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Registration number: 06469345

GTT Wireless Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

GTT Wireless Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 8

 

GTT Wireless Limited

Company Information

Directors

Mr Andrew John Bird

Mrs Helen Ruth Bird

Registered office

The King Centre
Barleythorpe
Oakham
Rutland
LE15 7WD

Accountants

Mrs Sara Passey
AIMS Accountants for Business
9 Church Street
Langham
Rutland
LE15 7JE

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
GTT Wireless Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of GTT Wireless Limited for the year ended 30 September 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given me.

As a practising member firm of the Chartered Instituate of Management Accountants, I am subject to its ethical and other professional requirements.
These are detailed at http://www.cimaglobal.com/Professionalism/Professionalism1/.

This report is made solely to the Board of Directors of GTT Wireless Limited, as a body, in accordance with the terms of our engagement letter dated 27 November 2023. My work has been undertaken solely to prepare for your approval the accounts of GTT Wireless Limited and state those matters that I have agreed to state to the Board of Directors of GTT Wireless Limited, as a body, in this report. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than GTT Wireless Limited and its Board of Directors as a body for my work or for this report.

It is your duty to ensure that GTT Wireless Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GTT Wireless Limited. You consider that GTT Wireless Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the accounts of GTT Wireless Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory accounts.

......................................

Mrs Sara Passey
AIMS Accountants for Business
9 Church Street
Langham
Rutland
LE15 7JE

18 March 2025

 

GTT Wireless Limited

(Registration number: 06469345)
Balance Sheet as at 30 September 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

14,007

7,172

Current assets

 

Stocks

5

208,939

246,355

Debtors

6

235,774

152,699

Cash at bank and in hand

 

87,673

116,917

 

532,386

515,971

Creditors: Amounts falling due within one year

7

(132,966)

(127,338)

Net current assets

 

399,420

388,633

Total assets less current liabilities

 

413,427

395,805

Creditors: Amounts falling due after more than one year

7

(15,000)

(15,000)

Provisions for liabilities

(3,494)

(1,793)

Net assets

 

394,933

379,012

Capital and reserves

 

Called up share capital

100

100

Retained earnings

394,833

378,912

Shareholders' funds

 

394,933

379,012

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

GTT Wireless Limited

(Registration number: 06469345)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:
 

.........................................
Mr Andrew John Bird
Director

 

GTT Wireless Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The King Centre
Barleythorpe
Oakham
Rutland
LE15 7WD

These financial statements were authorised for issue by the Board on 18 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, excluding discounts, rebates, value added tax and other sales taxes.

Tax

The tax expense for the period 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.

 

GTT Wireless Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

20% straight line

Computer equipment

33% straight line

Fixtures & fitting

33% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors 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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities.

Leases

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

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.

 

GTT Wireless Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Computer Equipment
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

13,808

266

10,582

-

24,656

Additions

259

-

3,274

12,100

15,633

At 30 September 2024

14,067

266

13,856

12,100

40,289

Depreciation

At 1 October 2023

12,817

266

3,771

-

16,854

Charge for the year

777

-

7,441

1,210

9,428

At 30 September 2024

13,594

266

11,212

1,210

26,282

Carrying amount

At 30 September 2024

473

-

2,644

10,890

14,007

At 30 September 2023

991

-

6,181

-

7,172

5

Stocks

2024
£

(As restated)

2023
£

Other inventories

208,939

246,355

6

Debtors

Current

2024
£

2023
£

Trade debtors

191,625

143,147

Prepayments

8,723

8,506

Other debtors

35,426

1,046

 

235,774

152,699

 

GTT Wireless Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

32,762

59,321

Taxation and social security

15,878

39,926

Accruals and deferred income

5,200

4,366

Other creditors

79,126

23,725

132,966

127,338

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

15,000

15,000

8

Related party transactions

The company paid management charges of £6,669 (2023 £6,648) to its holding company. At the year end the company owed the holding company £670 (2023: £1,360).

9

Parent and ultimate parent undertaking

The company's immediate parent is IOT Holidings Limited, incorporated in England.