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Registered number: 05749351









GTECHNIQ LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
GTECHNIQ LTD
 
 
COMPANY INFORMATION


Director
R Earle 




Company secretary
R Earle



Registered number
05749351



Registered office
Unit 2 Langfurlong
Upper Heyford

Northamptonshire

United Kingdom

NN7 3FA




Independent auditor
CLA Evelyn Partners Limited
Chartered Accountants & Statutory Auditor

103 Colmore Row

Birmingham

B3 3AG





 
GTECHNIQ LTD
 

CONTENTS



Page
Group Strategic Report
1 - 2
Director's Report
3
Director's Responsibilities Statement
4
Independent Auditor's Report
5 - 9
Consolidated Statement of Comprehensive Income
10
Consolidated Balance Sheet
11 - 12
Company Balance Sheet
13 - 14
Consolidated Statement of Changes in Equity
15
Company Statement of Changes in Equity
16
Consolidated Statement of Cash Flows
17 - 18
Consolidated Analysis of Net Debt
19
Notes to the Financial Statements
20 - 40


 
GTECHNIQ LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The director presents the Strategic Report for the Group for the year ended 31 March 2024.

Principal activities
 
The principal activities of the Group is the sale of durable, long lasting ceramic coating products in both direct-to-consumer and B2B markets.
Business review
2023-2024 saw a 11% increase in sales and a return to profitability of 9% net. Both are encouraging signs and are testament to Gtechniq's commitment to developing ever better products, more effective marketing messaging and broadening the volume of sales channels globally. This all against a backdrop of a significant uptick in the number of new competitors emerging in our core automotive sector.
Further mention to be made of our success in reducing lead times and notable additions to our business development team in both the US and UK.
Increased costs across the board in raw materials, energy, staff, travel etc. collectively impacted our net figure which traditionally has been closer to 20%

Principal risks and uncertainties
 
Our sector is becoming increasingly competitive. When Gtechniq Ltd was founded in 2006, we were the only car care brand offering a “Ceramic Coating.” Currently there are at least 100 brands offering them including much older and better established brands. Through a great focus on R&D and links with Material Science departments of leading Universities, we retain an edge on product performance.
Our major risk is that one of our competitors finds a groundbreaking technology that eclipses our technology. This is our most tangible risk outside the usual risks that every business faces.
The principal risk and uncertainties facing the group are:
Liquidity Risk
The Group manages its cash requirements centrally to minimise interest expense, whilst the Group has sufficient liquid resources to meet the operating needs of its business.
Credit Risk
Credit risk arises on financial instruments such as trade debtors. Policies and procedures exist to ensure that customers have an appropriate credit history and suitable credit limits are set and monitored. This is not considered to be a significant area to the Group.
Interest Rate Risk
The Group finances its operations through retained profits. The Board feel that given the Group has no borrowings the risk from significant interest rate fluctuations is minimal.
Other Risks
Interruptions in supply chain, personnel issues, force majeure, reputational risk.

Page 1

 
GTECHNIQ LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Financial key performance indicators
 
      2024      2023
Gross profit (%)         49       43 
Order frequency      0.75 orders per                0.73 orders per 
                                                                     customer/month                      customer/month
Marketing spend vs turnover     11.7%       
12%


This report was approved by the board and signed on its behalf.



R Earle
Director

Date: 12 March 2025

Page 2

 
GTECHNIQ LTD
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Results and dividends

The profit for the year, after taxation, amounted to £1,219,309 (2023 - loss £42,921).

During the year, dividends of £514,801 were declared and paid (2023 - £389,805).

Director

The director who served during the year was:

R Earle 

Future developments

As ever we are developing new and improved products. This always remains true and at time of writing we have 12 new or updated products in development.
Other key developments are improvements to our internet marketing programmes, exploring new opportunities in other markets, notably China.

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

The auditor, CLA Evelyn Partners Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





R Earle
Director

Date: 12 March 2025

Page 3

 
GTECHNIQ LTD
 
 
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

 
img07df.png 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GTECHNIQ LTD
 

Qualified Opinion

We have audited the financial statements of Gtechniq Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended  31 March 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated and Parent Company Balance Sheets, Consolidated and Parent Company Statement of Changes in Equity, Consolidated Statement of Cash Flows, the Consolidated Analysis of Net Debt and the notes to the financial statements, including significant accounting policies.  The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opinion paragraph, the financial statements:
give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2024 and of the Group's profit for the year then ended;  
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We were appointed as auditors of the parent company and its subsidiaries shortly preceding the balance sheet date for the year ended 31 March 2022. Due to a combination of the date of our appointment and logistical considerations, we were thus unable to observe the counting of physical stock held as at 31 March 2022 by Gtechniq North America Inc, a subsidiary of the parent company registered in the USA. 
We were unable to satisfy ourselves by alternative means concerning the inventory quantities held by Gtechniq North America Inc at 31 March 2022 by using other audit procedures, which are included in the balance sheet and closing stock included in cost of sales  at a value of £1,322,053 at that date. Consequently, we were unable to determine whether there was any consequential effect on the opening stock within  cost of sales for the year ended 31 March 2023. 
Our audit opinion on the financial statements for the period ended 31 March 2023 was modified accordingly. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures. 
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.  Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.  We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. 
Page 5

 
GTECHNIQ LTD
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GTECHNIQ LTD (CONTINUED)

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report, other than the financial statements and our auditor’s report thereon.  The directors are responsible for the other information contained within the Annual report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.  Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £1,322,053 included in opening stock within cost of sales at 31 March 2022 by Gtechniq North America Inc. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason. 

Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.






 

Page 6

 
GTECHNIQ LTD
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GTECHNIQ LTD (CONTINUED)


Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
Arising solely from the limitation on the scope of our work relating to inventory held at 31 March 2022 by Gtechniq North America Inc, referred to above:
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether adequate accounting records have been kept.
 
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
 
returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made


Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. 

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.  Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations.  We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.  The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the Group’s legal and regulatory framework through enquiry of management of their understanding of the relevant laws and regulations: the Group’s policies and procedures regarding compliance and how they identify, evaluate and account for potential non compliance or claims. We also drew on our understanding of the Group’s industry and regulation.
 
Page 7

 
GTECHNIQ LTD
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GTECHNIQ LTD (CONTINUED)

We understand that the Group comply with the framework through:
 
The director’s close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly; and
The engagement of external experts to ensure ongoing tax compliance and to assist with the preparation of the statutory accounts,

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Group’s ability to conduct its business and where failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Group:
 
The Companies Act 2006, UK Taxation law and FRS 102 in respect of the preparation and presentation of the financial statements.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. 
The key areas identified as part of this discussion were:

manipulation of the financial statements, especially revenue, through manual journals and incorrect recognition of revenue.
Stock provision and bad debt provision, as these are estimates made by management

These areas were communicated to the other members of the engagement team not present at the discussion.
The procedures we carried out to gain evidence in the above areas included:
Challenging management regarding the assumptions used in the estimates identified above, and comparison to actual data and post year end data as appropriate;  
Testing revenue cut off of product sales pre and post year end by inspection of invoices and delivery notes; and 
Testing of manual journal entries, selected based on specific risk assessments, with a particular focus on journals indicating large or unusual transactions based on our understanding of the business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 8

 
GTECHNIQ LTD
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GTECHNIQ LTD (CONTINUED)




Stephen Drew (Senior Statutory Auditor)
  
for and on behalf of
CLA Evelyn Partners Limited
 
Chartered Accountants
Statutory Auditor
  
103 Colmore Row
Birmingham
B3 3AG

12 March 2025
Page 9

 
GTECHNIQ LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,946,384
12,558,621

Cost of sales
  
(7,044,248)
(7,210,641)

Gross profit
  
6,902,136
5,347,980

Administrative expenses
  
(5,191,243)
(5,425,942)

Fair value movements
  
-
(14,800)

Operating profit/(loss)
 5 
1,710,893
(92,762)

Interest receivable and similar income
  
1,406
-

Interest payable and similar expenses
  
(28,723)
(5,904)

Profit/(loss) before taxation
  
1,683,576
(98,666)

Tax on profit/(loss)
 10 
(464,267)
55,745

Profit/(loss) for the financial year
  
1,219,309
(42,921)

  

Currency translation differences
  
3,719
86,569

Total comprehensive income for the year
  
1,223,028
43,648

  

  

The notes on pages 20 to 40 form part of these financial statements.

