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REGISTERED NUMBER: 01697708 (England and Wales)







Unaudited Financial Statements

for the Year Ended 29 February 2024

for

GK General Engineering Limited

GK General Engineering Limited (Registered number: 01697708)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GK General Engineering Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mr P D Partington
Mrs L Partington



REGISTERED OFFICE: Blenheim Road
Airfield Industrial Estate
Ashbourne
Derbyshire
DE6 1HA



REGISTERED NUMBER: 01697708 (England and Wales)



ACCOUNTANTS: Mabe Allen LLP
Chartered Accountants
50 Osmaston Road
Derby
DE1 2HU



BANKERS: National Westminster Bank Plc
58 St Peter's Street
Derby
Derbyshire
DE1 1XL

GK General Engineering Limited (Registered number: 01697708)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 585,547 540,427

CURRENT ASSETS
Stocks 6 10,000 10,000
Debtors 7 550,850 604,206
Cash at bank 391,652 210,305
952,502 824,511
CREDITORS
Amounts falling due within one year 8 204,462 165,616
NET CURRENT ASSETS 748,040 658,895
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,333,587

1,199,322

PROVISIONS FOR LIABILITIES 68,718 60,115
NET ASSETS 1,264,869 1,139,207

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 412,763 417,676
Retained earnings 852,006 721,431
SHAREHOLDERS' FUNDS 1,264,869 1,139,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GK General Engineering Limited (Registered number: 01697708)

Balance Sheet - continued
29 February 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:




Mr P D Partington - Director



Mrs L Partington - Director


GK General Engineering Limited (Registered number: 01697708)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

GK General Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Judgements and key sources of estimation uncertainty
The preparation of the financial statement requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements:-

Revaluation of land and buildings

The company carries its land and buildings at fair value with changes in fair value being recognised in comprehensive income. The professional valuer used a valuation technique which took account of the age of the property, it's square footage and the marketability of the property. The members have continued with this approach to valuation in the current period. The determined fair value of the property is most sensitive to the estimated yield as well as the long term vacancy rate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - in accordance with the property
Plant and machinery - 15% on reducing balance
Fixtures & fittings, office equipment - 33% on cost and 10% on reducing balance
Motor vehicles - 25% on cost

The Directors in prior years had considered it inappropriate to provide depreciation on freehold land and buildings as it is their practice to maintain the properties in a continual state of sound repair such that their useful lives are so long and residual values so high that depreciation is felt to be insignificant. Depreciation has been provided on buildings in the current year.

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

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.

GK General Engineering Limited (Registered number: 01697708)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. Rentals payable under under operating leases are charged to the Profit and Loss Account 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.

Cash and cash equivalents
Cash and cash equivalents 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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

GK General Engineering Limited (Registered number: 01697708)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that the outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
& fittings,
Freehold Plant and office Motor
property machinery equipment vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 March 2023 510,000 91,891 11,068 77,748 690,707
Additions - 15,799 655 60,641 77,095
Disposals - (1,910 ) - (52,220 ) (54,130 )
At 29 February 2024 510,000 105,780 11,723 86,169 713,672
DEPRECIATION
At 1 March 2023 - 80,913 10,765 58,602 150,280
Charge for year 6,000 4,124 301 21,542 31,967
Eliminated on disposal - (1,902 ) - (52,220 ) (54,122 )
At 29 February 2024 6,000 83,135 11,066 27,924 128,125
NET BOOK VALUE
At 29 February 2024 504,000 22,645 657 58,245 585,547
At 28 February 2023 510,000 10,978 303 19,146 540,427

Included in cost or valuation of land and buildings is freehold land of £ 150,000 (2023 - £ 150,000 ) which is not depreciated.

Cost or valuation at 29 February 2024 is represented by:

Fixtures
& fittings,
Freehold Plant and office Motor
property machinery equipment vehicles Totals
£    £    £    £    £   
Valuation in 2000 62,677 - - - 62,677
Valuation in 2015 245,000 - - - 245,000
Valuation in 2023 110,000 - - - 110,000
Cost 92,323 105,780 11,723 86,169 295,995
510,000 105,780 11,723 86,169 713,672

GK General Engineering Limited (Registered number: 01697708)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS - continued

If Land and property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 92,324 92,324

Land and property was valued on an open market basis on 18 May 2023 by Fidler Taylor .

The directors in prior years have not provided depreciation on the freehold property which is a departure from the requirements of the Financial Reporting Standard 102. Given the continued current use of the property and its position on an industrial estate the directors believed this isolated instance of non-adherence to the provisions of the Financial Reporting Standard 102 does not impact on the true and fair view of the financial statements. Depreciation has been provided on freehold property in the current year.


6. STOCKS
2024 2023
£    £   
Stocks 10,000 10,000

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 127,478 178,710
Directors' current accounts - 6,848
Prepayments 8,374 8,648
135,852 194,206

Amounts falling due after more than one year:
Amounts owed by group undertakings 414,998 410,000

Aggregate amounts 550,850 604,206

GK General Engineering Limited (Registered number: 01697708)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Payments on account - 1,090
Trade creditors 102,787 86,165
Corporation tax 73,316 35,240
Social security and other taxes 13,210 35,208
VAT 4,927 -
Other creditors - 52
Directors' current accounts 2,242 254
Accruals 7,980 7,607
204,462 165,616

9. RESERVES
Revaluation
reserve
£   
At 1 March 2023 417,676
Revaluation of Property (4,913 )

At 29 February 2024 412,763

10. RELATED PARTY DISCLOSURES

Following the sale of the ordinary share capital of GK General Engineering Limited on 9 May 2022 the company's parent company became PLP Engineering Limited, a company with a registered office address of 14 Springfield Avenue, Loscoe, Heanor, England, DE75 7LN.