|
|
2024 |
|
2023 |
|
|
£ |
£ |
|
£ |
£ |
Fixed assets |
|
|
71,549 |
|
|
79,862 |
Current assets |
|
129,770 |
|
|
101,610 |
|
Creditors: amount falling due within one year |
|
(135,566) |
|
|
(164,157) |
|
Net current assets
|
|
|
(5,796)
|
|
|
(62,547)
|
Total assets less current liabilities
|
|
|
65,753 |
|
|
17,315 |
Creditors: amount falling due after more than one year |
|
|
(82,069) |
|
|
(58,032) |
Net assets
|
|
|
(16,316) |
|
|
(40,717) |
|
|
|
|
|
|
|
Capital and reserves
|
|
|
(16,316) |
|
|
(40,717) |
|
NOTES TO THE ACCOUNTS
General Information
G-TECH ENVIRONMENTAL LTD is a private company, limited by shares, registered in England and Wales, registration number 12008664, registration address 12 SCHOOL STREET, BRITHDIR , NEW TREDEGAR, NP24 6JH.
The presentation currency is £ sterling.
1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The Company has made progress from the losses made last year. There is still a negative balance sheet this year however the company Directors feel that they are over the worst of it and are continuing to recover. 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.
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:
Motor Vehicles |
25% Reducing Balance
|
Plant and Machinery |
25% Reducing Balance
|
Computer Equipment |
20% Straight Line
|
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives. Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
|
2. |
Tangible fixed assets
Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Computer Equipment |
|
Total |
|
£ |
|
£ |
|
£ |
|
£ |
At 01 June 2023 |
16,448 |
|
97,281 |
|
1,144 |
|
114,873 |
Additions |
9,500 |
|
- |
|
- |
|
9,500 |
Disposals |
- |
|
- |
|
- |
|
- |
At 31 May 2024 |
25,948 |
|
97,281 |
|
1,144 |
|
124,373 |
Depreciation |
At 01 June 2023 |
5,173 |
|
28,922 |
|
916 |
|
35,011 |
Charge for year |
3,204 |
|
14,380 |
|
229 |
|
17,813 |
On disposals |
- |
|
- |
|
- |
|
- |
At 31 May 2024 |
8,377 |
|
43,302 |
|
1,145 |
|
52,824 |
Net book values |
Closing balance as at 31 May 2024 |
17,571 |
|
53,979 |
|
(1) |
|
71,549 |
Opening balance as at 01 June 2023 |
11,275 |
|
68,359 |
|
228 |
|
79,862 |
The net book value of Motor Vehicles includes £ 22,061 (2023 £25,801) in respect of assets leased under finance leases or hire purchase contracts.
|
3. |
Average number of employees
Average number of employees during the year was 6 (2023 : 6).
|
For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' Responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
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 accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts.
The financial statements were approved by the board of directors on 19 November 2024 and were signed on its behalf by: -------------------------------- Gareth Huw Williams Director |
1
|