G-Tec Paper & Film Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10161761 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1ST MAY 2017 TO 31ST MAY 2018

FOR

G-TEC PAPER & FILM LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

A Gartshore

T C Powell

REGISTERED OFFICE:

Unit B

Oak Park Industrial Estate

Northarbour Road

Portsmouth

Hampshire

PO6 3TJ

REGISTERED NUMBER:

10161761 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of G-Tec Paper & Film Limited for the period ended 31st May 2018 which comprise the Statement

of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and

from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of G-Tec Paper & Film Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of G-Tec Paper & Film Limited and state those matters that we have agreed to state to the Board of Directors of G-Tec Paper & Film Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G-Tec Paper & Film Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that G-Tec Paper & Film Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of G-Tec Paper & Film Limited. You consider that G-Tec Paper & Film Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of G-Tec Paper & Film Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

26th February 2019

FIXED ASSETS

Intangible assets

4

3,862

-

Tangible assets

5

16,120

19,085

19,982

19,085

CURRENT ASSETS

Stocks

83,598

47,473

Debtors

6

52,087

21,647

Cash at bank and in hand

25,104

854

160,789

69,974

CREDITORS

Amounts falling due within one year

7

209,037

73,151

NET CURRENT LIABILITIES

(48,248

)

(3,177

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(28,266

)

15,908

CREDITORS

Amounts falling due after more than one year

8

(869

)

(11,502

)

PROVISIONS FOR LIABILITIES

(2,202

)

-

NET (LIABILITIES)/ASSETS

(31,337

)

4,406

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(31,338

)

4,405

(31,337

)

4,406

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st May 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st May 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 26th February 2019 and were signed on its behalf by:

T C Powell - Director

1.	STATUTORY INFORMATION

G-Tec Paper & Film 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest Pound

(£).

The financial statements relate to G-Tec Paper & Film Limited as an individual entity.

The financial statements for the period ended 31 May 2018 represent a 13 month period to bring the year end in

line with the group companies. The comparative amounts presented in the financial statements are therefore not

entirely comparable.

Significant judgements and estimates

The preparation of financial statements requires the use of judgements, estimates and assumptions that affect

the reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses

during the reporting period. These judgements, estimates and assumptions are based on management's

historical experience, knowledge and other factors including expectations of future events or actions that are

believed to be reasonable under the circumstances. Actual results may differ from those amounts estimated.

The following judgements have had the most significant effect on amounts recognised in the financial

statements:

Management has to make significant judgements in the classification of various leases as either finance or

operating lease. Leases are classified as finance leases whenever they transfer substantially all the risks and

rewards of ownership to the company, otherwise they are classified as operating leases.

In preparing these financial statements, management do not believe that they have used any significant

estimates or assumptions.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Computer equipment

-

25% on cost

Tangible fixed assets are included at cost less depreciation and impairment.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if

appropriate.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

Financial instruments are recognised in line with Sections 11 and 12 of FRS 102.

Basic financial instruments, such as bank and cash, amounts due to/from group undertakings, trade receivables

and payables are initially recognised at transaction price, unless they constitute a financing arrangement, when

the transaction is measured at the present value of the future receipts/payments discounted at a market rate of

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

Taxation

Taxation for the period 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 period 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2017 - NIL ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

3,995

At 31st May 2018

3,995

AMORTISATION

Charge for period

133

At 31st May 2018

133

NET BOOK VALUE

At 31st May 2018

3,862

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1st May 2017

25,290

158

25,448

Additions

4,500

-

4,500

At 31st May 2018

29,790

158

29,948

DEPRECIATION

At 1st May 2017

6,323

40

6,363

Charge for period

7,422

43

7,465

At 31st May 2018

13,745

83

13,828

NET BOOK VALUE

At 31st May 2018

16,045

75

16,120

At 30th April 2017

18,967

118

19,085

Included within the net book value of £19,940 is £10,338 (2017 - £16,181) relating to assets held under hire

purchase contracts and finance lease agreements.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

36,135

21,647

Other debtors

15,952

-

52,087

21,647

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

19,061

Hire purchase contracts

5,217

-

Trade creditors

102,520

38,171

Amounts owed to group undertakings

90,164

-

Taxation and social security

8,122

13,905

Other creditors

3,014

2,014

209,037

73,151

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

869

11,502

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

6,086

-

Obligations under hire purchase agreements are secured upon the assets to which they relate.

There is a fixed and floating charge dated 2 October 2017 against the assets held in G-Tec Paper & Film

Limited.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the periods ended 31st May 2018 and

30th April 2017:

2018

2017

£

£

A Gartshore

Balance outstanding at start of period

-

-

Amounts advanced

5,546

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

5,546

-

The director's loan account is interest free.

11.	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.

12.	GOING CONCERN

At 31 May 2018 the company had net liabilities of (£31,337).

Included in the accounts falling due within one year is £90,164 due to Gardiner Graphics Group Limited, the

parent company.

Gardiner Graphics Group Limited will continue to provide financial support to the company for the foreseeable

future should the company need assistance with short term creditors, and will not seek full repayment of its loan

until the company is in a financial position to enable the loan to be repaid.

The directors have considered the future position of the company and are of the opinion that the company will

generate profits in future periods.

In view of the above the directors consider that the going concern basis for the preparation of the accounts is

appropriate.