REGISTERED NUMBER: |
G.A.T. Solutions Limited |
Financial Statements |
for the Year Ended 30 April 2024 |
REGISTERED NUMBER: |
G.A.T. Solutions Limited |
Financial Statements |
for the Year Ended 30 April 2024 |
G.A.T. Solutions Limited (Registered number: 06222716) |
Contents of the Financial Statements |
for the year ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
G.A.T. Solutions Limited |
Company Information |
for the year ended 30 April 2024 |
Director: |
Registered office: |
Registered number: |
G.A.T. Solutions Limited (Registered number: 06222716) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Investment property | 5 |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 7 |
Retained earnings | 8 |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
The financial statements were approved by the director and authorised for issue on |
G.A.T. Solutions Limited (Registered number: 06222716) |
Notes to the Financial Statements |
for the year ended 30 April 2024 |
1. | Statutory information |
G.A.T. Solutions Limited is a private company, limited by shares, registered in England and Wales. The |
Company's registered number and registered office address can be found on the Company Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
Set out below is a summary of principal accounting policies, all of which have been consistently applied throughout the year and the preceding year (except as otherwise stated). The financial statements are presented in Sterling. |
Significant judgements and estimates |
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimated and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Critical judgements in applying the Company's accounting policies |
The critical judgement that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
(i) Assessing indicators and impairment |
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
(i) Estimating value in use |
Where an indication of impairment exists the directors will carry out an impairment review of to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value. |
(ii) Recoverability of receivables |
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. |
Turnover |
Turnover represents amounts receivable for market research and consulting services. |
Investment |
Fixed asset investments are stated at cost less provision for diminution in value. |
G.A.T. Solutions Limited (Registered number: 06222716) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
2. | Accounting policies - continued |
Going concern |
The financial statements have been prepared on a going concern basis. |
The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds both basis financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments. |
Financial assets and liabilities classified as basic financial instruments |
(i) Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at unamortised cost using the effective interest method. |
Equity |
Equity instruments are classified in accordance with the substance of contractual agreement. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. |
Equity instruments issued by the Company are recorded at the fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
G.A.T. Solutions Limited (Registered number: 06222716) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
4. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
At 1 May 2023 |
Additions |
Disposals | ( |
) |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
5. | Investment property |
Total |
£ |
Cost |
At 1 May 2023 |
and 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Tax |
Other creditors |
Directors curr accs less 1yr | 622,595 | 571,554 |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | Reserves |
Retained |
earnings |
£ |
At 1 May 2023 |
Deficit for the year | ( |
) |
At 30 April 2024 |
G.A.T. Solutions Limited (Registered number: 06222716) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
9. | Other financial commitments |
The Company invested in Longbow Partners Investment No 3 LLP in January 2013. The Company's total commitment to the fund is £175,000. The sum total of the drawdown at the end of the year is £4,631. |
The Company invested in Longbow Partners Investment No 4 LLP in September 2014. The Company's total commitment to the fund is £200,000. The sum total of the drawdown at the end of the year is £51,183. |
In 2020, the Company invested in a new fund Longbow Fund V, the aggregate commitment to the fund is £367,500 to be drawn over the next three years. This will be funded from previous repayments of other fund investments and Directors loans. The sum total of the drawdown at the year end is £204,776. |
10. | Related party disclosures |
At the balance sheet date the Company owed G Troll, the director, £572,138 (2023: £571,554) in the form of an interest free loan which is repayable on demand. |
At the balance sheet date the Company owed A Troll, a shareholder of the Company, £50,453 (2023: £50,000) in the form of an interest free loan which is repayable on demand. |