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Registered Number: 07948896
England and Wales

 

 

 

GIO-TEX LTD



Abridged Accounts
 


Period of accounts

Start date: 01 March 2024

End date: 28 February 2025
 
 
Notes
 
2025
£
  2024
£
Fixed assets      
Tangible fixed assets 3 2,228    2,970 
2,228    2,970 
Current assets      
Stocks 136,440    148,394 
Debtors 781,232    703,227 
Cash at bank and in hand 87,447    318,108 
1,005,119    1,169,729 
Creditors: amount falling due within one year (955,963)   (1,120,969)
Net current assets 49,156    48,760 
 
Total assets less current liabilities 51,384    51,730 
Net assets 51,384    51,730 
 

Capital and reserves
     
Called up share capital 10    10 
Profit and loss account 51,374    51,720 
Shareholders' funds 51,384    51,730 
 


For the year ended 28 February 2025 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 18 April 2025 and were signed by:


-------------------------------
Mohamed Rafiq Yusuf Kantharia
Director
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General Information
GIO-TEX LTD is a private company, limited by shares, registered in England and Wales, registration number 07948896, registration address Studio 7b, The Watermark, 9-15 Ribbleton Lane, Preston, PR1 5EZ .

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – 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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
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:
Fixtures and Fittings 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 8 (2024 : 9).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Total
  £   £
At 01 March 2024 6,311    6,311 
Additions  
Disposals  
At 28 February 2025 6,311    6,311 
Depreciation
At 01 March 2024 3,341    3,341 
Charge for year 742    742 
On disposals  
At 28 February 2025 4,083    4,083 
Net book values
Closing balance as at 28 February 2025 2,228    2,228 
Opening balance as at 01 March 2024 2,970    2,970 


2