3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 842,240 28,182 870,422 524,879 86,140 611,019 259,403 317,361 xbrli:pure xbrli:shares iso4217:GBP 05137920 2023-10-01 2024-09-30 05137920 2024-09-30 05137920 2023-09-30 05137920 2022-10-01 2023-09-30 05137920 2023-09-30 05137920 2022-09-30 05137920 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-01 2024-09-30 05137920 core:MotorVehicles 2023-10-01 2024-09-30 05137920 bus:Director1 2023-10-01 2024-09-30 05137920 core:WithinOneYear 2024-09-30 05137920 core:WithinOneYear 2023-09-30 05137920 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 05137920 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-09-30 05137920 core:MotorVehicles 2023-09-30 05137920 core:MotorVehicles 2024-09-30 05137920 core:AfterOneYear 2024-09-30 05137920 core:AfterOneYear 2023-09-30 05137920 core:ShareCapital 2024-09-30 05137920 core:ShareCapital 2023-09-30 05137920 core:RetainedEarningsAccumulatedLosses 2024-09-30 05137920 core:RetainedEarningsAccumulatedLosses 2023-09-30 05137920 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 05137920 core:MotorVehicles 2023-09-30 05137920 bus:SmallEntities 2023-10-01 2024-09-30 05137920 bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 05137920 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 05137920 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 05137920 bus:FullAccounts 2023-10-01 2024-09-30 05137920 core:OfficeEquipment 2023-10-01 2024-09-30 05137920 core:OfficeEquipment 2023-09-30 05137920 core:OfficeEquipment 2024-09-30 05137920 core:AfterOneYear 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 05137920
GT Global Limited
Filleted Unaudited Financial Statements
30 September 2024
GT Global Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
259,403
317,361
Tangible assets
6
75,258
103,221
---------
---------
334,661
420,582
Current assets
Work in progress
276,973
391,238
Debtors
7
1,676,356
1,375,546
Cash at bank and in hand
34,007
301,029
------------
------------
1,987,336
2,067,813
Creditors: amounts falling due within one year
8
1,107,995
1,154,210
------------
------------
Net current assets
879,341
913,603
------------
------------
Total assets less current liabilities
1,214,002
1,334,185
Creditors: amounts falling due after more than one year
9
118,121
209,262
------------
------------
Net assets
1,095,881
1,124,923
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,095,781
1,124,823
------------
------------
Shareholders funds
1,095,881
1,124,923
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GT Global Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 19 June 2025 , and are signed on behalf of the board by:
D Dacey Busk
Director
Company registration number: 05137920
GT Global Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is York House, 1 Seagrave Road, London, SW6 1RP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis and the challenges presented by current economic climate, the directors are satisfied that the company has sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the accounts.
Revenue recognition
Turnover represents the invoiced value, net of Value Added Tax, of services provided to customers. Turnover is wholly derived from the principal activity of the business.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intellectual property
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
20% reducing balance
Equipment and Software
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Intangible assets
Intellectual Property
£
Cost
At 1 October 2023
842,240
Additions
28,182
---------
At 30 September 2024
870,422
---------
Amortisation
At 1 October 2023
524,879
Charge for the year
86,140
---------
At 30 September 2024
611,019
---------
Carrying amount
At 30 September 2024
259,403
---------
At 30 September 2023
317,361
---------
6. Tangible assets
Motor vehicles
Equipment and software
Total
£
£
£
Cost
At 1 October 2023
55,877
357,731
413,608
Additions
370
370
Disposals
( 21,877)
( 21,877)
--------
---------
---------
At 30 September 2024
34,000
358,101
392,101
--------
---------
---------
Depreciation
At 1 October 2023
23,742
286,645
310,387
Charge for the year
5,493
10,705
16,198
Disposals
( 9,742)
( 9,742)
--------
---------
---------
At 30 September 2024
19,493
297,350
316,843
--------
---------
---------
Carrying amount
At 30 September 2024
14,507
60,751
75,258
--------
---------
---------
At 30 September 2023
32,135
71,086
103,221
--------
---------
---------
7. Debtors
2024
2023
£
£
Trade debtors
319,687
403,078
Other debtors
1,356,669
972,468
------------
------------
1,676,356
1,375,546
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
97,627
97,627
Trade creditors
244,893
250,225
Accruals and deferred income
276,973
391,238
Corporation tax
128,391
112,548
Social security and other taxes
7,681
7,010
Obligations under finance leases and hire purchase contracts
7,853
7,853
Other creditors
344,577
287,709
------------
------------
1,107,995
1,154,210
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
4,331
9,564
Other creditors
113,790
199,698
---------
---------
118,121
209,262
---------
---------
Included in other creditors is a corona business interruption loan of £220,000 taken from Bank of Scotland in May 2020 and £180,000 in April 2021. The rate of interest is 2.09% and 2.98% respectively per annum applicable from the start of second year as first year is interest free( paid to bank by HMRC) under CBIL scheme. A loan of £50,000 from Funding Circle was taken on 13 July 2023 at 22.40% for 5 years.Interet rate is fixed for the term. The directors and other loans above are interest free and will not be repaid in preference to other creditors.
10. Related party transactions
The company was under the control of the director D Dacey Busk throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.