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REGISTERED NUMBER: 06503594 (England and Wales)















GTEK FOODS LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2023






GTEK FOODS LIMITED (REGISTERED NUMBER: 06503594)






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


GTEK FOODS LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr C M Brackenbury
Mrs Z L Brackenbury
Mr M W Barrett



REGISTERED OFFICE: 1 The Coach House
Corneybury Farm
Buntingford
Hertfordshire
SG9 9RS



REGISTERED NUMBER: 06503594 (England and Wales)



ACCOUNTANTS: Michael Dufty Partnership Limited
59-61 Charlotte Street
St Pauls Square
Birmingham
West Midlands
B3 1PX



BANKERS: HSBC UK Bank Plc
New Street
Birmingham
B2 4JU

GTEK FOODS LIMITED (REGISTERED NUMBER: 06503594)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 263,010 35,359
263,010 35,359

CURRENT ASSETS
Stocks 588,342 903,762
Debtors 6 2,938,597 2,490,285
Cash at bank 1,640,498 1,504,355
5,167,437 4,898,402
CREDITORS
Amounts falling due within one year 7 4,277,687 3,934,926
NET CURRENT ASSETS 889,750 963,476
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,152,760

998,835

CREDITORS
Amounts falling due after more than one year 8 147,955 120,833
NET ASSETS 1,004,805 878,002

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 1,004,655 877,852
1,004,805 878,002

GTEK FOODS LIMITED (REGISTERED NUMBER: 06503594)

Balance Sheet - continued
31 December 2023


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.

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 5 March 2024 and were signed on its behalf by:





Mr C M Brackenbury - Director


GTEK FOODS LIMITED (REGISTERED NUMBER: 06503594)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Gtek Foods 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, 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.
Fixtures and fittings - 50% on cost
Motor vehicles - 33% on reducing balance
Computer equipment - 50% on cost

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

Financial instruments
The company only enters into basis financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans from related parties.

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.

GTEK FOODS LIMITED (REGISTERED NUMBER: 06503594)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

The company contributes into the director's pension scheme are charged to the profit and loss account in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 4,323
AMORTISATION
At 1 January 2023
and 31 December 2023 4,323
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

GTEK FOODS LIMITED (REGISTERED NUMBER: 06503594)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 9,619 35,450 50,445 95,514
Additions - 311,407 - 311,407
Disposals - (35,450 ) - (35,450 )
At 31 December 2023 9,619 311,407 50,445 371,471
DEPRECIATION
At 1 January 2023 8,131 6,824 45,200 60,155
Charge for year 1,028 56,057 3,894 60,979
Eliminated on disposal - (12,673 ) - (12,673 )
At 31 December 2023 9,159 50,208 49,094 108,461
NET BOOK VALUE
At 31 December 2023 460 261,199 1,351 263,010
At 31 December 2022 1,488 28,626 5,245 35,359

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,796,592 2,208,806
Amounts owed by related parties 50,000 235,775
VAT 32,991 33,373
Prepayments 59,014 12,331
2,938,597 2,490,285

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 50,000
Hire purchase contracts 18,312 -
Trade creditors 2,024,432 1,758,906
Taxation and social security 182,582 95,339
Other creditors 2,052,361 2,030,681
4,277,687 3,934,926

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 120,833
Hire purchase contracts 147,955 -
147,955 120,833

GTEK FOODS LIMITED (REGISTERED NUMBER: 06503594)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
HSBC Invoice Finance 2,004,142 1,904,091

The amount due to HSBC Invoice Finance is secured on the company's trade debtors.

10. RELATED PARTY DISCLOSURES

At the year end the company was owed £50,000 from Agros Cibos.