Page 10

 
GTECHNIQ LTD
REGISTERED NUMBER:05749351

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
104,638
89,502

Tangible assets
 13 
1,204,428
1,002,712

Trade investments
 14 
185,200
185,200

  
1,494,266
1,277,414

Current assets
  

Stocks
 15 
2,826,100
2,224,297

Debtors: amounts falling due within one year
 16 
1,633,647
1,522,815

Cash at bank and in hand
 17 
679,174
863,811

  
5,138,921
4,610,923

Creditors: amounts falling due within one year
 18 
(1,127,662)
(1,023,266)

Net current assets
  
 
 
4,011,259
 
 
3,587,657

Total assets less current liabilities
  
5,505,525
4,865,071

Creditors: amounts falling due after more than one year
 19 
(57,952)
(72,668)

Provisions for liabilities
  

Deferred taxation
 21 
(66,207)
(119,264)

Net assets
  
5,381,366
4,673,139


Capital and reserves
  

Called up share capital 
 22 
122
122

Foreign exchange reserve
 23 
98,327
94,608

Other reserves
 23 
70,955
70,955

Profit and loss account
 23 
5,211,962
4,507,454

  
5,381,366
4,673,139


Page 11

 
GTECHNIQ LTD
REGISTERED NUMBER:05749351
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R Earle
Director

Date: 12 March 2025

The notes on pages 20 to 40 form part of these financial statements.

Page 12

 
GTECHNIQ LTD
REGISTERED NUMBER:05749351

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
104,638
89,502

Tangible assets
 13 
192,894
242,102

Fixed asset investments
 14 
721,569
719,917

Trade investments
 14 
185,200
185,200

  
1,204,301
1,236,721

Current assets
  

Stocks
 15 
2,163,792
1,656,367

Debtors: amounts falling due within one year
 16 
2,259,242
1,874,755

Cash at bank and in hand
 17 
484,514
610,477

  
4,907,548
4,141,599

Creditors: amounts falling due within one year
 18 
(925,094)
(802,928)

Net current assets
  
 
 
3,982,454
 
 
3,338,671

Total assets less current liabilities
  
5,186,755
4,575,392

  

Creditors: amounts falling due after more than one year
 19 
(57,952)
(72,668)

Provisions for liabilities
  

Deferred taxation
 21 
(66,207)
(119,264)

Net assets
  
5,062,596
4,383,460


Capital and reserves
  

Called up share capital 
 22 
122
122

Other reserves
 23 
70,955
70,955

Profit and loss account
 23 
4,991,519
4,312,383

  
5,062,596
4,383,460


Page 13

 
GTECHNIQ LTD
REGISTERED NUMBER:05749351
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Company for the year was £1,193,937 (2023 - £415,572).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


R Earle
Director

Date: 12 March 2025

The notes on pages 20 to 40 form part of these financial statements.

Page 14

 

GTECHNIQ LTD
 
 
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£



At 1 April 2022
122
8,039
70,955
4,940,180
5,019,296



Comprehensive income for the year


Loss for the year
-
-
-
(42,921)
(42,921)


Currency translation differences
-
86,569
-
-
86,569



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(389,805)
(389,805)





At 1 April 2023
122
94,608
70,955
4,507,454
4,673,139



Comprehensive income for the year


Profit for the year
-
-
-
1,219,309
1,219,309


Currency translation differences
-
3,719
-
-
3,719



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(514,801)
(514,801)



At 31 March 2024
122
98,327
70,955
5,211,962
5,381,366



Page 15

 

GTECHNIQ LTD
 
 
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Other reserves
Profit and loss account
Total equity


£
£
£
£



At 1 April 2022
122
70,955
4,286,616
4,357,693



Comprehensive income for the year


Profit for the year
-
-
415,572
415,572



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(389,805)
(389,805)





At 1 April 2023
122
70,955
4,312,383
4,383,460



Comprehensive income for the year


Profit for the year
-
-
1,193,937
1,193,937



Contributions by and distributions to owners


Dividends: Equity capital
-
-
(514,801)
(514,801)



At 31 March 2024
122
70,955
4,991,519
5,062,596



Page 16

 
GTECHNIQ LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
1,219,309
(42,921)

Adjustments for:

