Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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Investments | 6 |
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700,083 | 700,108 | |||
Current assets | ||||
Debtors | 7 |
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Cash at bank and in hand |
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1,511,205 | 572,902 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 550,786 | 470,789 | ||
Total assets less current liabilities | 1,250,869 | 1,170,897 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | 11 |
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Total shareholders' funds |
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Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Giotto Engineering (Projects) Limited (registered number:
Malcolm Ardron
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Giotto Engineering Projects Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales (Company Number 03441653). The address of the Company's registered office is 2nd Floor Stratus House, Emperor Way, Exeter Business Park, Exeter, Devon, EX1 3QS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Giotto Engineering Projects Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
If material misstatements are found in prior period figures, those figures are restated to allow comparability between periods.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Fixtures and fittings |
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Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Following a review of the tangible fixed assets held on the balance sheet, it was established that the freehold property is more appropriately classified as an investment property and therefore the prior year figures have been restated to reflect the fair value of the property and associated deferred tax.
As previously reported | Adjustment | As restated | ||||
Year ended 30 June 2023 | £ | £ | £ | |||
Freehold property | 204,340 | (204,340) | 0 | |||
Investment property | 0 | 700,000 | 700,000 | |||
Deferred taxation | (26) | (97,989) | (98,015) | |||
Opening reserves | (840,300) | (397,671) | (1,237,971) |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Fixtures and fittings | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
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At 30 June 2024 |
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Accumulated depreciation | |||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 30 June 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
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As at 30 June 2024 |
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Valuation
The 2024 valuations were made by the director, on an open market value for existing use basis and was arrived at taking account of information from publicly available data and judgement. A significant level of uncertainty exists in relation to these assumptions and any changes in these assumptions could have a material impact on the carrying value of Investment Property in the financial statements.
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 July 2023 |
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At 30 June 2024 |
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Carrying value at 30 June 2024 |
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Carrying value at 30 June 2023 |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed by own subsidiaries |
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Amounts owed by director |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to Group undertakings |
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Amounts owed to director |
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Accruals and deferred income |
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Deferred tax liability |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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8 | 8 |
Transactions with the entity's director
2024 | 2023 | ||
£ | £ | ||
Amounts owed (to) / by directors | (7,952) | 8,344 |
The company paid dividends of £37,500 (2023: £37,000) to the director. The loan is repayable on demand and bears no interest.
Within the profit and loss reserve is a non-distributable amount in respect of the fair value movement on the fixed asset investment, less the deferred tax charges on those fair value movements. The distributable profit and loss reserve as at the balance sheet date is £853,268 (Restated 2023: £773,218).