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REGISTERED NUMBER: 03034543 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Grid Xitek Limited

Grid Xitek Limited (Registered number: 03034543)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Grid Xitek Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: M A Helmich
S Pearson
Ms C L Ricketts





SECRETARY: Mrs E McDonnell





REGISTERED OFFICE: The Mayfield
Usk
Monmouthshire
NP15 1SY





REGISTERED NUMBER: 03034543 (England and Wales)





ACCOUNTANTS: DGL Accountancy Services Limited
Chartered Certified Accountants
35 Hen Parc Avenue
Upper Killay
Swansea
SA2 7HA

Grid Xitek Limited (Registered number: 03034543)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 398,549 400,709
Investments 5 10,200 10,200
408,749 410,909

CURRENT ASSETS
Stocks 171,450 174,606
Debtors 6 343,082 297,794
Cash at bank and in hand 19,111 66,911
533,643 539,311
CREDITORS
Amounts falling due within one year 7 397,302 262,894
NET CURRENT ASSETS 136,341 276,417
TOTAL ASSETS LESS CURRENT
LIABILITIES

545,090

687,326

CREDITORS
Amounts falling due after more than
one year

8

(274,383

)

(334,619

)

PROVISIONS FOR LIABILITIES 10 (15,020 ) (21,590 )
NET ASSETS 255,687 331,117

Grid Xitek Limited (Registered number: 03034543)

Balance Sheet - continued
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 742 742
Share premium 11 54,375 54,375
Revaluation reserve 11 267,333 267,333
Retained earnings 11 (66,763 ) 8,667
255,687 331,117

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 11 June 2025 and were signed on its behalf by:





S Pearson - Director


Grid Xitek Limited (Registered number: 03034543)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Grid Xitek 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Office equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 50% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Work in progress represents the amount of work completed, but not yet invoiced, at the year end.
Stocks are stated at the lower of cost and net realisable value.

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.


Grid Xitek Limited (Registered number: 03034543)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
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.

Going concern
Based on the results shown in these financial statements together with their knowledge of the business and post year end trading, the directors are confident that the going concern principle may be applied.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

Grid Xitek Limited (Registered number: 03034543)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS
Freehold Office Motor Computer
property equipment vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2023 390,000 5,605 5,455 70,597 471,657
Additions - - - 3,465 3,465
Disposals - - (5,455 ) - (5,455 )
At 30 September 2024 390,000 5,605 - 74,062 469,667
DEPRECIATION
At 1 October 2023 - 5,144 4,666 61,138 70,948
Charge for year - 114 - 4,722 4,836
Eliminated on disposal - - (4,666 ) - (4,666 )
At 30 September 2024 - 5,258 - 65,860 71,118
NET BOOK VALUE
At 30 September 2024 390,000 347 - 8,202 398,549
At 30 September 2023 390,000 461 789 9,459 400,709

Freehold land and buildings were valued on an open market basis on 30 September 2016 by Hutchings and Thomas.

If freehold land and buildings had not been revalued they would have been included on the historical cost basis at a cost of £122,667 less aggregate depreciation.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 10,200
NET BOOK VALUE
At 30 September 2024 10,200
At 30 September 2023 10,200

Grid Xitek Limited (Registered number: 03034543)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

GX Environmental Limited
Registered office: The Mayfield,Usk,Monmouthshire,NP15 1SY
Nature of business: Development of waste water management systems
%
Class of shares: holding
Ordinary 100.00

GX Systems Limited
Registered office: The Mayfield,Usk,Monmouthshire,NP15 1SY
Nature of business: Systems integration
%
Class of shares: holding
Ordinary 100.00

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 233,693 150,151
Amounts owed by group undertakings 105,887 117,297
Other debtors 3,502 30,346
343,082 297,794

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 57,594 50,804
Trade creditors 46,344 28,576
Amounts owed to group undertakings 200,293 109,593
Taxation and social security 81,169 62,588
Other creditors 11,902 11,333
397,302 262,894

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans 274,383 334,619

Amounts falling due in more than five years:

Repayable by instalments
Bank loan more than 5 years 187,757 206,403

Grid Xitek Limited (Registered number: 03034543)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank loans and overdrafts 253,066 266,673

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

10. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax 15,020 21,590

Deferred
tax
£   
Balance at 1 October 2023 21,590
Credit to Income Statement during year (6,570 )
Balance at 30 September 2024 15,020

11. RESERVES
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 October 2023 8,667 54,375 267,333 330,375
Profit for the year 16,337 16,337
Dividends (91,767 ) (91,767 )
At 30 September 2024 (66,763 ) 54,375 267,333 254,945

12. 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.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is GX Group Limited.