Registered number
09638729
GTF Ltd
Filleted Accounts
30 June 2023
GTF Ltd
Registered number: 09638729
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,728 9,827
Current assets
Stocks 8,103 6,274
Debtors 4 15,441 15,345
Cash at bank and in hand 59,720 74,886
83,264 96,505
Creditors: amounts falling due within one year 5 (112,954) (84,824)
Net current (liabilities)/assets (29,690) 11,681
Total assets less current liabilities (17,962) 21,508
Creditors: amounts falling due after more than one year 6 (19,488) (54,487)
Net liabilities (37,450) (32,979)
Capital and reserves
Called up share capital 100 100
Profit and loss account (37,550) (33,079)
Shareholder's funds (37,450) (32,979)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Abdul Rauf
Director
Approved by the board on 28 March 2024
GTF Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 15 % reducing balance
Computer equipment 25 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 15
3 Tangible fixed assets
Fixture, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 July 2022 21,974 541 22,515
Additions 3,992 - 3,992
At 30 June 2023 25,966 541 26,507
Depreciation
At 1 July 2022 12,318 370 12,688
Charge for the year 2,048 43 2,091
At 30 June 2023 14,366 413 14,779
Net book value
At 30 June 2023 11,600 128 11,728
At 30 June 2022 9,656 171 9,827
4 Debtors 2023 2022
£ £
Trade debtors 2,207 2,073
Prepayments and other debtors 13,234 13,272
15,441 15,345
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 59,319 24,739
Taxation and social security costs 25,053 34,984
Accruals and deferred income 28,582 25,101
112,954 84,824
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 19,488 54,487
7 Other information
GTF Ltd is a private company limited by shares and incorporated in England. Its registered office is:
324-326 Wilmslow Road
Fallowfield
Manchester
M14 6XQ
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