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Registered Number: 10768483
England and Wales

 

 

 

GAMMATECH LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
Director A Taylor
Registered Number 10768483
Registered Office The Gables
Morchard Bishop
Crediton
EX17 6SQ
Accountants Blue Peak Consulting Limited
Wyvols Court
Basingstoke Road
Berkshire
Reading
RG7 1WY
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,132   
1,132   
Current assets      
Debtors 4 128,682    49,694 
Cash at bank and in hand 10,069    34,976 
138,751    84,670 
Creditors: amount falling due within one year 5 (95,864)   (50,911)
Net current assets 42,887    33,759 
 
Total assets less current liabilities 44,019    33,759 
Net assets 44,019    33,759 
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 44,018    33,758 
Shareholders' funds 44,019    33,759 
 


For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 01 April 2025 and were signed by:


-------------------------------
A Taylor
Director
2
Company information
[Gammatech Limited is a private company limited by shares incorporated in England and Wales. The registered office is Enborn Shop Lane, Leckhampstead, Newbury, RG20 8QQ.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
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.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 4 Years Straight Line
Cash at bank and in hand
Cash at bank and in hand 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.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 June 2023 200    200 
Additions 1,132    1,132 
Disposals  
At 31 May 2024 1,332    1,332 
Depreciation
At 01 June 2023 200    200 
Charge for year  
On disposals  
At 31 May 2024 200    200 
Net book values
Closing balance as at 31 May 2024 1,132    1,132 
Opening balance as at 01 June 2023  


4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 128,570    48,868 
Prepayments & Accrued Income 112    551 
Other Debtors   275 
128,682    49,694 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 76,541   
Corporation Tax 2,560   
PAYE & Social Security 1,804   
Accrued Expenses   33,000 
Other Creditors   9,935 
Directors' Current Accounts 7,797    7,976 
VAT 7,162   
95,864    50,911 

3