GTB Limited 06628009 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is that of a vehicle trader. Digita Accounts Production Advanced 6.30.9574.0 true true 06628009 2022-10-01 2023-09-30 06628009 2023-09-30 06628009 bus:OrdinaryShareClass1 2023-09-30 06628009 core:RetainedEarningsAccumulatedLosses 2023-09-30 06628009 core:ShareCapital 2023-09-30 06628009 core:CurrentFinancialInstruments 2023-09-30 06628009 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 06628009 core:Non-currentFinancialInstruments 2023-09-30 06628009 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 06628009 core:FurnitureFittingsToolsEquipment 2023-09-30 06628009 core:LandBuildings 2023-09-30 06628009 core:OtherPropertyPlantEquipment 2023-09-30 06628009 bus:SmallEntities 2022-10-01 2023-09-30 06628009 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 06628009 bus:FilletedAccounts 2022-10-01 2023-09-30 06628009 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 06628009 bus:RegisteredOffice 2022-10-01 2023-09-30 06628009 bus:CompanySecretaryDirector1 2022-10-01 2023-09-30 06628009 bus:Director2 2022-10-01 2023-09-30 06628009 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 06628009 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 06628009 bus:Agent1 2022-10-01 2023-09-30 06628009 core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 06628009 core:LandBuildings 2022-10-01 2023-09-30 06628009 core:OfficeEquipment 2022-10-01 2023-09-30 06628009 core:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 06628009 core:PlantMachinery 2022-10-01 2023-09-30 06628009 countries:EnglandWales 2022-10-01 2023-09-30 06628009 2022-09-30 06628009 core:FurnitureFittingsToolsEquipment 2022-09-30 06628009 core:LandBuildings 2022-09-30 06628009 core:OtherPropertyPlantEquipment 2022-09-30 06628009 2021-10-01 2022-09-30 06628009 2022-09-30 06628009 bus:OrdinaryShareClass1 2022-09-30 06628009 core:RetainedEarningsAccumulatedLosses 2022-09-30 06628009 core:ShareCapital 2022-09-30 06628009 core:CurrentFinancialInstruments 2022-09-30 06628009 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 06628009 core:Non-currentFinancialInstruments 2022-09-30 06628009 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 06628009 core:FurnitureFittingsToolsEquipment 2022-09-30 06628009 core:LandBuildings 2022-09-30 06628009 core:OtherPropertyPlantEquipment 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06628009

GTB Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

GTB Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

GTB Limited

Company Information

Directors

Mrs S E Farmer

Mr B C Farmer

Company secretary

Mrs S E Farmer

Registered office

Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
GTB Limited
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GTB Limited for the year ended 30 September 2023 as set out on pages 3 to 10 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 at
http://www.icaew.com/regulation.

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

It is your duty to ensure that GTB Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GTB Limited. You consider that GTB 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 accounts of GTB 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 accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

30 July 2024

 

GTB Limited

(Registration number: 06628009)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

262,718

265,825

Current assets

 

Stocks

6

679,511

552,264

Debtors

7

169,175

108,657

Cash at bank and in hand

 

9,126

187,978

 

857,812

848,899

Creditors: Amounts falling due within one year

8

(447,477)

(440,893)

Net current assets

 

410,335

408,006

Total assets less current liabilities

 

673,053

673,831

Creditors: Amounts falling due after more than one year

8

(324,043)

(338,110)

Provisions for liabilities

-

(118)

Net assets

 

349,010

335,603

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

348,910

335,503

Shareholders' funds

 

349,010

335,603

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

 

GTB Limited

(Registration number: 06628009)
Balance Sheet as at 30 September 2023

.........................................
Mr B C Farmer
Director

 

GTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF
England

These financial statements were authorised for issue by the Board on 30 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

GTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

over the period of the lease

Equipment

33% straight line

Plant and machinery

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

 

GTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

GTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,108

3,325

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

329,294

5,626

3,498

338,418

At 30 September 2023

329,294

5,626

3,498

338,418

Depreciation

At 1 October 2022

63,942

5,620

3,031

72,593

Charge for the year

2,634

6

467

3,107

At 30 September 2023

66,576

5,626

3,498

75,700

Carrying amount

At 30 September 2023

262,718

-

-

262,718

At 30 September 2022

265,352

6

467

265,825

Included within the net book value of land and buildings above is £262,718 (2022 - £265,353) in respect of long leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

679,511

552,264

 

GTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

169,175

108,657

 

169,175

108,657

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

37,828

22,666

Trade creditors

 

132,182

100,603

Taxation and social security

 

42,833

70,607

Accruals and deferred income

 

4,000

8,000

Other creditors

 

230,634

239,017

 

447,477

440,893

Creditors include bank loans which are secured of £18,367 (2022 - £22,666).

Barclayss Bank PLC has multiple fixed and floating charges over all property or undertakings of the company.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

324,043

338,110

Creditors include bank loans which are secured of £324,043 (2022 - £338,110).

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

GTB Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

324,043

338,110

Current loans and borrowings

2023
£

2022
£

Bank borrowings

18,367

22,666

Bank overdrafts

19,461

-

37,828

22,666