Registered number
07492274
GT Design Solutions Limited
Filleted Accounts
31 January 2024
GT Design Solutions Limited
Registered number: 07492274
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 163,741 164,870
Current assets
Debtors 4 109,345 109,152
Cash at bank and in hand 45,189 35,595
154,534 144,747
Creditors: amounts falling due within one year 5 (51,815) (38,917)
Net current assets 102,719 105,830
Total assets less current liabilities 266,460 270,700
Creditors: amounts falling due after more than one year 6 (188,618) (194,866)
Provisions for liabilities (9,384) (12,045)
Net assets 68,458 63,789
Capital and reserves
Called up share capital 7 7
Profit and loss account 68,451 63,782
Shareholders' funds 68,458 63,789
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 members have 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.
G Taylor
Director
Approved by the board on 4 July 2024
GT Design Solutions Limited
Notes to the Accounts
for the year ended 31 January 2024
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 25% reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 101,475 20,171 72,855 194,501
Additions 12,879 2,454 - 15,333
At 31 January 2024 114,354 22,625 72,855 209,834
Depreciation
At 1 February 2023 - 11,417 18,214 29,631
Charge for the year - 2,802 13,660 16,462
At 31 January 2024 - 14,219 31,874 46,093
Net book value
At 31 January 2024 114,354 8,406 40,981 163,741
At 31 January 2023 101,475 8,754 54,641 164,870
4 Debtors 2024 2023
£ £
Trade debtors 27,540 30,400
Other debtors and prepayments 81,805 78,752
109,345 109,152
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 14,530 17,473
Trade creditors 870 1,563
Taxation and social security costs 35,669 18,771
Other creditors and accruals 746 1,110
51,815 38,917
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 43,293 34,439
Obligations under finance lease and hire purchase contracts 145,325 160,427
188,618 194,866
7 Other information
GT Design Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Oak House A
Ransom Wood Business Park
Mansfield
Nottinghamshire
NG21 0HJ
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