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Registration number: 02724445

GroupCytek Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

GroupCytek Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

GroupCytek Limited

Company Information

Directors

AD Cann

M Gledhill

Company secretary

M Gledhill

Registered office

Unit 3, The Business Centre
Barlow Drive
Woodford Park Industrial Estate
Winsford
Cheshire
CW7 2GN

Accountants

Keith Powers FCA
Chartered Accountant51 Burridge Road
Southampton
SO31 1BY

 

GroupCytek Limited

(Registration number: 02724445)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

41,554

10,827

Current assets

 

Debtors

528,497

618,831

Cash at bank and in hand

 

181,014

182,749

 

709,511

801,580

Prepayments and accrued income

 

14,370

13,835

Creditors: Amounts falling due within one year

(374,149)

(387,203)

Net current assets

 

349,732

428,212

Total assets less current liabilities

 

391,286

439,039

Creditors: Amounts falling due after more than one year

(71,099)

(27,811)

Accruals and deferred income

 

(23,668)

(47,498)

Net assets

 

296,519

363,730

Capital and reserves

 

Called up share capital

5

282

282

Retained earnings

296,237

363,448

Shareholders' funds

 

296,519

363,730

For the financial year ending 30 June 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.

 

GroupCytek Limited

(Registration number: 02724445)
Abridged Balance Sheet as at 30 June 2024

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and 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.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

.........................................
AD Cann
Director

 

GroupCytek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Unit 3, The Business Centre
Barlow Drive
Woodford Park Industrial Estate
Winsford
Cheshire
CW7 2GN

These financial statements were authorised for issue by the Board on 25 February 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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

GroupCytek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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 if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

GroupCytek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

 

GroupCytek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

23,589

-

23,589

Additions

3,600

42,308

45,908

At 30 June 2024

27,189

42,308

69,497

Depreciation

At 1 July 2023

12,762

-

12,762

Charge for the year

4,603

10,578

15,181

At 30 June 2024

17,365

10,578

27,943

Carrying amount

At 30 June 2024

9,824

31,730

41,554

At 30 June 2023

10,827

-

10,827

 

GroupCytek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.01 each

10,000

100

10,000

100

'B' Preference of £1 each

40

40

40

40

'C' Preference of £1 each

34

34

34

34

'D' Preference of £1 each

108

108

108

108

10,182

282

10,182

282

6

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £167.50 (2023 - £113.75) per each 'B' Preference

6,700

4,550

Final dividend of £3,324.00 per each 'C' Preference

113,016

113,016

Final dividend of £740.75 (2023 - £555.55) per each 'D' Preference

80,000

60,000

199,716

177,566

 

GroupCytek Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

7

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

50,488

46,693

Summary of transactions with other related parties


The Company is under the control of the directors by virtue of their shareholdings and their interest in the Cytek Projects Funded Unapproved Retirement Benefit Scheme.

Except as disclosed elsewhere in these accounts, there were no transactions with related parties requiring disclosure in terms of S1a of FRS102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland, or the Companies Act, 2006.