Company Registration No. 06990591 (England and Wales)
GENTECH PRODUCTS (TELFORD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GENTECH PRODUCTS (TELFORD) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GENTECH PRODUCTS (TELFORD) LIMITED
COMPANY INFORMATION
Directors
Mr D N P Farla
Mr C R Johnson
Secretary
Mr D N P Farla
Company number
06990591
Registered office
Naird Lane
Nedge Hill
Telford T54
Telford
Shropshirew
TF3 3AL
Accountants
James Holyoak & Parker Limited
1 Knights Court
Archers Way
Battlefield Enterprise Park
Shrewsbury
SY1 3GA
GENTECH PRODUCTS (TELFORD) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
25,430
20,099
Current assets
Stocks
50,049
74,033
Debtors
4
995,021
897,582
Cash at bank and in hand
201,998
273,272
1,247,068
1,244,887
Creditors: amounts falling due within one year
5
(512,384)
(597,260)
Net current assets
734,684
647,627
Total assets less current liabilities
760,114
667,726
Capital and reserves
Called up share capital
6
200
200
Profit and loss reserves
759,914
667,526
Total equity
760,114
667,726
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
Mr D N P Farla
Mr C R Johnson
Director
Director
Company Registration No. 06990591
GENTECH PRODUCTS (TELFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Gentech Products (Telford) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Naird Lane, Nedge Hill, Telford T54, Telford, Shropshirew, TF3 3AL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over the life of the lease
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
GENTECH PRODUCTS (TELFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
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 current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are not recognised in the financial statements on the basis that they are immaterial.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
GENTECH PRODUCTS (TELFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
1,063
1,322
10,191
68,272
80,848
Additions
1,312
12,495
13,807
At 30 September 2024
1,063
1,322
11,503
80,767
94,655
Depreciation and impairment
At 1 October 2023
1,063
1,322
10,190
48,174
60,749
Depreciation charged in the year
328
8,148
8,476
At 30 September 2024
1,063
1,322
10,518
56,322
69,225
Carrying amount
At 30 September 2024
985
24,445
25,430
At 30 September 2023
1
20,098
20,099
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
302,987
392,021
Other debtors
685,958
500,480
Prepayments and accrued income
6,076
5,081
995,021
897,582
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
60,867
38,897
Trade creditors
379,849
473,208
Corporation tax
50,798
55,220
Other taxation and social security
17,750
15,080
Accruals and deferred income
3,120
14,855
512,384
597,260
GENTECH PRODUCTS (TELFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
A Ordinary shares of £1 each
100
100
100
100
200
200
200
200
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
13,962
12,143
GENTECH PRODUCTS (TELFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
As at 30 September 2024, the company was owed an amount of £986 from Fluid Power Supplies Limited, a company under common control (2023: £986).
As at 30 September 2024, the company was owed an amount of £534,708 from Gentech Holdings Limited, a company under common control (2023: £376,411). Gentech Holdings charged rent of £32,000 to the company during the year to 30 September 2024 (2022: £12,000).
As at 30 September 2024, the company was owed an amount of £7,025 from Micron Engineering Services Limited, a company under common control (2023: £7,025 due to Micron Engineering Services Limited).
9
Directors' transactions
Dividends totalling £65,777 (2023 - £81,162) were paid in the year in respect of shares held, or ultimately held by the company's directors.