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COMPANY REGISTRATION NUMBER: 07442032
GTS Sewing Machines Limited
Filleted Unaudited Financial Statements
31 March 2023
GTS Sewing Machines Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
10,962
14,615
Current assets
Stocks
42,690
59,114
Debtors
6
14,327
12,791
Cash at bank and in hand
24,476
40,021
--------
---------
81,493
111,926
Creditors: amounts falling due within one year
7
63,394
81,844
--------
---------
Net current assets
18,099
30,082
--------
--------
Total assets less current liabilities
29,061
44,697
Creditors: amounts falling due after more than one year
8
32,700
28,011
--------
--------
Net (liabilities)/assets
( 3,639)
16,686
--------
--------
Capital and reserves
Called up share capital
50
50
Capital redemption reserve
50
50
Profit and loss account
( 3,739)
16,586
-------
--------
Shareholder (deficit)/funds
( 3,639)
16,686
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GTS Sewing Machines Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 10 April 2024 , and are signed on behalf of the board by:
Mr G Sharpe
Director
Company registration number: 07442032
GTS Sewing Machines Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Minton Place, Victoria Road, Bicester, Oxon, OX26 6QB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
346
16,000
6,404
22,750
----
--------
-------
--------
Depreciation
At 1 April 2022
331
3,333
4,471
8,135
Charge for the year
3
3,167
483
3,653
----
--------
-------
--------
At 31 March 2023
334
6,500
4,954
11,788
----
--------
-------
--------
Carrying amount
At 31 March 2023
12
9,500
1,450
10,962
----
--------
-------
--------
At 31 March 2022
15
12,667
1,933
14,615
----
--------
-------
--------
6. Debtors
2023
2022
£
£
Trade debtors
7,664
7,038
Other debtors
6,663
5,753
--------
--------
14,327
12,791
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
23,540
29,545
Trade creditors
11,345
6,810
Corporation tax
22,968
32,300
Social security and other taxes
4,791
5,582
Other creditors
750
7,607
--------
--------
63,394
81,844
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,700
28,011
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Sharpe
( 6,857)
68,116
( 58,768)
2,491
-------
--------
--------
-------
2022
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Sharpe
26,931
26,212
( 60,000)
( 6,857)
--------
--------
--------
-------