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REGISTERED NUMBER: 04413636 (England and Wales)






















Financial Statements

for the Year Ended 31 December 2024

for

Gas Turbine Services (Lincoln) Ltd

Gas Turbine Services (Lincoln) Ltd (Registered number: 04413636)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Gas Turbine Services (Lincoln) Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: R Kjellerup
R J Dye





REGISTERED OFFICE: 15 Newland
Lincoln
Lincolnshire
LN1 1XG





REGISTERED NUMBER: 04413636 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Gas Turbine Services (Lincoln) Ltd (Registered number: 04413636)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 139,587 43,385

CURRENT ASSETS
Stocks 114,275 53,493
Debtors 5 645,829 546,738
Cash at bank 210,160 410,738
970,264 1,010,969
CREDITORS
Amounts falling due within one year 6 369,816 369,977
NET CURRENT ASSETS 600,448 640,992
TOTAL ASSETS LESS CURRENT
LIABILITIES

740,035

684,377

PROVISIONS FOR LIABILITIES 34,539 10,846
NET ASSETS 705,496 673,531

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 705,396 673,431
SHAREHOLDERS' FUNDS 705,496 673,531

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 2 May 2025 and were signed on its behalf by:





R J Dye - Director


Gas Turbine Services (Lincoln) Ltd (Registered number: 04413636)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Gas Turbine Services (Lincoln) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the cost of providing the service of specialist engineering excluding value added tax. Turnover is recognised in the period the work is performed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost, 20% on cost and 10% on cost
Fixtures and fittings - 33% on cost, 25% on cost and 20% on cost
Computer equipment - 25% on cost

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

Taxation
Taxation for the year 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Gas Turbine Services (Lincoln) Ltd (Registered number: 04413636)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 22 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2024 - 22,929 16,339
Additions 1,589 111,338 18,928
Disposals - - (3,325 )
At 31 December 2024 1,589 134,267 31,942
DEPRECIATION
At 1 January 2024 - 8,784 11,782
Charge for year 159 22,662 5,989
Eliminated on disposal - - (1,336 )
At 31 December 2024 159 31,446 16,435
NET BOOK VALUE
At 31 December 2024 1,430 102,821 15,507
At 31 December 2023 - 14,145 4,557

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 16,300 27,720 83,288
Additions - 5,049 136,904
Disposals - - (3,325 )
At 31 December 2024 16,300 32,769 216,867
DEPRECIATION
At 1 January 2024 3,416 15,921 39,903
Charge for year 3,221 6,682 38,713
Eliminated on disposal - - (1,336 )
At 31 December 2024 6,637 22,603 77,280
NET BOOK VALUE
At 31 December 2024 9,663 10,166 139,587
At 31 December 2023 12,884 11,799 43,385

Gas Turbine Services (Lincoln) Ltd (Registered number: 04413636)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 72,978 86,116
Amounts owed by group undertakings 206,695 269,539
Other debtors 366,156 191,083
645,829 546,738

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 102,205 56,989
Taxation and social security 87,308 156,868
Other creditors 180,303 156,120
369,816 369,977

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 70,000 18,500
Between one and five years 245,000 -
315,000 18,500

17 August 2024 the company started a 5 year operating lease for workshop/office space at an annual commitment of £70,000.

8. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Chadwick BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. PARENT COMPANY

The parent company of Gas Turbine Services (Lincoln) Limited is HKJ Group A/S incorporated in Denmark.

The registered office address is:

Murervej 2-6
6710 Esbjerg V
Denmark

Gas Turbine Services (Lincoln) Ltd (Registered number: 04413636)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. ULTIMATE PARENT COMPANY

The ultimate parent company of Gas Turbine Services (Lincoln) Limited is European Support Services (UK) Ltd incorporated in England.

The registered office address is:

15 Newland
Lincoln
LN1 1 XG