Company registration number 09660608 (England and Wales)
G23 ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
G23 ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
G23 ENGINEERING LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
50,000
75,000
Tangible assets
4
588,384
752,122
Investments
5
579,685
272,990
1,218,069
1,100,112
Current assets
Stocks
7,255
7,255
Debtors
7
488,474
417,082
Cash at bank and in hand
215,371
1,551,617
711,100
1,975,954
Creditors: amounts falling due within one year
8
(455,084)
(393,331)
Net current assets
256,016
1,582,623
Total assets less current liabilities
1,474,085
2,682,735
Creditors: amounts falling due after more than one year
9
(295,790)
(397,844)
Provisions for liabilities
(97,213)
(133,655)
Net assets
1,081,082
2,151,236
Capital and reserves
Called up share capital
10
101
100
Share premium account
7,503
-
0
Profit and loss reserves
1,073,478
2,151,136
Total equity
1,081,082
2,151,236
G23 ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 9 October 2025 and are signed on its behalf by:
C Green
Director
Company registration number 09660608 (England and Wales)
G23 ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

G23 Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Oakley House, Headway Business Park, 3 Saxon Way West, Corby, Northamptonshire, NN18 9EZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The company recognises revenue from the following major sources:

- Manufacturing, turning and milling

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Manufacturing, turning and milling

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

G23 ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% straight line per annum
Plant and equipment
25% straight line per annum
Fixtures and fittings
25% straight line per annum
Motor vehicles
25% straight line per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

G23 ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

G23 ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

G23 ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
8
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
250,000
Amortisation and impairment
At 1 April 2024
175,000
Amortisation charged for the year
25,000
At 31 March 2025
200,000
Carrying amount
At 31 March 2025
50,000
At 31 March 2024
75,000
G23 ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
169,746
709,622
26,265
277,131
1,182,764
Additions
23,940
1,995
5,286
47,337
78,558
At 31 March 2025
193,686
711,617
31,551
324,468
1,261,322
Depreciation and impairment
At 1 April 2024
24,226
274,017
15,090
117,309
430,642
Depreciation charged in the year
18,671
149,632
5,908
68,085
242,296
At 31 March 2025
42,897
423,649
20,998
185,394
672,938
Carrying amount
At 31 March 2025
150,789
287,968
10,553
139,074
588,384
At 31 March 2024
145,520
435,605
11,175
159,822
752,122
G23 ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
5
Fixed asset investments
2025
2024
£
£
Other investments
579,685
272,990
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2024
272,990
Additions
460,000
Valuation changes
6,695
Disposals
(160,000)
At 31 March 2025
579,685
Carrying amount
At 31 March 2025
579,685
At 31 March 2024
272,990
6
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
579,685
272,990
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
359,130
368,176
Amounts owed by group undertakings
100,000
-
0
Other debtors
29,344
48,906
488,474
417,082
G23 ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
89,496
124,775
Amounts owed to group undertakings
-
0
100
Taxation and social security
253,389
166,389
Other creditors
112,199
102,067
455,084
393,331

Included within other creditors is a balance of £102,053 (202 4 £99,200) relating to hire purchase, secured over the assets to which it relates.

9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
295,790
397,844

Included within other creditors is a balance of £295,790 (202 4 £397,844) relating to hire purchase, secured over the assets to which it relates.

10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
98
98
98
98
B Ordinary share of £1 each
1
1
1
1
C Ordinary share of £1 each
1
1
1
1
D Ordinary shares of £1 each
1
0
1
-
0
101
100
101
100

During the year 1 Ordinary share class D was issued at par value.

11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
2,000
2,727
G23 ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
12
Parent company

The parent company of G23 Engineering Limited is G23 Holdings Limited and its registered office is Oakley House, Headway Business Park, 3 Saxon Way West, Corby, Northamptonshire, England, NN18 9EZ.