Amortisation of intangible assets
62,814
81,542

Depreciation of tangible assets
111,864
257,513

Loss on disposal of tangible assets
-
(15,617)

Interest paid
28,723
5,904

Interest received
(1,406)
-

Taxation charge
464,267
-

(Increase)/decrease in stocks
(601,803)
917,144

(Increase)/decrease in debtors
(97,484)
328,972

(Decrease) in creditors
(135,435)
(630,248)

Net fair value losses recognised in P&L
-
14,800

Corporation tax (paid)
(277,493)
(290,347)

Foreign exchange differences
(9,629)
54,145

Net cash generated from operating activities

763,727
680,887


Cash flows from investing activities

Purchase of intangible fixed assets
(77,950)
(84,678)

Purchase of tangible fixed assets
(313,580)
(287,445)

Sale of tangible fixed assets
-
36,500

Interest received
1,406
-

Net cash from investing activities

(390,124)
(335,623)
Page 17

 
GTECHNIQ LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

New finance leases
-
90,024

Repayment of finance leases
(14,716)
-

Dividends paid
(514,801)
(389,805)

Interest paid
(28,723)
(5,904)

Net cash used in financing activities
(558,240)
(305,685)

Net (decrease)/increase in cash and cash equivalents
(184,637)
39,579

Cash and cash equivalents at beginning of year
863,811
824,232

Cash and cash equivalents at the end of year
679,174
863,811


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
679,174
863,811


Page 18

 
GTECHNIQ LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£





Cash at bank and in hand

863,811

(184,637)

679,174

Finance leases

(90,024)

14,716

(75,308)


773,787
(169,921)
603,866

Page 19

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Gtechniq Ltd is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 05749351). The registered office address is The Mill Pury Hill Business Park, Alderton Road, Towcester, NN12 7LS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Parent Company disclosure exemptions

In preparing the separate financial statements of the Parent Company, advantage has been taken
of the following disclosure exemptions available in FRS 102:

No Statement of Cash Flows has been presented for the Parent Company; and
No disclosures have been given for the aggregate remuneration of the key management personnel of the Parent Company as their remuneration is included in the totals for the Group as a whole.

Page 20

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Going concern

At the time of approving these financial statements, the director has a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.
The director has reviewed cash flow forecasts for at least the 12 month period from the date of signing, to ensure the Group can maintain its day-to-day services and fulfill its statutory obliations.
At 31 March 2024, the Group had cash balances of £679,174 
(2023 - £863,811), which is sufficient to maintain a positive cash position and meet the Group's liabilities as they fall due for at least 12 months from the date of signing, based upon current expectations.
The director has considered the extent to which sales demand would need to fall before cash flow becomes an issue, and is comfortable that such a decrease is not considered to be a probable outcome.
The director accordingly believes that the Group will continue to be a going concern.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 21

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 22

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 23

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.14

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 24

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2.5%
Freehold land
-
Not depreciated
Plant and machinery
-
20%
Motor vehicles
-
25%
Fixtures and fittings
-
20-25%
Office equipment
-
25%
Leasehold improvements
-
Over life of the lease (10 years)

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Group becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Group’s cash management.
 
Page 25

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

 
2.19

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The judgements, estimates and assumptions are evaluated at each reporting date and are based on historical experience as adjusted for current market conditions and other factors. Management makes estimates and assumptions concerning the future in preparing the financial statements and the actual results will not always reflect the accounting estimates made. The estimates and assumptions that had a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities of the Group and Parent Company are outlined below.
Stock
Certain factors could affect the realisable value of the Group's stocks, including customer demand and market conditions. The Group considers usage, anticipated sales price, effect of new product introductions, product obsolescence and other factors when evaluating the value. At the year end, there was a stock provision of £90,974 (2023 - £99,235).
Carrying value of investments in subsidiary undertakings and amounts owed by group 
undertakings
The carrying value of investments in subsidiaries and amounts owed by group undertakings are initially recorded at cost and subsequently measured at cost less provision for impairment. The director has reviewed all forecast and budgetary information available to them and have deemed there to be no objective evidence that the Parent Company will not recover the amounts included in the Balance Sheet at 31 March 2024.

