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REGISTERED NUMBER: 06387775 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

GTEC TRAINING LIMITED

GTEC TRAINING LIMITED (REGISTERED NUMBER: 06387775)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GTEC TRAINING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Gruffydd Daniel Thomas
David Michael Rooney
Neil Patrick Armstrong
Ole Pugholm





REGISTERED OFFICE: Media House
Azalea Drive
Swanley
Kent
BR8 8HU





REGISTERED NUMBER: 06387775 (England and Wales)





ACCOUNTANTS: Walter Dawson & Son
Chartered Accountants
York House
Market Place
Leyburn
North Yorkshire
DL8 5AT

GTEC TRAINING LIMITED (REGISTERED NUMBER: 06387775)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 9,360 -
Tangible assets 5 987,975 835,320
Investments 6 211,101 51
1,208,436 835,371

CURRENT ASSETS
Stocks 500 16,732
Debtors 7 822,133 1,049,305
Cash at bank and in hand 43,971 31,682
866,604 1,097,719
CREDITORS
Amounts falling due within one year 8 882,930 1,040,495
NET CURRENT (LIABILITIES)/ASSETS (16,326 ) 57,224
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,192,110

892,595

CREDITORS
Amounts falling due after more than
one year

9

(37,899

)

(49,185

)

PROVISIONS FOR LIABILITIES (246,994 ) (208,830 )
NET ASSETS 907,217 634,580

CAPITAL AND RESERVES
Called up share capital 100 100
Profit and loss account 907,117 634,480
907,217 634,580

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GTEC TRAINING LIMITED (REGISTERED NUMBER: 06387775)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2024 and were signed on its behalf by:





Gruffydd Daniel Thomas - Director


GTEC TRAINING LIMITED (REGISTERED NUMBER: 06387775)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

GTEC Training Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill has been amortised evenly over its estimated useful life of 10 years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Other assets - 2.5% on cost

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

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

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GTEC TRAINING LIMITED (REGISTERED NUMBER: 06387775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

FINANCE COSTS OF DEBT
The finance costs of debt, including interest and issue costs, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount.

GOVERNMENT GRANTS
Grants receivable in relation to profit and loss expenditure are credited to the profit and loss in the year for which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 April 2023 75,000 - 75,000
Additions 1,500 10,012 11,512
At 31 March 2024 76,500 10,012 86,512
AMORTISATION
At 1 April 2023 75,000 - 75,000
Amortisation for year 150 2,002 2,152
At 31 March 2024 75,150 2,002 77,152
NET BOOK VALUE
At 31 March 2024 1,350 8,010 9,360
At 31 March 2023 - - -

GTEC TRAINING LIMITED (REGISTERED NUMBER: 06387775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Plant and Motor Other
machinery vehicles assets Totals
£    £    £    £   
COST
At 1 April 2023 971,277 270,616 92,760 1,334,653
Additions 474,700 - - 474,700
Disposals (4,435 ) (29,764 ) - (34,199 )
At 31 March 2024 1,441,542 240,852 92,760 1,775,154
DEPRECIATION
At 1 April 2023 366,296 106,949 26,088 499,333
Charge for year 269,340 38,563 2,319 310,222
Charge written back (2,029 ) (20,347 ) - (22,376 )
At 31 March 2024 633,607 125,165 28,407 787,179
NET BOOK VALUE
At 31 March 2024 807,935 115,687 64,353 987,975
At 31 March 2023 604,981 163,667 66,672 835,320

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023 51
Additions 211,050
At 31 March 2024 211,101
NET BOOK VALUE
At 31 March 2024 211,101
At 31 March 2023 51

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 88,588 126,669
Amounts owed by group undertakings 454,381 -
Amounts owed by related parties 7,090 320,731
Other debtors 272,074 601,905
822,133 1,049,305

GTEC TRAINING LIMITED (REGISTERED NUMBER: 06387775)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 553,360 510,000
Hire purchase contracts 11,692 9,839
Trade creditors 149,729 309,053
Amounts owed to related parties 11,206 1,072
Taxation and social security 87,819 2,388
Other creditors 69,124 208,143
882,930 1,040,495

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 14,078 23,983
Hire purchase contracts 23,821 25,202
37,899 49,185

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 35,513 35,041

The obligation under hire purchase contract is secured by a charge on the asset purchased under this agreement.

The company has a bounce back loan of £24,113 (2023: £33,983 ) which is unsecured but it is supported by a government guarantee.

11. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £145,012 (2023: £129,640). Contributions totalling £319 (2023: £319) were payable to the fund at the year end and are included in creditors.