GDC Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03444544 (England and Wales)

Financial Statements

for the Year Ended 31 December 2018

for

GDC Engineering Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B Foreman

R A Miller

J S Utz

SECRETARY:

R Larson

REGISTERED OFFICE:

307 Aviation Way

Aviation Business Park

Hurn

BH23 6NW

REGISTERED NUMBER:

03444544 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ian Rodd BSc FCA FCCA

AUDITORS:

Ward Goodman

4 Cedar Park

Cobham Road

Ferndown Industrial Estate

Wimborne

Dorset

BH21 7SF

ACCOUNTANTS:

Tuerner & Co. Limited

Unit 5 Old Grantham Road

Whatton

Nottingham

NG13 9FX

FIXED ASSETS

Tangible assets

5

193,219

98,826

CURRENT ASSETS

Debtors

6

1,035,037

289,589

Cash at bank and in hand

1,050,801

467,117

2,085,838

756,706

CREDITORS

Amounts falling due within one year

7

525,587

615,488

NET CURRENT ASSETS

1,560,251

141,218

TOTAL ASSETS LESS CURRENT LIABILITIES

1,753,470

240,044

PROVISIONS FOR LIABILITIES

28,829

-

NET ASSETS

1,724,641

240,044

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,724,541

239,944

SHAREHOLDERS' FUNDS

1,724,641

240,044

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 on 8 November 2019 and were signed on its behalf by:

J S Utz - Director

1.	STATUTORY INFORMATION

GDC 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 accounts have been prepared on a going concern basis as the directors have been given assurance that

the support of the parent company will continue for the foreseeable future.

Turnover

Turnover represents the value of amounts received or receivable for services rendered, excluding value added

tax.

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 etc

-

at varying rates on cost

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation

and subsequent accumulated impairment losses.

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.

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.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

155,515

Additions

126,924

Disposals

(11,422

)

At 31 December 2018

271,017

DEPRECIATION

At 1 January 2018

56,689

Charge for year

32,406

Eliminated on disposal

(11,297

)

At 31 December 2018

77,798

NET BOOK VALUE

At 31 December 2018

193,219

At 31 December 2017

98,826

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

62,503

-

Amounts owed by group undertakings

793,250

-

Other debtors

179,284

289,589

1,035,037

289,589

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

232,449

117,800

Amounts owed to group undertakings

-

485,104

Taxation and social security

262,688

584

Other creditors

30,450

12,000

525,587

615,488

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.18

31.12.17

£

£

Within one year

35,000

18,960

Between one and five years

134,167

-

169,167

18,960

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emphasis of Matter

Due to a breakdown of internal systems and controls, a material debtor has arisen amounting to £83,206.

In the subsequent financial period, additional debtors relating to the same breakdown of systems and controls of

£179,085 were identified and £42,291 provided for as bad debt.

No further debt is expected to arise in relation to this due to the changes made in the management and control of

the entity.

Ian Rodd BSc FCA FCCA (Senior Statutory Auditor)

for and on behalf of Ward Goodman

10.	POST BALANCE SHEET EVENTS

In the subsequent financial period, additional debtors relating to the breakdown of systems and controls of

£179,085 were identified and £42,291 provided for as bad debt.

11.	PARENT COMPANY

The parent undertaking of the smallest group which includes GDC Engineering Limited within its consolidated

accounts is GDC Engineering GmbH, a company incorporated in Germany whose registered address is:

Design Offices

Highlight Towers

Mies-van-der-Rohe-Str 8

Tower 1

80807 München

Germany

The company's ultimate parent company is GDC Technics LLC incorporated in the USA.