At 30 September 2022 8,093 10,018 7,651 25,762

5. STOCKS
2023 2022
£    £   
Stocks 500 500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,125,563 924,329
Other debtors 35,400 35,400
Serca Holdings Limited 34,191 -
Tecsure Solutions Limited 248 248
Harvest Management Limited 248 248
3 Engineering Limited 19,832 20,396
Prepayments 3,235 2,539
1,218,717 983,160

GTEC Engineering Limited (Registered number: 03842522)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 235,478 764,512
Tax 202,041 147,330
Social security and other taxes 18,501 18,478
VAT 117,759 74,545
Other creditors 6,381 4,845
Serca Intercompany account - 97,262
Directors' current accounts 56 56
Accrued expenses 304,138 103,485
884,354 1,210,513

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
500 Ordinary "A-E" £1 500 500
600 600