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Registered Number: 07540217
England and Wales

 

 

 

GUZLEK LTD


Abridged Accounts
 


Period of accounts

Start date: 01 March 2023

End date: 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GUZLEK LTD for the year ended 29 February 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulations.

This report is made solely to the Board of Directors of GUZLEK LTD, as a body, in accordance with the terms of our engagement letter dated 18 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of GUZLEK LTD and state those matters that we have agreed to state to the Board of Directors of GUZLEK LTD, as a body, in this report in accordance with AAF 2/10 as detailed at http://icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GUZLEK LTD and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that GUZLEK LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GUZLEK LTD. You consider that GUZLEK LTD is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of GUZLEK LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.



Acorn Financial Solutions Limited

99 Brentwood Road
Brighton
BN1 7ET
18 October 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 5,784    13,269 
5,784    13,269 
Current assets      
Debtors 12,053    20,389 
Cash at bank and in hand (3)   (9)
12,050    20,380 
Creditors: amount falling due within one year (29,735)   (23,020)
Net current assets (17,685)   (2,640)
 
Total assets less current liabilities (11,901)   10,629 
Provisions for liabilities   (107)
Net assets (11,901)   10,522 
 

Capital and reserves
     
Called up share capital 501    501 
Profit and loss account (12,402)   10,021 
Shareholders' funds (11,901)   10,522 
 


For the year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 18 October 2024 and were signed on its behalf by:


-------------------------------
Derek Ewing
Director
2
General Information
GUZLEK LTD is a private company, limited by shares, registered in England and Wales, registration number 07540217, registration address 99 Brentwood Road, Brighton, BN1 7ET.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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).
Going concern basis
The directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements, as they seek opportunities for sales and growth.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Development expenditures
Research and development expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development expenditure is deferred and amortised over 5 years during which the company is expected to benefit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 3 Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 2 (2023 : 3).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 March 2023 3,728    3,728 
Additions  
Disposals  
At 29 February 2024 3,728    3,728 
Amortisation
At 01 March 2023 3,728    3,728 
Charge for year  
On disposals  
At 29 February 2024 3,728    3,728 
Net book values
At 29 February 2024  
At 28 February 2023  


4.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 March 2023 30,117    30,117 
Additions  
Disposals (739)   (739)
At 29 February 2024 29,378    29,378 
Depreciation
At 01 March 2023 16,848    16,848 
Charge for year 7,485    7,485 
On disposals (739)   (739)
At 29 February 2024 23,594    23,594 
Net book values
Closing balance as at 29 February 2024 5,784    5,784 
Opening balance as at 01 March 2023 13,269    13,269 


5.

Director’s loan

Director's Loan Account

During the year the company director Dr Hacer Guzlek-Ewing has invested £17,429 into the company and at the year end a balance of £17,585 is repayable to this director.
During the year the company director Mr Derek Ewing has invested £5,867 into the company and at the year end a balance of £7,109 is repayable to this director.
Neither director has any current plans for being repaid these sums.


6.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Physika Limited8,970 723 (11,419)(20,389)

During the year the company has received funds from Physika Limited, a connected company where director Derek Ewing holds 100% of the share capital. At the year end the company is owed £11,419 by Physika Limited.
3