| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| for |
| Grid Xitek Limited |
| REGISTERED NUMBER: |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 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 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| 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 |
| Share premium | 11 |
| Revaluation reserve | 11 |
| Retained earnings | 11 | ( |
) |
| 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 were approved by the Board of Directors and authorised for issue on |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Freehold property | - |
| Office equipment | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| 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 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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: |
| Registered office: The Mayfield,Usk,Monmouthshire,NP15 1SY |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: The Mayfield,Usk,Monmouthshire,NP15 1SY |
| Nature of business: |
| % |
| Class of shares: | holding |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans |
| 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 |
| Credit to Income Statement during year | ( |
) |
| Balance at 30 September 2024 |
| 11. | RESERVES |
| Retained | Share | Revaluation |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 October 2023 | 330,375 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 30 September 2024 | ( |
) | 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 |