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REGISTERED NUMBER: 11530254 (England and Wales)






























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

GTG JOINERY SOLUTIONS LIMITED

GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GTG JOINERY SOLUTIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: Mr H G Georgiev
Mr J C Thorpe



REGISTERED OFFICE: Unit D
Harrison Road
Airfield Business Park
Market Harborough
Leicestershire
LE16 7UL



REGISTERED NUMBER: 11530254 (England and Wales)



SENIOR STATUTORY AUDITOR: Mark Harrison BA FCA



AUDITORS: Mark J Rees LLP Chartered Accountants
and Statutory Auditors
Granville Hall
Granville Road
Leicester
LE1 7RU

GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 5 134,265 230,310

CREDITORS
Amounts falling due within one year 6 271,961 397,435
NET CURRENT LIABILITIES (137,696 ) (167,125 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(137,696

)

(167,125

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (137,796 ) (167,225 )
(137,696 ) (167,125 )

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 19 March 2025 and were signed on its behalf by:





Mr J C Thorpe - Director


GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

GTG Joinery Solutions Limited 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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for sales of services provided in the normal course of business, net of discounts and value added tax, adjusted in accordance with the policy on contract income as described below.

The Company derives a significant proportion of its revenue from the supply of projects under contracts, some of which are fixed price contracts that may extend for a significant period of time. Where the outcome can be estimated reliably, contract revenue is recognised to the extent that the services have been performed. Performance is measured based on costs incurred to date as a percentage of total expected costs. Management judgement and experience is required to determine the completeness of those forecasts, the recoverability of the costs incurred and the revenue recognised on contracts. Unforeseen future events may adversely impact the accuracy of those forecasts and recoverability judgements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 33% on cost

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.

GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


2. ACCOUNTING POLICIES - continued

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

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern
During the year ended 31 October 2024 the company incurred a profit for the year of £29,429 (2023: £109,247) and had net current liabilities at that date of £137,696 (2023: £167,125).

The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and the anticipated cash flows, availability of group support and other mitigating actions that can be taken during that period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 November 2023
and 31 October 2024 1,367
DEPRECIATION
At 1 November 2023
and 31 October 2024 1,367
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 17,504 80,647
Amounts owed by group undertakings 56,840 76,837
Other debtors 59,921 25,079
134,265 182,563

Amounts falling due after more than one year:
Other debtors - 47,747

Aggregate amounts 134,265 230,310

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 95,834 82,730
Trade creditors 71,186 50,910
Amounts owed to group undertakings 69,205 196,156
Taxation and social security 15,511 38,589
Other creditors 20,225 29,050
271,961 397,435

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 95,834 82,730

The bank overdraft is secured by way of fixed and floating charges over the undertaking and all property.

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

The Report of the Auditors was unqualified.

Mark Harrison BA FCA (Senior Statutory Auditor)
for and on behalf of Mark J Rees LLP Chartered Accountants

9. OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £1,840.


Due within one year - £1,840

GTG JOINERY SOLUTIONS LIMITED (REGISTERED NUMBER: 11530254)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
Mr H G Georgiev
Balance outstanding at start of year 6,346 6,346
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,346 6,346

The loans are interest free and repayable on demand.

11. RELATED PARTY DISCLOSURES

At the year end the company owed Thorpe's Joinery Limited £69,205 (2023: £61,216).

At the year end the company was owed £56,840 (2023: £76,873) by Thorpe's Flooring Limited.

Thorpe's Joinery Limited is a wholly owned subsidiary company of the parent company, Thorpe Interior Group Limited. Thorpe Interior Group Limited own 80% of Thorpe's Flooring Limited.

At the year end the company owed Thorpe Interior Group Limited £Nil (2023: £134,940).

The ultimate controlling party is Mr JC Thorpe by virtue of his majority shareholding in Thorpe Interior Group Limited.

12. ULTIMATE PARENT COMPANY

The company's parent and ultimate parent company is Thorpe Interior Group Limited. The registered office of Thorpe Interior Group Limited is Unit D Harrison Road, Airfield Business Park, Market Harborough, Leicestershire, England, LE16 7UL. The accounts of Thorpe Interior Group Limited can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.