Registered number
03690487
G T Partners Ltd.
Filleted Accounts
31 December 2023
G T Partners Ltd.
Registered number: 03690487
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets as investments 3 28,741 24,367
Other tangible assets 4 227,228 228,159
255,969 252,526
Current assets
Debtors 5 56,840 53,878
Cash at bank and in hand 122,905 119,654
179,745 173,532
Creditors: amounts falling due within one year 6 (19,393) (33,765)
Net current assets 160,352 139,767
Total assets less current liabilities 416,321 392,293
Creditors: amounts falling due after more than one year 7 (123,490) (117,803)
Net assets 292,831 274,490
Capital and reserves
Called up share capital 10 10
Profit and loss account 292,821 274,480
Shareholder's funds 292,831 274,490
The directors are 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 directors acknowledge their 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.
Christopher George White
Director
Approved by the board on 1 August 2024
G T Partners Ltd.
Notes to the Accounts
for the year ended 31 December 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:
Leasehold land and buildings Nil
Artwork 10% straight line
Plant and machinery 15% reducing balance and 20% straight line
Motor vehicles 25% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets as investments £
Artwork:
Cost
At 1 January 2023 134,516
Additions 10,751
At 31 December 2023 145,267
Amortisation
At 1 January 2023 110,149
Provided during the year 6,377
At 31 December 2023 116,526
Net book value
At 31 December 2023 28,741
At 31 December 2022 24,367
Artwork is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Other tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 220,941 9,925 25,244 256,110
Additions - 1,026 - 1,026
At 31 December 2023 220,941 10,951 25,244 257,136
Depreciation
At 1 January 2023 - 7,825 20,126 27,951
Charge for the year - 678 1,279 1,957
At 31 December 2023 - 8,503 21,405 29,908
Net book value
At 31 December 2023 220,941 2,448 3,839 227,228
At 31 December 2022 220,941 2,100 5,118 228,159
5 Debtors 2023 2022
£ £
Trade debtors 10,906 4,270
Other debtors 45,934 49,608
56,840 53,878
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 13,950
Trade creditors 708 69
Taxation and social security costs 18,365 17,952
Other creditors 320 1,794
19,393 33,765
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 123,490 117,803
8 Controlling party
The ultimate controlling party is Christopher White, who owns 100% of the shareholding in the company.
9 Other information
G T Partners Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
353 Roman Road
Ground Floor Shop
Bethnal Green
London
E3 5QR
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