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REGISTERED NUMBER: 13792379 (England and Wales)















GREASETECH DRAINAGE SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






GREASETECH DRAINAGE SOLUTIONS LIMITED (REGISTERED NUMBER: 13792379)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GREASETECH DRAINAGE SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R Menzies
R J V Thomas
S Benfield





REGISTERED OFFICE: 424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ





REGISTERED NUMBER: 13792379 (England and Wales)





ACCOUNTANTS: Spurling Cannon
Chartered Certified Accountants
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

GREASETECH DRAINAGE SOLUTIONS LIMITED (REGISTERED NUMBER: 13792379)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 455,372 126,828
Tangible assets 5 33,937 27,597
489,309 154,425

CURRENT ASSETS
Stocks 10,652 11,447
Debtors 6 1,238,638 1,074,852
Cash at bank and in hand 45,460 13,650
1,294,750 1,099,949
CREDITORS
Amounts falling due within one year 7 1,634,763 1,103,520
NET CURRENT LIABILITIES (340,013 ) (3,571 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

149,296

150,854

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 149,196 150,754
149,296 150,854

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

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

GREASETECH DRAINAGE SOLUTIONS LIMITED (REGISTERED NUMBER: 13792379)

BALANCE SHEET - continued
31 DECEMBER 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 15 February 2024 and were signed on its behalf by:




R Menzies - Director



R J V Thomas - Director


GREASETECH DRAINAGE SOLUTIONS LIMITED (REGISTERED NUMBER: 13792379)

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

1. STATUTORY INFORMATION

GreaseTech Drainage 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.

The company commenced trading on 1 June 2022.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten 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.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

GREASETECH DRAINAGE SOLUTIONS LIMITED (REGISTERED NUMBER: 13792379)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 49 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023 134,685
Additions 380,000
At 31 December 2023 514,685
AMORTISATION
At 1 January 2023 7,857
Amortisation for year 51,456
At 31 December 2023 59,313
NET BOOK VALUE
At 31 December 2023 455,372
At 31 December 2022 126,828

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 24,500 4,185 2,910 31,595
Additions 12,943 - 1,862 14,805
At 31 December 2023 37,443 4,185 4,772 46,400
DEPRECIATION
At 1 January 2023 3,156 610 232 3,998
Charge for year 6,976 894 595 8,465
At 31 December 2023 10,132 1,504 827 12,463
NET BOOK VALUE
At 31 December 2023 27,311 2,681 3,945 33,937
At 31 December 2022 21,344 3,575 2,678 27,597

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 839,912 890,332
Other debtors 398,726 184,520
1,238,638 1,074,852

GREASETECH DRAINAGE SOLUTIONS LIMITED (REGISTERED NUMBER: 13792379)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account 717,295 680,115
Trade creditors 142,977 74,976
Taxation and social security 345,268 283,358
Other creditors 429,223 65,071
1,634,763 1,103,520