2025-03-31 2024-04-01 false false false 09 October 2025 CCH Software CCH Accounts Production 2025.200 No description of principal activity C Green A B Green O J Muddle 09660608 2024-04-01 2025-03-31 09660608 2025-03-31 09660608 2024-03-31 09660608 core:NetGoodwill 2025-03-31 09660608 core:NetGoodwill 2024-03-31 09660608 core:LeaseholdImprovements 2025-03-31 09660608 core:PlantMachinery 2025-03-31 09660608 core:FurnitureFittings 2025-03-31 09660608 core:MotorVehicles 2025-03-31 09660608 core:LeaseholdImprovements 2024-03-31 09660608 core:PlantMachinery 2024-03-31 09660608 core:FurnitureFittings 2024-03-31 09660608 core:MotorVehicles 2024-03-31 09660608 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 09660608 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09660608 core:ShareCapital 2025-03-31 09660608 core:ShareCapital 2024-03-31 09660608 core:SharePremium 2025-03-31 09660608 core:SharePremium 2024-03-31 09660608 core:RetainedEarningsAccumulatedLosses 2025-03-31 09660608 core:RetainedEarningsAccumulatedLosses 2024-03-31 09660608 core:ShareCapitalOrdinaryShareClass1 2025-03-31 09660608 core:ShareCapitalOrdinaryShareClass1 2024-03-31 09660608 core:ShareCapitalOrdinaryShareClass2 2025-03-31 09660608 core:ShareCapitalOrdinaryShareClass2 2024-03-31 09660608 core:ShareCapitalOrdinaryShareClass3 2025-03-31 09660608 core:ShareCapitalOrdinaryShareClass3 2024-03-31 09660608 core:ShareCapitalOrdinaryShareClass4 2025-03-31 09660608 core:ShareCapitalOrdinaryShareClass4 2024-03-31 09660608 core:ShareCapitalOrdinaryShares 2025-03-31 09660608 core:ShareCapitalOrdinaryShares 2024-03-31 09660608 bus:Director1 2024-04-01 2025-03-31 09660608 core:Goodwill 2024-04-01 2025-03-31 09660608 core:LeaseholdImprovements 2024-04-01 2025-03-31 09660608 core:PlantMachinery 2024-04-01 2025-03-31 09660608 core:FurnitureFittings 2024-04-01 2025-03-31 09660608 core:MotorVehicles 2024-04-01 2025-03-31 09660608 2023-04-01 2024-03-31 09660608 core:NetGoodwill 2024-03-31 09660608 core:NetGoodwill 2024-04-01 2025-03-31 09660608 core:LeaseholdImprovements 2024-03-31 09660608 core:PlantMachinery 2024-03-31 09660608 core:FurnitureFittings 2024-03-31 09660608 core:MotorVehicles 2024-03-31 09660608 2024-03-31 09660608 core:CurrentFinancialInstruments 2025-03-31 09660608 core:CurrentFinancialInstruments 2024-03-31 09660608 core:WithinOneYear 2025-03-31 09660608 core:WithinOneYear 2024-03-31 09660608 core:Non-currentFinancialInstruments 2025-03-31 09660608 core:Non-currentFinancialInstruments 2024-03-31 09660608 bus:OrdinaryShareClass1 2024-04-01 2025-03-31 09660608 bus:OrdinaryShareClass2 2024-04-01 2025-03-31 09660608 bus:OrdinaryShareClass3 2024-04-01 2025-03-31 09660608 bus:OrdinaryShareClass4 2024-04-01 2025-03-31 09660608 bus:OrdinaryShareClass1 2025-03-31 09660608 bus:OrdinaryShareClass1 2024-03-31 09660608 bus:OrdinaryShareClass2 2025-03-31 09660608 bus:OrdinaryShareClass2 2024-03-31 09660608 bus:OrdinaryShareClass3 2025-03-31 09660608 bus:OrdinaryShareClass3 2024-03-31 09660608 bus:OrdinaryShareClass4 2025-03-31 09660608 bus:OrdinaryShareClass4 2024-03-31 09660608 bus:AllOrdinaryShares 2025-03-31 09660608 bus:AllOrdinaryShares 2024-03-31 09660608 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 09660608 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 09660608 bus:FRS102 2024-04-01 2025-03-31 09660608 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 09660608 bus:Director2 2024-04-01 2025-03-31 09660608 bus:Director3 2024-04-01 2025-03-31 09660608 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP