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REGISTERED NUMBER: 11530254 (England and Wales)






























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

GTG JOINERY SOLUTIONS LIMITED

GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GTG JOINERY SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Mr H G Georgiev
Mr JC Thorpe



REGISTERED OFFICE: Unit D
Harrison Road
Airfield Business Park
Market Harborough
Leicestershire
LE16 7UL



REGISTERED NUMBER: 11530254 (England and Wales)



SENIOR STATUTORY AUDITOR: Mark Harrison BA FCA



AUDITORS: Mark J Rees LLP Chartered Accountants
Granville Hall
Granville Road
Leicester
Leicestershire
LE1 7RU

GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 267

CURRENT ASSETS
Debtors 5 230,310 320,238

CREDITORS
Amounts falling due within one year 6 397,435 596,877
NET CURRENT LIABILITIES (167,125 ) (276,639 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(167,125

)

(276,372

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (167,225 ) (276,472 )
(167,125 ) (276,372 )

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 4 March 2024 and were signed on its behalf by:





Mr JC Thorpe - Director


GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

GTG Joinery Solutions 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 and represents amounts receivable for sales of services provided in the normal course of business, net of discounts and value added tax, adjusted in accordance with the policy on contract income as described below.

The Company derives a significant proportion of its revenue from the supply of projects under contracts, some of which are fixed price contracts that may extend for a significant period of time. Where the outcome can be estimated reliably, contract revenue is recognised to the extent that the services have been performed. Performance is measured based on costs incurred to date as a percentage of total expected costs. Management judgement and experience is required to determine the completeness of those forecasts, the recoverability of the costs incurred and the revenue recognised on contracts. Unforeseen future events may adversely impact the accuracy of those forecasts and recoverability judgements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 33% on cost

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern
During the year ended 31 October 2023 the company incurred a profit for the year of £109,247 (2022: loss of £178,964) and had net current liabilities at that date of £167,125 (2022: £276,372).

The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and the anticipated cash flows, availability of group support and other mitigating actions that can be taken during that period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 November 2022
and 31 October 2023 1,367
DEPRECIATION
At 1 November 2022 1,100
Charge for year 267
At 31 October 2023 1,367
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 267

GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 80,647 140,522
Amounts owed by group undertakings 76,837 67,162
Other debtors 25,079 18,816
182,563 226,500

Amounts falling due after more than one year:
Other debtors 47,747 93,738

Aggregate amounts 230,310 320,238

Deferred tax asset
2023 2022
£    £   
Accelerated capital allowances - (67 )
Tax losses carried forward 47,747 93,805
47,747 93,738

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 82,730 163,763
Trade creditors 50,910 10,854
Amounts owed to group undertakings 196,156 224,965
Taxation and social security 38,589 189,495
Other creditors 29,050 7,800
397,435 596,877

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 82,730 163,763

The bank overdraft is secured by way of fixed and floating charges over the undertaking and all property.

GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


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

The Report of the Auditors was unqualified.

Mark Harrison BA FCA (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants

9. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £1,840.


Due within one year - £1,840

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mr H G Georgiev
Balance outstanding at start of year 6,346 6,346
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,346 6,346

The loans are interest free and repayable on demand.

11. RELATED PARTY DISCLOSURES

At the year end the company owed Thorpe's Joinery Limited £61,216 (2022: £88,525).

At the year end the company was owed £76,837 (2022: £67,162) by Thorpe's Flooring Limited.

Thorpe's Joinery Limited and Campbell Contract Flooring Limited are both wholly owned subsidiary companies of the parent company, Thorpe Interior Group Limited. Thorpe Interior Group Limited own 80% of Thorpe's Flooring Limited.

At the year end the company owed Thorpe Interior Group Limited £134,940 (2022: £136,440).

The ultimate controlling party is Mr JC Thorpe by virtue of his majority shareholding in Thorpe Interior Group Limited.

GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


12. ULTIMATE PARENT COMPANY

The company's parent and ultimate parent company is Thorpe Interior Group Limited. The registered office of Thorpe Interior Group Limited is Unit D Harrison Road, Airfield Business Park, Market Harborough, Leicestershire, England, LE16 7UL. The accounts of Thorpe Interior Group Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.