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01/06/2023
31/05/2024
2024-05-31
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No description of principal activities is disclosed
2023-06-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
06905790
2023-06-01
2024-05-31
06905790
2024-05-31
06905790
2023-05-31
06905790
2022-06-01
2023-05-31
06905790
2023-05-31
06905790
2022-05-31
06905790
core:PlantMachinery
2023-06-01
2024-05-31
06905790
core:FurnitureFittingsToolsEquipment
2023-06-01
2024-05-31
06905790
bus:OrdinaryShareClass1
2023-06-01
2024-05-31
06905790
bus:Director2
2023-06-01
2024-05-31
06905790
core:FurnitureFittingsToolsEquipment
2023-05-31
06905790
core:MotorVehicles
2023-05-31
06905790
core:FurnitureFittingsToolsEquipment
2024-05-31
06905790
core:MotorVehicles
2024-05-31
06905790
core:WithinOneYear
2024-05-31
06905790
core:WithinOneYear
2023-05-31
06905790
core:ShareCapital
2024-05-31
06905790
core:ShareCapital
2023-05-31
06905790
core:RetainedEarningsAccumulatedLosses
2024-05-31
06905790
core:RetainedEarningsAccumulatedLosses
2023-05-31
06905790
bus:OrdinaryShareClass1
core:ShareCapital
2024-05-31
06905790
bus:OrdinaryShareClass1
core:ShareCapital
2023-05-31
06905790
core:MotorVehicles
2023-06-01
2024-05-31
06905790
core:CostValuation
core:Non-currentFinancialInstruments
2024-05-31
06905790
core:Non-currentFinancialInstruments
2024-05-31
06905790
core:Non-currentFinancialInstruments
2023-05-31
06905790
core:FurnitureFittingsToolsEquipment
2023-05-31
06905790
core:MotorVehicles
2023-05-31
06905790
bus:SmallEntities
2023-06-01
2024-05-31
06905790
bus:AuditExemptWithAccountantsReport
2023-06-01
2024-05-31
06905790
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
06905790
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
06905790
bus:FullAccounts
2023-06-01
2024-05-31
06905790
core:Subsidiary1
2023-06-01
2024-05-31
06905790
core:Subsidiary1
2022-06-01
2023-05-31
06905790
core:Subsidiary2
2023-06-01
2024-05-31
06905790
core:Subsidiary2
2022-06-01
2023-05-31
06905790
core:Subsidiary3
2023-06-01
2024-05-31
06905790
core:Subsidiary3
2022-06-01
2023-05-31
06905790
core:Subsidiary4
2023-06-01
2024-05-31
06905790
core:Subsidiary4
2022-06-01
2023-05-31
06905790
core:Subsidiary1
2023-05-31
06905790
core:Subsidiary2
2024-05-31
06905790
core:Subsidiary3
2024-05-31
06905790
core:Subsidiary3
2023-05-31
Company registration number:
06905790
GT Aerospace (Europe) Limited
Unaudited filleted financial statements
31 May 2024
GT Aerospace (Europe) Limited
Contents
Accountants report
Statement of financial position
Notes to the financial statements
GT Aerospace (Europe) Limited
Statement of financial position
31 May 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
3 |
52,951 |
|
|
|
53,560 |
|
|
Investments |
|
4 |
90,613 |
|
|
|
90,613 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
143,564 |
|
|
|
144,173 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
5 |
3,411,688 |
|
|
|
2,480,742 |
|
|
Cash at bank and in hand |
|
|
280,588 |
|
|
|
674,341 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
3,692,276 |
|
|
|
3,155,083 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
2,636,045) |
|
|
|
(
2,337,513) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
1,056,231 |
|
|
|
817,570 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,199,795 |
|
|
|
961,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
1,535) |
|
|
|
(
940) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,198,260 |
|
|
|
960,803 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
7 |
|
|
100,000 |
|
|
|
100,000 |
Profit and loss account |
|
|
|
|
1,098,260 |
|
|
|
860,803 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
1,198,260 |
|
|
|
960,803 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 May 2024 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
07 August 2024
, and are signed on behalf of the board by:
Mr Takanobu Ono
Director
Company registration number:
06905790
GT Aerospace (Europe) Limited
Notes to the financial statements
Year ended 31 May 2024
1.
General information
GT Aerospace (Europe) Limited (Company number
06905790
) is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Albion Place, Maidstone, Kent, ME14 5DY.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
25 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
33 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates
.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
2.
Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 10 (2023: 10).
3.
Tangible assets
|
|
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 June 2023 |
26,603 |
52,980 |
79,583 |
|
|
|
|
|
Additions |
14,664 |
- |
14,664 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 May 2024 |
41,267 |
52,980 |
94,247 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 June 2023 |
20,504 |
5,519 |
26,023 |
|
|
|
|
|
Charge for the year |
3,408 |
11,865 |
15,273 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 May 2024 |
23,912 |
17,384 |
41,296 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 May 2024 |
17,355 |
35,596 |
52,951 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 May 2023 |
6,099 |
47,461 |
53,560 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
4.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 June 2023 and 31 May 2024 |
90,613 |
90,613 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 June 2023 and 31 May 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 May 2024 |
90,613 |
90,613 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 May 2023 |
90,613 |
90,613 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
The company has investments in two companies at the year end, TS516 Inc (a company based in the USA trading as GT Aerospace USA), and GTAj Ltd (a company based in Japan), at a cost of £37,751 and £52,862 respectively.
5.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
1,026,874 |
1,053,949 |
|
Other debtors |
|
2,384,814 |
1,426,793 |
|
|
|
_______ |
_______ |
|
|
|
3,411,688 |
2,480,742 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
467,565 |
226,760 |
|
Corporation tax |
|
123,113 |
22,376 |
|
Social security and other taxes |
|
23,644 |
9,725 |
|
Other creditors |
|
2,021,723 |
2,078,652 |
|
|
|
_______ |
_______ |
|
|
|
2,636,045 |
2,337,513 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100,000 |
|
100,000 |
|
100,000 |
|
100,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
8.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
TS516 Inc. (t/a GT Aerospace (USA)) - Sales |
316,799 |
79,076 |
- |
79,076 |
|
TS516 Inc. (t/a GT Aerospace (USA)) - Purchases |
- |
79,076 |
(
192,278) |
- |
|
GTAj Limited - Sales |
2,679,852 |
325,862 |
1,725,584 |
325,862 |
|
GTAj Limited - Purchases |
357,519 |
1,099 |
- |
- |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
GT Aerospace (Europe) Limited
owns 100% of the issued ordinary share capital in TS516 Inc, trading as GT Aerospace (USA). The subsidiary is based in the USA. The most recent set of financial results for the subsidiary were to the year-end 31 December 2023. They showed a turnover of $1,573,815 (2022- $121,414) and a profit before taxation of $174,304 (2022 - $11,322). The company has net assets to the value of $242,085 (2022 - $261,277).
GT Aerospace (Europe) Limited
owns 100% of the issued ordinary share capital in GTAj Ltd, a company based in Japan. The most recent set of financial results for the subsidiary were to the year-end 31 May 2024, and showed a turnover of ¥962,106,470 (2023 - ¥191,094,739) and a profit before taxation of ¥50,117,730 (2023 - ¥11,424,880). The company also has net assets to the value of ¥108,043,476 (2023 - ¥57,925,746).