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Company registration number: 11898362
GT ELECTRICAL SERVICES SY LTD
TRADING AS GT ELECTRCIAL SERVICES SY LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 March 2024
GT ELECTRICAL SERVICES SY LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
GT ELECTRICAL SERVICES SY LTD
DIRECTORS AND OTHER INFORMATION
Director Mr G A Upson
Company number 11898362
Registered office Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
Business address Countrywide House
Knights Way
Shrewsbury
SY3 8BZ
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 2AB
GT ELECTRICAL SERVICES SY LTD
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GT ELECTRICAL SERVICES SY LTD
YEAR ENDED 31ST MARCH 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 GT Electrical Services SY Ltd for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of GT Electrical Services SY Ltd, as a body, in accordance with the terms of our engagement letter dated 14 April 2019. Our work has been undertaken solely to prepare for your approval the financial statements of GT Electrical Services SY Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GT Electrical Services SY Ltd and its director as a body for our work or for this report.
It is your duty to ensure that GT Electrical Services SY 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 GT Electrical Services SY Ltd. You consider that GT Electrical Services SY 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 GT Electrical Services SY 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.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 2AB
14 October 2024
GT ELECTRICAL SERVICES SY LTD
STATEMENT OF FINANCIAL POSITION
31ST MARCH 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 97,676 53,459
_______ _______
97,676 53,459
Current assets
Stocks 32,501 25,991
Debtors 6 9,845 9,593
Cash at bank and in hand 34,345 29,316
_______ _______
76,691 64,900
Creditors: amounts falling due
within one year 7 ( 92,048) ( 51,376)
_______ _______
Net current (liabilities)/assets ( 15,357) 13,524
_______ _______
Total assets less current liabilities 82,319 66,983
Creditors: amounts falling due
after more than one year 8 ( 18,748) ( 18,456)
Provisions for liabilities ( 18,143) ( 9,651)
_______ _______
Net assets 45,428 38,876
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 45,328 38,776
_______ _______
Shareholders funds 45,428 38,876
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 October 2024 , and are signed on behalf of the board by:
Mr G A Upson
Director
Company registration number: 11898362
GT ELECTRICAL SERVICES SY LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31ST MARCH 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 100 18,617 18,717
Profit for the year 64,159 64,159
_______ _______ _______
Total comprehensive income for the year - 64,159 64,159
Dividends paid and payable ( 44,000) ( 44,000)
_______ _______ _______
Total investments by and distributions to owners - ( 44,000) ( 44,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 100 38,776 38,876
Profit for the year 66,552 66,552
_______ _______ _______
Total comprehensive income for the year - 66,552 66,552
Dividends paid and payable ( 60,000) ( 60,000)
_______ _______ _______
Total investments by and distributions to owners - ( 60,000) ( 60,000)
_______ _______ _______
At 31 March 2024 100 45,328 45,428
_______ _______ _______
GT ELECTRICAL SERVICES SY LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2024
1. General information
The company is a private company limited by shares, registered in Emgland & Wales. The address of the registered office is Countrywide House, Knights Way, Shrewsbury, Shropshire, SY1 3AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the value of the consideration received or receivable for services supplied, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 5 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 2,597 14,284 55,921 72,802
Additions 2,657 5,077 53,995 61,729
Disposals - ( 937) - ( 937)
_______ _______ _______ _______
At 31 March 2024 5,254 18,424 109,916 133,594
_______ _______ _______ _______
Depreciation
At 1 April 2023 78 3,493 15,771 19,342
Charge for the year 520 1,876 14,599 16,995
Disposals - ( 419) - ( 419)
_______ _______ _______ _______
At 31 March 2024 598 4,950 30,370 35,918
_______ _______ _______ _______
Carrying amount
At 31 March 2024 4,656 13,474 79,546 97,676
_______ _______ _______ _______
At 31 March 2023 2,519 10,791 40,150 53,460
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 7,580 7,554
Other debtors 2,265 2,039
_______ _______
9,845 9,593
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 19,476 8,176
Trade creditors 57,773 18,503
Corporation tax 7,303 10,218
Social security and other taxes 3,393 7,696
Other creditors 4,103 6,783
_______ _______
92,048 51,376
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 5,237 9,310
Other creditors 13,511 9,146
_______ _______
18,748 18,456
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr G A Upson ( 3,765) 2,680 ( 1,085)
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr G A Upson ( 6,671) 2,906 ( 3,765)
_______ _______ _______