GTT Training Limited
Annual Report and Financial Statements
For the year ended 31 December 2023
Company Registration No. 09077945 (England and Wales)
GTT Training Limited
Company Information
Directors
K Chapot
D Colson
R Gillett
J T Ho-Choa
(Appointed 1 November 2023)
Company number
09077945
Registered office
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Auditor
Mercer and Hole LLP
72 London Road
St Albans
Hertfordshire
AL1 1NS
Business address
Gulls Cry
Oakhill Road
Sea View
Isle of Wight
United Kingdom
PO34 5AP
Bankers
Handelsbanken
The Limes
32-34 Upper Marlborough Road
St Albans
Hertfordshire
AL1 3UU
GTT Training Limited
Contents
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 20
GTT Training Limited
Directors' Report
For the year ended 31 December 2023
Page 1

The directors present their report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company was that of the provision of management and training services to its parent company, Gaztransport & Technigaz SA and third parties.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K Chapot
D Colson
R Gillett
A Kiassi
(Resigned 12 February 2024)
V Aubagnac
(Resigned 4 September 2023)
J T Ho-Choa
(Appointed 1 November 2023)
Auditor

In accordance with the company's articles, a resolution proposing that Mercer & Hole LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GTT Training Limited
Directors' Report (Continued)
For the year ended 31 December 2023
Page 2
Statement of disclosure to auditor

Each of the directors in office at the date of approval of this annual report confirms that:

 

Strategic Report Exemption

The company has chosen, in accordance with the Companies Act 2006, S. 414B(b), not to prepare a Strategic Report.

On behalf of the board
R Gillett
Director
23 September 2024
GTT Training Limited
Independent Auditor's Report
To the Member of GTT Training Limited
Page 3
Opinion

We have audited the financial statements of GTT Training Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

GTT Training Limited
Independent Auditor's Report (Continued)
To the Member of GTT Training Limited
Page 4

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

GTT Training Limited
Independent Auditor's Report (Continued)
To the Member of GTT Training Limited
Page 5
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

GTT Training Limited
Independent Auditor's Report (Continued)
To the Member of GTT Training Limited
Page 6

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Jolene Upshall (Senior Statutory Auditor)
for and behalf of Mercer & Hole LLP
23 September 2024
Chartered Accountants
Statutory Auditor
72 London Road
St Albans
Hertfordshire
AL1 1NS
GTT Training Limited
Statement of Income and Retained Earnings
For the year ended 31 December 2023
Page 7
2023
2022
Notes
£
£
Turnover
2
1,241,197
884,141
Cost of sales
(9,652)
-
0
Gross profit
1,231,545
884,141
Administrative expenses
(1,213,416)
(867,164)
Other operating income
-
0
1,477
Operating profit
3
18,129
18,454
Interest receivable and similar income
7
3,275
470
Interest payable and similar expenses
8
(5,621)
(2,246)
Profit before taxation
15,783
16,678
Tax on profit
9
(3,490)
(2,992)
Profit for the financial year
12,293
13,686
Retained earnings brought forward
136,943
123,257
Retained earnings carried forward
149,236
136,943

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

GTT Training Limited
Balance Sheet
As at 31 December 2023
Page 8
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,312
696
Current assets
Debtors
12
328,449
145,114
Cash at bank and in hand
271,691
359,396
600,140
504,510
Creditors: amounts falling due within one year
13
(303,303)
(218,681)
Net current assets
296,837
285,829
Total assets less current liabilities
299,149
286,525
Creditors: amounts falling due after more than one year
14
(150,000)
(150,000)
Provisions for liabilities
Deferred tax liability
16
88
419
88
419
Net assets
149,237
136,944
Capital and reserves
Called up share capital
18
1
1
Profit and loss reserves
149,236
136,943
Total equity
149,237
136,944
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
R Gillett
Director
Company Registration No. 09077945
GTT Training Limited
Statement of Cash Flows
For the year ended 31 December 2023
Page 9
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(78,537)
100,616
Interest paid
(5,621)
(2,246)
Income taxes paid
(3,746)
(4,173)
Net cash (outflow)/inflow from operating activities
(87,904)
94,197
Investing activities
Purchase of tangible fixed assets
(3,076)
-
0
Interest received
3,275
470
Net cash generated from investing activities
199
470
Net (decrease)/increase in cash and cash equivalents
(87,705)
94,667
Cash and cash equivalents at beginning of year
359,396
264,729
Cash and cash equivalents at end of year
271,691
359,396
GTT Training Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 10
1
Accounting policies
Company information

