Company registration number 11635921 (England and Wales)
GADCAP TECHNICAL SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GADCAP TECHNICAL SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GADCAP TECHNICAL SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,482,917
1,846,080
Tangible assets
4
97,318
111,936
1,580,235
1,958,016
Current assets
Stocks
368,160
208,733
Debtors
5
67,485
945,544
Cash at bank and in hand
1,019,651
2,563,186
1,455,296
3,717,463
Creditors: amounts falling due within one year
6
(267,404)
(2,751,522)
Net current assets
1,187,892
965,941
Total assets less current liabilities
2,768,127
2,923,957
Provisions for liabilities
(24,330)
(27,984)
Net assets
2,743,797
2,895,973
Capital and reserves
Called up share capital
7
114
114
Profit and loss reserves
2,743,683
2,895,859
Total equity
2,743,797
2,895,973
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GADCAP TECHNICAL SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
Mr M Baker
Mr P Seccombe
Director
Director
Company Registration No. 11635921
GADCAP TECHNICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Gadcap Technical Solutions Limited (company number 11635921) is a private company limited by shares incorporated in England and Wales. The registered office is 3 Rutherford Road, Stephenson Industrial Estate, Washington, Tyne and Wear, NE37 3HX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Going concern
It is the opinion of the company directors that, at the time of approving the financial statements, they have a reasonable expectation that the company has adequate resources to successfully continue in operational existence for the foreseeable future. Despite a challenging year the directors have confidence in the future sales performance of the company, and it is on this basis that the directors continue to adopt the going concern basis of accounting in the preparation of the financial statements.true
A further review by EDF, who operate the nuclear power plants to which the company supplies, at the end of 2024 resulted in a further postponement of decommissioning dates of some of the remaining nuclear facilities. As a result of this decision the directors have reasonable expectations that sales of the company’s products will continue for the foreseeable future at levels similar or slightly above recent years.
Sales of the company’s Power generation and Aerospace products fell below initial expectation in 2024 primarily due to the postponement, by the company’s customers, of a number of major projects. It is expected that these delayed projects will now take place in 2025 and beyond resulting in a significant uplift of product sales into these sectors. Work continues towards the development of new products and the extension of the customer base into new geographical markets.
Challenges remain with regard to increase costs, in particular key raw materials. However, with strong controls in place and increased efficiencies the directors are confident that the impact of these cost increases will have a minimal impact on profitability.
Based on the above the directors are confident that the company will continue to be a going concern.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
GADCAP TECHNICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of the net assets and trade from an incorporated business over the fair value of the net assets and trade acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Intangible fixed assets other than goodwill
Intangible assets comprise the knowhow, brand and intellectual property rights acquired separately from an incorporated business. They are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Business IP & rights
10% straight line
Knowhow and brand
10% straight line
1.6
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery etc
10% - 50% straight line
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.9
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 measured at transaction price including transaction costs.
GADCAP TECHNICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 and loans, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised at transaction price.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged in the profit and loss account. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
GADCAP TECHNICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
10
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
1,181,635
2,450,000
3,631,635
Amortisation and impairment
At 1 January 2024
580,971
1,204,584
1,785,555
Amortisation charged for the year
118,162
245,001
363,163
At 31 December 2024
699,133
1,449,585
2,148,718
Carrying amount
At 31 December 2024
482,502
1,000,415
1,482,917
At 31 December 2023
600,664
1,245,416
1,846,080
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
668,335
Additions
31,610
Disposals
(6)
At 31 December 2024
699,939
Depreciation and impairment
At 1 January 2024
556,399
Depreciation charged in the year
46,226
Eliminated in respect of disposals
(4)
At 31 December 2024
602,621
Carrying amount
At 31 December 2024
97,318
At 31 December 2023
111,936
GADCAP TECHNICAL SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,891
907,255
Other debtors
64,594
38,289
67,485
945,544
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
58,521
19,254
Corporation tax
268,454
Other taxation and social security
91,482
Other creditors
208,883
2,372,332
267,404
2,751,522
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
11,429
11,429
114
114
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
19,206
41,814
Between two and five years
19,206
19,206
61,020