Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.382023-01-01false49truetrue 07301752 2023-01-01 2023-12-31 07301752 2022-01-01 2022-12-31 07301752 2023-12-31 07301752 2022-12-31 07301752 c:Director1 2023-01-01 2023-12-31 07301752 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 07301752 d:Buildings d:ShortLeaseholdAssets 2023-12-31 07301752 d:Buildings d:ShortLeaseholdAssets 2022-12-31 07301752 d:PlantMachinery 2023-01-01 2023-12-31 07301752 d:MotorVehicles 2023-01-01 2023-12-31 07301752 d:MotorVehicles 2023-12-31 07301752 d:MotorVehicles 2022-12-31 07301752 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07301752 d:FurnitureFittings 2023-01-01 2023-12-31 07301752 d:OfficeEquipment 2023-01-01 2023-12-31 07301752 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07301752 d:CurrentFinancialInstruments 2023-12-31 07301752 d:CurrentFinancialInstruments 2022-12-31 07301752 d:Non-currentFinancialInstruments 2023-12-31 07301752 d:Non-currentFinancialInstruments 2022-12-31 07301752 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07301752 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07301752 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 07301752 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07301752 d:ShareCapital 2023-12-31 07301752 d:ShareCapital 2022-12-31 07301752 d:RetainedEarningsAccumulatedLosses 2023-12-31 07301752 d:RetainedEarningsAccumulatedLosses 2022-12-31 07301752 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07301752 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07301752 d:RetirementBenefitObligationsDeferredTax 2023-12-31 07301752 d:RetirementBenefitObligationsDeferredTax 2022-12-31 07301752 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07301752 c:OrdinaryShareClass1 2023-12-31 07301752 c:OrdinaryShareClass1 2022-12-31 07301752 c:FRS102 2023-01-01 2023-12-31 07301752 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07301752 c:FullAccounts 2023-01-01 2023-12-31 07301752 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07301752 2 2023-01-01 2023-12-31 07301752 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07301752









GT ENGINE SERVICES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GT ENGINE SERVICES LIMITED
REGISTERED NUMBER: 07301752

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
1,512,754
1,255,290

  
1,512,754
1,255,290

CURRENT ASSETS
  

Stocks
  
796,840
416,382

Debtors: amounts falling due within one year
 5 
2,159,791
2,542,170

Cash at bank and in hand
  
1,373,873
542,936

  
4,330,504
3,501,488

Creditors: amounts falling due within one year
 6 
(2,468,832)
(2,051,046)

NET CURRENT ASSETS
  
 
 
1,861,672
 
 
1,450,442

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,374,426
2,705,732

Creditors: amounts falling due after more than one year
 7 
(271,852)
(518,476)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(331,224)
(236,745)

NET ASSETS
  
2,771,350
1,950,511


CAPITAL AND RESERVES
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
2,770,350
1,949,511

  
2,771,350
1,950,511


The directors consider 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

 
GT ENGINE SERVICES LIMITED
REGISTERED NUMBER: 07301752
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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: 






G I MacLeod
Director

Date: 16 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

The Company is limited by shares and was incorporated in England and Wales. The registered office and trading address is 6025 Taylors End, Long Boarder Road, London Stansted, Stansted, CM24 1RL.
The financial statements are presented in sterling which is the functional currency of the company.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

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.

 
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 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'.

 
2.3

TURNOVER

Turnover comprises revenue recognised by the company in respect of services supplied during the
year, exclusive of VAT Added Tax and trade discounts. Invoices are raised on completion of the
project or stage of work. Any invoices raised that relate to work not yet undertaken are deferred and recognised only when the work is complete. 

 
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.

Page 3

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
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

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

BORROWING COSTS

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

 
2.9

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.

Page 4

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
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.

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:

Leasehold improvements
-
10%
Straight Line
Plant and machinery
-
20%
Straight Line
Motor vehicles
-
20%
Straight Line
Fixtures and fittings
-
20%
Straight Line
Office equipment
-
20%
Straight Line

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.

Page 5

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

STOCKS

Stocks and work in progress are valued at the lower of cost and net realisable value after making due
allowance for obsolete and slow-moving stocks.
 
 
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.

 
2.16

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 49 (2022 - 38).

Page 6

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


TANGIBLE FIXED ASSETS





Leasehold improvements
Other Fixed Assets
Total

£
£
£



COST OR VALUATION


At 1 January 2023
555,253
2,119,423
2,674,676


Additions
88,789
581,434
670,223


Disposals
-
(49,393)
(49,393)



At 31 December 2023

644,042
2,651,464
3,295,506



DEPRECIATION


At 1 January 2023
114,783
1,304,603
1,419,386


Charge for the year on owned assets
76,106
336,653
412,759


Disposals
-
(49,393)
(49,393)



At 31 December 2023

190,889
1,591,863
1,782,752



NET BOOK VALUE



At 31 December 2023
453,153
1,059,601
1,512,754



At 31 December 2022
440,470
814,820
1,255,290


5.


DEBTORS

2023
2022
£
£


Trade debtors
662,673
1,130,923

Amounts owed by group undertakings
918,774
836,837

Other debtors
578,344
574,410

2,159,791
2,542,170


Page 7

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Bank overdrafts
20,650
-

Bank loans
67,961
62,194

Other loans
129,096
115,911

Trade creditors
1,078,555
794,610

Corporation tax
372,780
145,516

Other taxation and social security
58,010
91,833

Obligations under finance lease and hire purchase contracts
49,509
77,497

Other creditors
58,436
40,106

Accruals and deferred income
633,835
723,379

2,468,832
2,051,046


Bank loans comprise a Government backed 'Coronavirus Business Interruption' loan, which was drawn down at the end of June 2020. This loan is 80% guaranteed by the Government. Any fees on set up and interest arising during the first twelve months is paid by the Government. After twelve months, interest is charged at 8.9% per annum.
Other loans comprise a Government backed IWOCA finance loan, which was drawn down in February 2021. Any fees on setup and interest arising in the first twelve months is paid by the Government. After twelve months, interest is charged at 11.09% per annum.
Net obligations under finance leases and hire purchase contracts of £114,820 (2022 - £192,318) are secured over the assets concerned.
Included within other creditors is a pension liability of £21,674 (2022: £6,898) as at the Balance Sheet date.

Page 8

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Bank loans
36,308
104,269

Other loans
170,233
299,386

Net obligations under finance leases and hire purchase contracts
65,311
114,821

271,852
518,476


Bank loans comprise a Government backed 'Coronavirus Business Interruption' loan, which was drawn down at the end of June 2020. This loan is 80% guaranteed by the Government. Any fees on set up and interest arising during the first twelve months is paid by the Government. After twelve months, interest is charged at 8.9% per annum.
Other loans comprise a Government backed IWOCA finance loan, which was drawn down in February 2021. Any fees on setup and interest arising in the first twelve months is paid by the Government. After twelve months, interest is charged at 11.09% per annum.
Net obligations under finance leases and hire purchase contracts of £114,820 (2022 - £192,318) are secured over the assets concerned.


8.


DEFERRED TAXATION




2023


£






At beginning of year
(236,745)


Charged to profit or loss
(94,479)



AT END OF YEAR
(331,224)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(332,882)
(237,367)

Short-term differences
1,658
622

(331,224)
(236,745)

Page 9

 
GT ENGINE SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


 
Page 10