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REGISTERED NUMBER: 02583734 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

G. T. Towing Limited

G. T. Towing Limited (Registered number: 02583734)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


G. T. Towing Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: Mr G Thurgood
Mrs T Thurgood
Mrs S Smyth
Mrs A Miller
Mr A Thurgood
Mr P Thurgood





SECRETARY: Mrs S Smyth





REGISTERED OFFICE: Great North Road
Hatfield
Hertfordshire
AL9 5SD





REGISTERED NUMBER: 02583734 (England and Wales)





ACCOUNTANTS: Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
G. T. Towing Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G. T. Towing Limited for the year ended 31 January 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of G. T. Towing Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of G. T. Towing Limited and state those matters that we have agreed to state to the Board of Directors of G. T. Towing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G. T. Towing Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that G. T. Towing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G. T. Towing Limited. You consider that G. T. Towing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of G. T. Towing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE


22 April 2024

G. T. Towing Limited (Registered number: 02583734)

Balance Sheet
31 January 2024

31/1/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 242,533 291,254
242,533 291,254

CURRENT ASSETS
Stocks 7 1,312,418 1,156,430
Debtors 8 61,656 73,514
Cash at bank and in hand 774,976 977,899
2,149,050 2,207,843
CREDITORS
Amounts falling due within one year 9 654,242 822,350
NET CURRENT ASSETS 1,494,808 1,385,493
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,737,341

1,676,747

PROVISIONS FOR LIABILITIES 58,022 43,708
NET ASSETS 1,679,319 1,633,039

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 1,679,219 1,632,939
SHAREHOLDERS' FUNDS 1,679,319 1,633,039

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

G. T. Towing Limited (Registered number: 02583734)

Balance Sheet - continued
31 January 2024


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 22 April 2024 and were signed on its behalf by:





Mr P Thurgood - Director


G. T. Towing Limited (Registered number: 02583734)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

G. T. Towing 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Turnover is recognised once the services are provided (for rental income on a monthly basis).

Goodwill
The company's policy is to write off goodwill evenly over it's estimated life of 5 years.

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.

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 - 33% on cost and 15% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - Straight line over 5 years

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 balance sheet date.


G. T. Towing Limited (Registered number: 02583734)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued
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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 23 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 137,800
AMORTISATION
At 1 February 2023
and 31 January 2024 137,800
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

G. T. Towing Limited (Registered number: 02583734)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2023 10,400 200,869 289,568 369,647 870,484
Additions - - 20,059 - 20,059
Disposals - - - (1,600 ) (1,600 )
At 31 January 2024 10,400 200,869 309,627 368,047 888,943
DEPRECIATION
At 1 February 2023 10,400 194,835 203,045 170,950 579,230
Charge for year - 1,957 13,209 53,454 68,620
Eliminated on disposal - - - (1,440 ) (1,440 )
At 31 January 2024 10,400 196,792 216,254 222,964 646,410
NET BOOK VALUE
At 31 January 2024 - 4,077 93,373 145,083 242,533
At 31 January 2023 - 6,034 86,523 198,697 291,254

7. STOCKS
31/1/24 31/1/23
£    £   
Finished goods 1,312,418 1,156,430

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Trade debtors 55,145 66,356
Staff loans 429 1,190
Prepayments 6,082 5,968
61,656 73,514

G. T. Towing Limited (Registered number: 02583734)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Trade creditors 357,445 563,126
Tax 124,332 128,362
Social security and other taxes 11,801 12,001
Pension Liability 5,391 -
VAT 64,368 50,938
Other creditors 12,321 29,968
Credit card control account 488 572
Accruals 78,096 37,383
654,242 822,350

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:


Number

Class
Nominal
Value

31/1/24

31/1/23
£    £   
18 B Ordinary £1 18 18
16 C Ordinary £1 16 16
16 D Ordinary £1 16 16
16 E Ordinary £1 16 16
16 F Ordinary £1 16 16
18 A Ordinary £1 18 18
100 100

11. CONTINGENT LIABILITIES

At the balance sheet date there were no contingent liabilities of a material amount and no litigation was in progress, pending or threatened, other than as disclosed or provided in the financial statements.

12. RELATED PARTY DISCLOSURES

During the year the company paid £85,267 (2023: £76,800) in respect of rent to G.T. UK Estates Limited, a company under common control.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors of the company by virtue of their shareholding in the company.