REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
G. T TOOLING LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
G. T TOOLING LTD |
G. T TOOLING LTD (REGISTERED NUMBER: 07693191) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
G. T TOOLING LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Murrills House |
48 East Street |
Portchester |
Fareham |
Hampshire |
PO16 9XS |
G. T TOOLING LTD (REGISTERED NUMBER: 07693191) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings | 10 |
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. |
G. T TOOLING LTD (REGISTERED NUMBER: 07693191) |
BALANCE SHEET - continued |
31 JULY 2024 |
The financial statements were approved by the director and authorised for issue on |
G. T TOOLING LTD (REGISTERED NUMBER: 07693191) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
G. T Tooling Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for work done net of discounts and VAT. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Revalued assets are valued on an open market basis. |
The annual depreciation charge which relates to the revaluation surplus has been transferred from the revaluation reserve to the profit and loss account. |
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 assessments in periods different from those in which they are 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. |
G. T TOOLING LTD (REGISTERED NUMBER: 07693191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 August 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
Cost or valuation at 31 July 2024 is represented by: |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2024 | - | 89,500 | - | - | 89,500 |
Cost | 31,313 | 867,678 | 18,546 | 13,100 | 930,637 |
31,313 | 957,178 | 18,546 | 13,100 | 1,020,137 |
G. T TOOLING LTD (REGISTERED NUMBER: 07693191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
If plant and machinery had not been revalued 2024 would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 867,678 | 730,334 |
Aggregate depreciation | 447,844 | 420,787 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 8) |
Other creditors |
8. | LEASING AGREEMENTS |
At the balance sheet date the company had leasing commitments of £xxxx (2023 £7,870) |
G. T TOOLING LTD (REGISTERED NUMBER: 07693191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 534,199 | 470,815 |
Debts due under hire purchase contracts are secured on the assets to which the debt relates. |
10. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 August 2023 | 94,198 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revalued equipment | - | 89,500 | 89,500 |
Excess depreciation | (22,375 | ) | 22,375 | - |
DT on excess depreciation | - | (5,594 | ) | (5,594 | ) |
At 31 July 2024 | 148,022 |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
12. | ULTIMATE CONTROLLING PARTY |
G. T Tooling Limited is wholly owned by G. T Securities Limited whose registered office and principal place of business is Unit 3 Shogun House, Davis Way, Newgate Lane, Fareham, Hampshire PO14 1FJ. |