GTT Training Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is 4 Victoria Square, St Albans, Hertfordshire, AL1 3TF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts and VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% straight line
GTT Training Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 11
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

GTT Training Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 12

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

GTT Training Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 13
1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GTT Training Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 14
2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Training Courses
552,339
371,672
Disbursements Recharges
131,935
22,818
Services Provided
241,260
254,951
Contracts
175,595
90,560
License income
14,183
9,191
Training recharge
110,485
126,890
Travel recharge
15,400
8,059
1,241,197
884,141
2023
2022
£
£
Turnover analysed by geographical market
UK
20,750
37,781
Europe
634,480
537,439
North America
75,190
46,447
Central America
4,620
-
Asia
441,081
243,654
Australia & Oceania
62,976
18,820
Africa
2,100
-
1,241,197
884,141
2023
2022
£
£
Other significant revenue
Interest income
3,275
470
3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Exchange losses
3,476
2,541
Depreciation of owned tangible fixed assets
1,460
1,148
Amortisation of intangible assets
-
2,046
GTT Training Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 15
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,950
11,950
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Management
1
1
Other
7
6
Total
8
7

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
731,545
573,567
Social security costs
49,867
46,176
Pension costs
33,680
30,703
815,092
650,446
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
120,893
116,468
Company pension contributions to defined contribution schemes
7,383
7,391
128,276
123,859

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

GTT Training Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 16
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
3,275
470
8
Interest payable and similar expenses
2023
2022
£
£
Other interest
5,621
2,246
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
3,159
3,746
Deferred tax
Origination and reversal of timing differences
331
(754)
Total tax charge
3,490
2,992

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
15,783
16,678
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
3,709
3,169
Tax effect of expenses that are not deductible in determining taxable profit
173
577
Effect of change in corporation tax rate
51
-
0
Permanent capital allowances in excess of depreciation
(443)
(754)
Taxation charge for the year
3,490
2,992
GTT Training Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 17
10
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
23,605
Amortisation and impairment
At 1 January 2023 and 31 December 2023
23,605
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
11
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2023
18,610
Additions
3,076
At 31 December 2023
21,686
Depreciation and impairment
At 1 January 2023
17,914
Depreciation charged in the year
1,460
At 31 December 2023
19,374
Carrying amount
At 31 December 2023
2,312
At 31 December 2022
696
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
210,128
85,276
Other debtors
18,083
13,518
Prepayments and accrued income
100,238
46,320
328,449
145,114
GTT Training Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 18
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
31,133
31,197
Corporation tax
3,159
3,746
Other taxation and social security
12,219
10,718
Other creditors
3,756
3,130
Accruals and deferred income
253,036
169,890
303,303
218,681
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
15
150,000
150,000
15
Loans and overdrafts
2023
2022
£
£
Loans from group undertakings
150,000
150,000
Payable after one year
150,000
150,000
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
ACAs
624
174
Retirement benefit obligations
(712)
(593)
(88)
(419)
GTT Training Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
16
Deferred taxation
(Continued)
Page 19
2023
Movements in the year:
£
Asset at 1 January 2023
(419)
Charge to profit or loss
331
Asset at 31 December 2023
(88)

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
33,680
30,703

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
19
Related party transactions

The company has taken advantage of the exemption available in section 33 of FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

20
Ultimate controlling party

The ultimate parent company is Gaztransport et Technigaz SA, a company registered, and listed on the stock exchange, in France.

 

Gaztransport et Tecnigaz SA prepares group financial statements and copies are made available publically on the group's corporate website (http://www.gtt.fr/).

GTT Training Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 20
21
Cash (absorbed by)/generated from operations
2023
2022
£
£
Profit for the year after tax
12,293
13,686
Adjustments for:
Taxation charged
3,490
2,992
Finance costs
5,621
2,246
Investment income
(3,275)
(470)
Amortisation and impairment of intangible assets
-
0
2,046
Depreciation and impairment of tangible fixed assets
1,460
1,148
Movements in working capital:
(Increase)/decrease in debtors
(183,335)
42,760
Increase in creditors
85,209
36,208
Cash (absorbed by)/generated from operations
(78,537)
100,616
22
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
359,396
(87,705)
271,691
Borrowings excluding overdrafts
(150,000)
-
(150,000)
209,396
(87,705)
121,691
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