REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
GRIDTEC LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
GRIDTEC LIMITED |
GRIDTEC LIMITED (REGISTERED NUMBER: 13889225) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GRIDTEC LIMITED |
Company Information |
for the Year Ended 30 April 2024 |
Director: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
GRIDTEC LIMITED (REGISTERED NUMBER: 13889225) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities | ( |
) |
Provisions for liabilities |
Net assets/(liabilities) | ( |
) |
Capital and reserves |
Called up share capital |
Retained earnings | ( |
) |
Shareholders' funds | ( |
) |
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 director and authorised for issue on |
GRIDTEC LIMITED (REGISTERED NUMBER: 13889225) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | Statutory information |
Gridtec Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared on a going concern basis. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
There are not considered to be any critical judgements in applying the company's accounting policies. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. There are not considered to be any estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year. |
i) Amounts recoverable on contract and deferred income |
The amounts recoverable on contract and deferred income involves a number of estimates including costs to complete, anticipated gross profit and the analysis of the costs incurred as a proportion of total costs. The amounts recoverable on contract are £112,411 (2023: NIL), and included within other creditors is deferred income relating to contracts of £560,940 (2023: £287,316). |
Turnover |
Turnover represents contract revenue and the sales of goods and services, net of value added tax. Contract revenue is recognised when and to the extent that the company obtains the right to consideration in exchange for performance. Revenue is measured at the fair value of the right to consideration. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bring the asset to its working condition for its intended us. |
Tangible assets are not depreciated in the year of acquisition. |
The depreciation policy adopted is 33% straight line. |
GRIDTEC LIMITED (REGISTERED NUMBER: 13889225) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
3. | Accounting policies - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
There are no assets which are initially measured at fair value. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest. |
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. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
4. | Employees and directors |
The average number of employees during the year was |
GRIDTEC LIMITED (REGISTERED NUMBER: 13889225) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
Additions |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | Pension commitments |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amount to £4,778 (2023: £2,455). |
Contributions totalling £1,481 (2023: £718) were payable to the scheme at the year end and are included in creditors. |