Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-015truefalsefalseNo description of principal activity5true 06803275 2023-01-01 2023-12-31 06803275 2022-01-01 2022-12-31 06803275 2023-12-31 06803275 2022-12-31 06803275 2022-01-01 06803275 c:Director2 2023-01-01 2023-12-31 06803275 d:PlantMachinery 2023-01-01 2023-12-31 06803275 d:PlantMachinery 2023-12-31 06803275 d:PlantMachinery 2022-12-31 06803275 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06803275 d:MotorVehicles 2023-01-01 2023-12-31 06803275 d:MotorVehicles 2023-12-31 06803275 d:MotorVehicles 2022-12-31 06803275 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06803275 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06803275 d:Goodwill 2023-12-31 06803275 d:Goodwill 2022-12-31 06803275 d:CurrentFinancialInstruments 2023-12-31 06803275 d:CurrentFinancialInstruments 2022-12-31 06803275 d:CurrentFinancialInstruments 1 2023-12-31 06803275 d:CurrentFinancialInstruments 1 2022-12-31 06803275 d:Non-currentFinancialInstruments 2023-12-31 06803275 d:Non-currentFinancialInstruments 2022-12-31 06803275 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06803275 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06803275 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 06803275 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06803275 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 06803275 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 06803275 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 06803275 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 06803275 d:ShareCapital 2023-12-31 06803275 d:ShareCapital 2022-12-31 06803275 d:RetainedEarningsAccumulatedLosses 2023-12-31 06803275 d:RetainedEarningsAccumulatedLosses 2022-12-31 06803275 c:FRS102 2023-01-01 2023-12-31 06803275 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06803275 c:FullAccounts 2023-01-01 2023-12-31 06803275 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06803275 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 06803275 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2022-12-31 06803275 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-12-31 06803275 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2022-12-31 06803275 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2023-12-31 06803275 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2022-12-31 06803275 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06803275 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06803275 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 06803275 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 06803275 d:LeasedAssetsHeldAsLessee 2023-12-31 06803275 d:LeasedAssetsHeldAsLessee 2022-12-31 06803275 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 06803275









G-TEX STAINLESS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
G-TEX STAINLESS LIMITED
REGISTERED NUMBER: 06803275

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible fixed assets
 5 
43,940
11,862

  
43,940
11,862

Current assets
  

Stocks
  
440,344
406,070

Debtors: amounts falling due within one year
 6 
278,845
342,645

Cash at bank and in hand
 7 
12,936
40,301

  
732,125
789,016

Creditors: amounts falling due within one year
 8 
(509,751)
(607,468)

Net current assets
  
 
 
222,374
 
 
181,548

Total assets less current liabilities
  
266,314
193,410

Creditors: amounts falling due after more than one year
 9 
(22,483)
(24,841)

Provisions for liabilities
  

Deferred tax
 11 
(3,200)
(2,966)

  
 
 
(3,200)
 
 
(2,966)

Net assets
  
240,631
165,603


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
239,631
164,603

  
240,631
165,603


Page 1

 
G-TEX STAINLESS LIMITED
REGISTERED NUMBER: 06803275
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J S Gilligan
Director

Date: 19 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
G-TEX STAINLESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

G-Tex Stainless Limited (the company) is a limited liability company incorporated and domiciled in England.  
The financial statements are for the year ended 31 December 2023 (2022: year ended 31 December 2022). 
The registered office is situated:
Unit 1 Bagley Industrial Park
Railwharf Sidings
Dudley
West Midlands
DY2 9DY
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
G-TEX STAINLESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
G-TEX STAINLESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

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

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

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
G-TEX STAINLESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term 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.

Page 6

 
G-TEX STAINLESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. 


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
2,000



At 31 December 2023

2,000



Amortisation


At 1 January 2023
2,000



At 31 December 2023

2,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 7

 
G-TEX STAINLESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 January 2023
13,534
25,898
39,432


Additions
11,275
32,950
44,225


Disposals
-
(15,498)
(15,498)



At 31 December 2023

24,809
43,350
68,159



Depreciation


At 1 January 2023
1,673
25,897
27,570


Charge for the year 
5,968
6,178
12,146


Disposals
-
(15,497)
(15,497)



At 31 December 2023

7,641
16,578
24,219



Net book value



At 31 December 2023
17,168
26,772
43,940



At 31 December 2022
11,861
1
11,862

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
26,772
1

26,772
1

Page 8

 
G-TEX STAINLESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
233,063
306,280

Amounts owed by group undertakings
31,786
18,080

Other debtors
-
5,124

Prepayments and accrued income
13,996
13,161

278,845
342,645



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
12,936
40,301

Less: bank overdrafts
(7,573)
(13,066)

5,363
27,235



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
7,573
13,066

Bank loans
10,000
10,000

Trade creditors
252,095
338,796

Corporation tax
30,167
23,487

Other taxation and social security
12,051
9,578

Obligations under finance lease and hire purchase contracts
5,317
2,912

Proceeds of factored debts
187,881
204,312

Other creditors
1,917
2,717

Accruals and deferred income
2,750
2,600

509,751
607,468


Amounts advanced by the invoice finance provider are secured by all asset first fixed and floating charges.  
Hire purchase liabilites are secured against the assets to which they relate.

Page 9

 
G-TEX STAINLESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,951
24,841

Net obligations under finance leases and hire purchase contracts
7,532
-

22,483
24,841


Obligations due under finance lease and hire purchase contracts are secured against the assets to which they relate £12,849 (2022: £2,912).


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year
10,000
10,000

Amounts falling due 1-2 years
10,000
10,000

Amounts falling due 2-5 years
4,951
14,841

24,951
34,841



11.


Deferred taxation




2023
2022


£

£






At beginning of year
(2,966)
(1,750)


Charged to profit or loss
(234)
(1,216)



At end of year
(3,200)
(2,966)

Page 10

 
G-TEX STAINLESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,200)
(2,966)

(3,200)
(2,966)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,631 (2022: £1,489). Contributions totalling £355 (2022: £731) were payable to the fund at the balance sheet date.


13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


2023
2022

£
£


Not later than 1 year
3,103
3,103

Later than 1 year and not later than 5 years
517
3,620

3,620
6,723


14.


Controlling party

The ultimate parent company is G-Tex Holdings Limited, a company incorporated in England and Wales.
The ultimate controlling party is Mr J S Gilligan by virtue of his 100% shareholding in the parent company.

 
Page 11