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Registered number: 07566561
GT Joinery Woodworking Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07566561
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 110,067 120,119
110,067 120,119
CURRENT ASSETS
Debtors 5 312,003 298,146
Cash at bank and in hand 30,753 13,375
342,756 311,521
Creditors: Amounts Falling Due Within One Year 6 (401,895 ) (340,935 )
NET CURRENT ASSETS (LIABILITIES) (59,139 ) (29,414 )
TOTAL ASSETS LESS CURRENT LIABILITIES 50,928 90,705
NET ASSETS 50,928 90,705
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 50,828 90,605
SHAREHOLDERS' FUNDS 50,928 90,705
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Tigran Guyumjyan
Director
16 November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
GT Joinery Woodworking Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07566561 . The registered office is 205 Ley Street, Ilford, Essex, IG1 4BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5% Reducing Balance
Plant & Machinery 20% Reducing Balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 20% Reducing Balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
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2.4. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 5)
4 5
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 April 2023 36,634 104,718 141,006 12,397 294,755
Additions - - - 19,459 19,459
As at 31 March 2024 36,634 104,718 141,006 31,856 314,214
...CONTINUED
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Page 5
Depreciation
As at 1 April 2023 3,572 88,251 74,472 8,341 174,636
Provided during the period 1,653 11,024 13,307 3,527 29,511
As at 31 March 2024 5,225 99,275 87,779 11,868 204,147
Net Book Value
As at 31 March 2024 31,409 5,443 53,227 19,988 110,067
As at 1 April 2023 33,062 16,467 66,534 4,056 120,119
5. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 12,522 5,990
Amounts owed by other participating interests 299,481 292,156
312,003 298,146
6. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 123,387 144,781
Corporation tax 15,745 1,161
PAYE 3,226 2,440
VAT 10,890 8,372
Net wages 4,653 -
Bank Credit Card 6,343 10,469
Accruals and deferred income 46,338 46,338
Director's loan account 191,313 127,374
401,895 340,935
7. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 100 100
Page 5
Page 6
8. Dividends
2024 2023
as restated
£ £
On equity shares:
Final dividend paid 74,872 30,000
Page 6