REGISTERED NUMBER: 01697708 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2025

for

GK General Engineering Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P D Partington

Mrs L Partington

REGISTERED OFFICE:

Blenheim Road

Airfield Industrial Estate

Ashbourne

Derbyshire

DE6 1HA

REGISTERED NUMBER:

01697708 (England and Wales)

ACCOUNTANTS:

Mabe Allen LLP

Chartered Accountants

50 Osmaston Road

Derby

DE1 2HU

BANKERS:

National Westminster Bank Plc

58 St Peter's Street

Derby

Derbyshire

DE1 1XL

FIXED ASSETS

Tangible assets

5

572,113

585,547

CURRENT ASSETS

Stocks

6

7,500

10,000

Debtors

7

523,196

550,850

Cash at bank

425,644

391,652

956,340

952,502

CREDITORS

Amounts falling due within one year

8

164,438

204,462

NET CURRENT ASSETS

791,902

748,040

TOTAL ASSETS LESS CURRENT LIABILITIES

1,364,015

1,333,587

PROVISIONS FOR LIABILITIES

83,750

68,718

NET ASSETS

1,280,265

1,264,869

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

407,849

412,763

Retained earnings

872,316

852,006

SHAREHOLDERS' FUNDS

1,280,265

1,264,869

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 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 December 2025 and were signed on its behalf by:

Mr P D Partington - Director

Mrs L Partington - Director

1.	STATUTORY INFORMATION

GK General Engineering 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Judgements and key sources of estimation uncertainty

The preparation of the financial statement requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements:-

Revaluation of land and buildings

The company carries its land and buildings at fair value with changes in fair value being recognised in comprehensive income. The professional valuer used a valuation technique which took account of the age of the property, it's square footage and the marketability of the property. The members have continued with this approach to valuation in the current period. The determined fair value of the property is most sensitive to the estimated yield as well as the long term vacancy rate.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

in accordance with the property

Plant and machinery

-

15% on reducing balance

Fixtures & fittings, office equipment

-

33% on cost and 10% on reducing balance

Motor vehicles

-

25% on cost

The Directors in prior years had considered it inappropriate to provide depreciation on freehold land and buildings as it is their practice to maintain the properties in a continual state of sound repair such that their useful lives are so long and residual values so high that depreciation is felt to be insignificant. Depreciation has been provided on buildings in the current year.

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

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

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.

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.

Hire purchase and leasing commitments

Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors. Rentals payable under under operating leases are charged to the Profit and Loss Account on a straight line basis over the period of the lease.

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.

Cash and cash equivalents

Cash and cash equivalents 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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that the outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

& fittings,

Freehold

Plant and

office

Motor

property

machinery

equipment

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 March 2024

510,000

105,780

11,723

86,169

713,672

Additions

-

-

-

33,480

33,480

Disposals

-

(47,674

)

(5,079

)

(6,480

)

(59,233

)

At 28 February 2025

510,000

58,106

6,644

113,169

687,919

DEPRECIATION

At 1 March 2024

6,000

83,135

11,066

27,924

128,125

Charge for year

6,000

3,970

298

28,292

38,560

Eliminated on disposal

-

(45,833

)

(5,046

)

-

(50,879

)

At 28 February 2025

12,000

41,272

6,318

56,216

115,806

NET BOOK VALUE

At 28 February 2025

498,000

16,834

326

56,953

572,113

At 29 February 2024

504,000

22,645

657

58,245

585,547

Included in cost or valuation of land and buildings is freehold land of £ 150,000 (2024 - £ 150,000 ) which is not depreciated.

Cost or valuation at 28 February 2025 is represented by:

Fixtures

& fittings,

Freehold

Plant and

office

Motor

property

machinery

equipment

vehicles

Totals

£

£

£

£

£

Valuation in 2000

62,677

-

-

-

62,677

Valuation in 2015

245,000

-

-

-

245,000

Valuation in 2023

110,000

-

-

-

110,000

Cost

92,323

58,106

6,644

113,169

270,242

510,000

58,106

6,644

113,169

687,919

If Land and property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

92,324

92,324

Land and property was valued on an open market basis on 18 May 2023 by Fidler Taylor .

6.

STOCKS

2025

2024

£

£

Stocks

7,500

10,000

7.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

98,474

127,478

Directors' loan accounts

374

-

Prepayments

9,361

8,374

108,209

135,852

Amounts falling due after more than one year:

Amounts owed by group undertakings

414,987

414,998

Aggregate amounts

523,196

550,850

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

42,901

102,788

Corporation tax

77,690

73,316

Social security and other taxes

34,909

18,136

Other creditors

559

-

Directors' current accounts

-

2,242

Accruals

8,379

7,980

164,438

204,462

9.

RESERVES

Revaluation

reserve

£

At 1 March 2024

412,763

Transfer from Revaluation

Reserve

(4,914

)

At 28 February 2025

407,849

10.	RELATED PARTY DISCLOSURES

Following the sale of the ordinary share capital of GK General Engineering Limited on 9 May 2022 the company's parent company became PLP Engineering Limited, a company with a registered office address of 14 Springfield Avenue, Loscoe, Heanor, England, DE75 7LN.