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GULTEK LIMITED - Company Information

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GULTEK LIMITED

Registered Number:07188498

For the year ended 31 March 2021

England and Wales

Unaudited Financial Statements

Registered Number :

07188498

As at 31 March 2021

GULTEK LIMITED

Statement of Financial Position

2020

2021

Notes

Fixed assets

Property, plant and equipment

73,494

94,424

73,494

94,424

Current assets

Inventories

255,000

285,000

Trade and other receivables

115,553

124,227

69,638

Cash and cash equivalents

12,493

421,720

440,191

Trade and other payables: amounts falling due within one

year

(106,133)

(19,776)

334,058

401,944

Net current assets

Total assets less current liabilities

475,438

428,482

Trade and other payables: amounts falling due after more

than one year

(11,000)

464,438

Net assets

428,482

Capital and reserves

Called up share capital

100

Retained earnings

464,338

428,382

464,438

428,482

Shareholders' funds

For the year ended 31 March 2021 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006

The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section

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.

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

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

Rajesh Gulrajani Director

These financial statements were approved and authorised for issue by the Board on 31 March 2022 and were signed by:

The notes form part of these financial statements

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For the year ended 31 March 2021

GULTEK LIMITED

Notes to the Financial Statements

Statutory Information

GULTEK LIMITED is a private limited company, limited by shares, domiciled in England and Wales, registration

number 07188498.

Registered address:

Unit 13, Trafalgar Business Centre

77-89 River Road

Barking

Essex

IG11 0JU

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as

modified by the revaluation of certain assets.

Revenue recognition

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Property, plant and equipment

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Land and buildings

20% Straight line

Plant and machinery

20% Reducing balance

20% Straight line

Computer equipment

20% Reducing balance

Motor vehicles

20% Reducing balance

Fixtures and fittings

Inventories

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Hire purchase and leasing commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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For the year ended 31 March 2021

GULTEK LIMITED

Notes to the Financial Statements Continued

2. Property, plant and equipment

Total

Computer

equipment

Fixtures and

fittings

Motor vehicles

Plant and

machinery

Land and

buildings

Cost or

valuation

At 01 April 2020

226,574

34,049

35,081

66,252

45,242

45,950

1,952

Additions

At 31 March 2021

45,950

66,252

37,033

34,049

228,526

45,242

Provision for depreciation and impairment

At 01 April 2020

132,150

11,880

23,531

36,778

35,077

24,884

Charge for year

22,882

4,435

2,025

7,365

2,035

7,022

At 31 March 2021

155,032

16,315

25,556

44,143

37,112

31,906

At 31 March 2021

Net book value

14,044

8,130

22,109

11,477

17,734

73,494

21,066

10,165

29,474

11,550

22,169

94,424

At 31 March 2020

3. Inventories

2020

2021

Stocks

285,000

255,000

4. Trade and other receivables

2020

2021

Trade debtors

78,261

85,852

Amounts owed by directors

21,300

Other debtors

24,666

29,701

115,553

124,227

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For the year ended 31 March 2021

GULTEK LIMITED

Notes to the Financial Statements Continued

5. Trade and other payables: amounts falling due within one year

2020

2021

Trade creditors

13,467

43,110

Amounts owed to group undertaking and undertaking in which the

company has a participating interest

4,155

52,258

Taxation and social security

1,192

6,115

Accruals and deferred income

962

Directors' loan accounts

4,650

19,776

106,133

6. Trade and other payables: amounts falling due after more than one year

2020

2021

Bank loans and overdraft

11,000

7. Related party transactions

The ultimate controlling party is the Director Rajesh Gulrajani.

8. Average number of persons employed

During the year the average number of employees was 5 (2020 : 6)

9. Parent-subsidiary relationship

The company is a wholly owned group undertaking of K G Veyron Ltd a UK registered company whose principal palce of business is situated at Unit 13 Trafalgar Business Centre, 77-79 River Road, Barking, Essex IG11 OGU.

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