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Company No: 03441653 (England and Wales)

GIOTTO ENGINEERING (PROJECTS) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

GIOTTO ENGINEERING (PROJECTS) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

GIOTTO ENGINEERING (PROJECTS) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
GIOTTO ENGINEERING (PROJECTS) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 79 104
Investment property 5 700,000 700,000
Investments 6 4 4
700,083 700,108
Current assets
Debtors 7 0 133,645
Cash at bank and in hand 1,511,205 439,257
1,511,205 572,902
Creditors: amounts falling due within one year 8 ( 960,419) ( 102,113)
Net current assets 550,786 470,789
Total assets less current liabilities 1,250,869 1,170,897
Net assets 1,250,869 1,170,897
Capital and reserves
Called-up share capital 9 8 8
Profit and loss account 11 1,250,861 1,170,889
Total shareholders' funds 1,250,869 1,170,897

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 03441653) were approved and authorised for issue by the Director on 23 January 2025. They were signed on its behalf by:

Malcolm Ardron
Director
GIOTTO ENGINEERING (PROJECTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
GIOTTO ENGINEERING (PROJECTS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

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.

General information and basis of accounting

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

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.

Prior year adjustment

If material misstatements are found in prior period figures, those figures are restated to allow comparability between periods.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

2. Prior year adjustment

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)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 July 2023 10,942 10,942
At 30 June 2024 10,942 10,942
Accumulated depreciation
At 01 July 2023 10,838 10,838
Charge for the financial year 25 25
At 30 June 2024 10,863 10,863
Net book value
At 30 June 2024 79 79
At 30 June 2023 104 104

5. Investment property

Investment property
£
Valuation
As at 01 July 2023 700,000
As at 30 June 2024 700,000

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.

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 4
At 30 June 2024 4
Carrying value at 30 June 2024 4
Carrying value at 30 June 2023 4

7. Debtors

2024 2023
£ £
Amounts owed by own subsidiaries 0 125,301
Amounts owed by director 0 8,344
0 133,645

8. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to Group undertakings 851,033 0
Amounts owed to director 7,952 0
Accruals and deferred income 3,399 4,098
Deferred tax liability 98,035 98,015
960,419 102,113

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
4 A ordinary shares of £ 1.00 each 4 4
4 B ordinary shares of £ 1.00 each 4 4
8 8

10. Related party transactions

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.

11. Profit and loss reserve

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).