Page 26

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of ceramic coating products
13,063,575
11,763,738

Detailing/accreditation
117,528
105,822

Shipping
765,281
689,061

13,946,384
12,558,621


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
5,844,459
5,263,629

North America
6,253,378
5,630,556

Australasia
889,805
801,182

Rest of World
958,742
863,254

13,946,384
12,558,621



5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging/(crediting):

2024
2023
£
£

Research & development charged as an expense
34,389
84,658

Exchange differences
49,065
(230,519)

Other operating lease rentals
236,086
225,786

Profit on disposal of fixed assets
-
(15,617)

Depreciation on assets held under finance leases
26,203
21,953

Page 27

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Group's auditor for the audit of the consolidated and Parent Company's financial statements

32,725
24,250

Fees payable to the Company's auditor in respect of:

auditing of financial statements of the Group's subsidiaries
9,900
9,000

Preparation of statutory accounts
4,315
4,100

R&D advisory services
25,000
25,000

Corporate tax consultancy services
-
4,410

Tax compliance services
4,790
3,875

HR consulting and outsourced finance support services to Gtechniq 
North America Inc
150,000
150,000


7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,417,383
2,308,208
1,797,333
1,648,128

Social security costs
161,616
152,379
161,616
152,379

Cost of defined contribution scheme
52,735
48,318
52,735
48,318

2,631,734
2,508,905
2,011,684
1,848,825


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Employees
66
69
53
49

Page 28

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Director's remuneration

2024
2023
£
£

Director's emoluments
11,898
11,898

Group contributions to defined contribution pension schemes
-
249


During the year retirement benefits were accruing to no directors (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Interest receivable from group companies
1,406
-

1,406
-


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
441,454
109,110

Adjustment to 2023 tax charge
112,209
-

Foreign tax


Foreign tax on income for the year
(36,278)
(152,610)

Total current tax
517,385
(43,500)

Deferred tax


Origination and reversal of timing differences
(53,118)
(12,245)

Total deferred tax
(53,118)
(12,245)


Tax on profit/(loss)
464,267
(55,745)
Page 29

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,683,576
(98,666)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
420,894
(18,747)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
9,455
(26,637)

Capital allowances for year in excess of depreciation
(41,971)
(7,422)

Remeasurement of deferred tax for changes in tax rates
-
(2,939)

Non-taxable income
(42)
-

Foreign taxation
(36,278)
-

Prior year tax adjustment
112,209
-

Total tax charge for the year
464,267
(55,745)


Factors that may affect future tax charges

Finance Act 2021 includes legislations to increase the main rate of corporation tax from 19% to 25% from 1 April 2023. The full anticipated effect of these changes is reflceted in the above deferred tax balances.


11.


Dividends

2024
2023
£
£


Dividends paid
514,801
389,805

Page 30

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Intangible assets

Group





Website development

£



Cost


At 1 April 2023
410,867


Additions
77,950



At 31 March 2024

488,817



Amortisation


At 1 April 2023
321,365


Charge for the year on owned assets
62,814



At 31 March 2024

384,179



Net book value



At 31 March 2024
104,638



At 31 March 2023
89,502



Page 31

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
           12.Intangible assets (continued)

Company




Website development

£



Cost


At 1 April 2023
410,867


Additions
77,950



At 31 March 2024

488,817



Amortisation


At 1 April 2023
321,365


Charge for the year
62,814



At 31 March 2024

384,179



Net book value



At 31 March 2024
104,638



At 31 March 2023
89,502

Page 32

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets

Group






Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
798,328
327,786
169,087
310,253
133,717
1,739,171


