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Company Registration No. 03760255 (England and Wales)
G.T. Products (Europe) Ltd. Unaudited accounts for the year ended 31 May 2024
G.T. Products (Europe) Ltd. Unaudited accounts Contents
Page
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G.T. Products (Europe) Ltd. Company Information for the year ended 31 May 2024
Directors
Roger Gillam Anna Gillam
Company Number
03760255 (England and Wales)
Registered Office
Unit 14 Ford Lane Business Park Ford Lane Ford West Sussex BN18 0UZ United Kingdom
Accountants
B4Bookkeeping Ltd 1 Lincoln House Tangmere Chichester West Sussex PO20 2FS
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G.T. Products (Europe) Ltd. Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
7,840 
10,392 
Current assets
Inventories
218,128 
293,445 
Debtors
67,306 
74,610 
Cash at bank and in hand
127,137 
71,367 
412,571 
439,422 
Creditors: amounts falling due within one year
(107,987)
(162,861)
Net current assets
304,584 
276,561 
Total assets less current liabilities
312,424 
286,953 
Provisions for liabilities
Deferred tax
(1,010)
(1,540)
Net assets
311,414 
285,413 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
311,412 
285,411 
Shareholders' funds
311,414 
285,413 
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by
Roger Gillam Director Company Registration No. 03760255
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G.T. Products (Europe) Ltd. Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
G.T. Products (Europe) Ltd. is a private company, limited by shares, registered in England and Wales, registration number 03760255. The registered office is Unit 14 Ford Lane Business Park, Ford Lane, Ford, West Sussex, BN18 0UZ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% on cost
Plant & machinery
25% on reducing balance
Computer equipment
25% on reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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G.T. Products (Europe) Ltd. Notes to the Accounts for the year ended 31 May 2024
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 June 2023
5,542 
108,825 
26,839 
141,206 
At 31 May 2024
5,542 
108,825 
26,839 
141,206 
Depreciation
At 1 June 2023
5,311 
99,493 
26,010 
130,814 
Charge for the year
117 
2,216 
219 
2,552 
At 31 May 2024
5,428 
101,709 
26,229 
133,366 
Net book value
At 31 May 2024
114 
7,116 
610 
7,840 
At 31 May 2023
231 
9,332 
829 
10,392 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
59,982 
71,123 
Accrued income and prepayments
4,554 
717 
Other debtors
2,770 
2,770 
67,306 
74,610 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
245 
105 
VAT
9,449 
9,714 
Trade creditors
86,204 
137,260 
Amounts owed to group undertakings and other participating interests
126 
- 
Taxes and social security
7,703 
11,192 
Loans from directors
2,456 
2,245 
Accruals
1,804 
2,345 
107,987 
162,861 
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G.T. Products (Europe) Ltd. Notes to the Accounts for the year ended 31 May 2024
7
Transactions with related parties
Included in creditors is an amount due to be paid by the company to its directors. The amount is an advance made to the company of £14,018. There is no interest due to be paid on any outstanding amount. No fixed date has been set for the amount to be repaid by the company.
8
Average number of employees
During the year the average number of employees was 5 (2023: 5).
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