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Registered number: 02372421
G.P.T. Engineering Supplies Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Deans
Gibson House Hurricane Court
Hurricane Close
Stafford
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02372421
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,848 3,652
2,848 3,652
CURRENT ASSETS
Stocks 5 36,085 36,085
Debtors 6 96,514 110,472
Cash at bank and in hand 12,233 14,691
144,832 161,248
Creditors: Amounts Falling Due Within One Year 7 (59,359 ) (70,630 )
NET CURRENT ASSETS (LIABILITIES) 85,473 90,618
TOTAL ASSETS LESS CURRENT LIABILITIES 88,321 94,270
Creditors: Amounts Falling Due After More Than One Year 8 (11,250 ) (20,250 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (541 ) (694 )
NET ASSETS 76,530 73,326
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 76,430 73,226
SHAREHOLDERS' FUNDS 76,530 73,326
Page 1
Page 2
For the year ending 30 April 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.
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 T J Lyons
Director
9 January 2025
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
G.P.T. Engineering Supplies Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the probisions of section 1a "Small Entities" and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.  The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reilaibly. This is usually on the dispatch of the goods.
Other income
Other income is recognised as the company's right to receive payment is established.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributeable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Motor Vehicles 25% RB
Fixtures & Fittings 15% RB
2.4. Leasing and Hire Purchase Contracts
Assets acquired under hire purchase contracts are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset.  The related obligations, net of future finance charges, are included in creditors.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
2.5. Stocks and Work in Progress
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all cost of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.  Provision is made for damaged, obsolete and slow-moving stock where appropriate.
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2.6. Taxation
Taxation for the year comprises current and deferred tax.  Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.  
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assesments in periods different from those in which they aare recognised in financial statements.  Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2.9. Loans and borrowings
Loans and borrowings are initially reognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairement. If arrangement constitutes a finance transaction if is measured at present value.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 May 2023 26,358
As at 30 April 2024 26,358
Depreciation
As at 1 May 2023 22,706
Provided during the period 804
As at 30 April 2024 23,510
Net Book Value
As at 30 April 2024 2,848
As at 1 May 2023 3,652
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles - 2,570
5. Stocks
2024 2023
£ £
Stock 36,085 36,085
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 94,142 105,704
Prepayments and accrued income 2,354 3,494
Other debtors 18 18
Corporation tax recoverable assets - 1,256
96,514 110,472
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 520
Trade creditors 27,779 44,281
Bank loans and overdrafts 9,000 9,000
Corporation tax 3,710 -
Other taxes and social security 296 1,263
VAT 13,523 9,539
Other creditors 134 -
Accruals and deferred income 3,820 3,760
Directors' loan accounts 1,097 2,267
59,359 70,630
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 11,250 20,250
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 520
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Page 6
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 3,533 10,600
Later than one year and not later than five years - 3,533
3,533 14,133
Page 6