Additions
249,629
15,382
-
28,470
20,099
313,580



At 31 March 2024

1,047,957
343,168
169,087
338,723
153,816
2,052,751



Depreciation


At 1 April 2023
44,934
272,547
75,438
244,194
99,346
736,459


Charge for the year
13,462
40,338
26,203
18,822
13,039
111,864



At 31 March 2024

58,396
312,885
101,641
263,016
112,385
848,323



Net book value



At 31 March 2024
989,561
30,283
67,446
75,707
41,431
1,204,428



At 31 March 2023
753,394
55,239
93,649
66,059
34,371
1,002,712




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
989,561
744,466


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
59,272
83,420

Page 33

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Company





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£

Cost or valuation


At 1 April 2023
327,786
152,360
310,253
100,723
891,122


Additions
15,382
-
28,470
9,731
53,583



At 31 March 2024

343,168
152,360
338,723
110,454
944,705



Depreciation


At 1 April 2023
272,547
58,711
244,194
73,568
649,020


Charge for the year
40,338
26,203
18,822
17,428
102,791



At 31 March 2024

312,885
84,914
263,016
90,996
751,811



Net book value



At 31 March 2024
30,283
67,446
75,707
19,458
192,894



At 31 March 2023
55,239
93,649
66,059
27,155
242,102






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
59,272
83,420

Page 34

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Fixed asset investments

Group





Investments

£





At 1 April 2023 and 31 March 2024
185,200




Company





Investments in subsidiary companies
Investments
Total

£
£
£



Cost or valuation


At 1 April 2023
719,917
185,200
905,117


Additions
1,652
-
1,652



At 31 March 2024
721,569
185,200
906,769





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Gtechniq Works LLC*
4740 Hammond Industrial Dr, Cumming, GA, 30041, USA
Ordinary
100%
Gtechniq North America, Inc**
16547 Waxmyrtle Rd. Milton, GA, 30004, USA
Ordinary
100%
Gtechniq France*
C/o Novances
455 Prom. Des Anglais "Horizon"
06200 Nice
Ordinary
100%

Page 35

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
2,826,100
2,224,297
2,163,792
1,656,367


The difference between purchase price or production cost of stocks and their replacement cost is not material.

The Group stock balances above include total provisions for obsolescence of £110,765 (2023 - £99,235). The Parent Company stock balances above included total provisions for obsolescence of £90,974 (2023 - £79,015).


16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
871,413
613,244
572,107
424,959

Amounts owed by group undertakings
-
-
1,261,698
-

Amounts owed by related parties
-
-
-
766,592

Other debtors
480,670
721,889
274,357
547,981

Prepayments and accrued income
281,564
187,682
151,080
135,223

1,633,647
1,522,815
2,259,242
1,874,755



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
679,174
863,811
484,514
610,477


Page 36

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
424,222
721,074
369,629
641,351

Corporation tax
285,058
45,227
285,058
45,227

Other taxation and social security
77,278
35,014
77,278
35,014

Obligations under finance lease and hire purchase contracts
17,356
17,356
17,356
17,356

Other creditors
132,530
110,268
20,973
19,494

Accruals and deferred income
191,218
94,327
154,800
44,486

1,127,662
1,023,266
925,094
802,928



19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Net obligations under finance leases and hire purchase contracts
57,952
72,668
57,952
72,668





20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Between 1-5 years
75,308
90,024

Page 37

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
119,264
131,509


(Credited)/charged to profit or loss
(53,057)
(12,245)



At end of year
66,207
119,264

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Fixed asset timing differences
69,071
121,612
69,071
121,612

Short term timing differences
(2,864)
(2,348)
(2,864)
(2,348)

66,207
119,264
66,207
119,264


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100
20 (2023 - 20) Ordinary A shares of £1.00 each
20
20
2 (2023 - 2) Ordinary B shares of £1.00 each
2
2

122

122


The Ordinary shares carry full voting, dividend and distribution rights.
The Ordinary A shares carry full voting and distribution rights, and independent dividend rights.
The Ordinary B shares carry no voting or distribution rights, and carry independent dividend rights.

Page 38

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

23.


Reserves

Foreign exchange reserve

The foreign exchange reserve represents the cumulative movements in foreign exchange.

Other reserves

This reserve represents contributions made from minority shareholders that are not attached to issued share capital.

Profit and loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.


24.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £52,735 (2023 - £48,318). Contributions totalling £11,458 (2023 - £9,393) were payable to the fund at the balance sheet date and
are included in creditors.


25.


Commitments under operating leases

At 31 March 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
76,579
26,554
22,839
26,554

Later than 1 year and not later than 5 years
661,381
415,000
446,417
415,000

Later than 5 years
739,029
438,000
416,583
438,000

1,476,989
879,554
885,839
879,554

Page 39

 
GTECHNIQ LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.


27.


Post balance sheet events

There have been no significant events affecting the Group since the year end.


28.


Controlling party

The ultimate controlling party is R Earle, by virtue of his majority shareholding and directorship of the
Parent Company.

Page 40