Go Tec Consultancy Limited - Accounts to registrar (filleted) - small 18.2

Go Tec Consultancy Limited - Accounts to registrar (filleted) - small 18.2

GO TEC CONSULTANCY LIMITED - Company Information

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REGISTERED NUMBER: 05963582 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

GO TEC CONSULTANCY LIMITED
GO TEC CONSULTANCY LIMITED (REGISTERED NUMBER: 05963582)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2020




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


GO TEC CONSULTANCY LIMITED

COMPANY INFORMATION
for the year ended 31 December 2020







DIRECTOR: Mr R J Stanton-Gleaves





SECRETARY: Mrs V Billingsley





REGISTERED OFFICE: 40 High Street
West Malling
Kent
ME19 6QR





REGISTERED NUMBER: 05963582 (England and Wales)





AUDITORS: Raffingers LLP
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD
Page 1
GO TEC CONSULTANCY LIMITED (REGISTERED NUMBER: 05963582)

ABRIDGED BALANCE SHEET
31 December 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 89,020 131,083
Tangible assets 5 33,462 33,732
122,482 164,815

CURRENT ASSETS
Debtors 826,110 1,611,844
Cash at bank 35,534 34,063
861,644 1,645,907
CREDITORS
Amounts falling due within one year 297,009 922,253
NET CURRENT ASSETS 564,635 723,654
TOTAL ASSETS LESS CURRENT
LIABILITIES
687,117
888,469

CREDITORS
Amounts falling due after more than one
year
6
46,667
-
NET ASSETS 640,450 888,469

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 640,350 888,369
SHAREHOLDERS' FUNDS 640,450 888,469

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 22 September 2021 and were signed by:





Mr R J Stanton-Gleaves - Director


The notes form part of these financial statements

Page 2
GO TEC CONSULTANCY LIMITED (REGISTERED NUMBER: 05963582)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2020

1. STATUTORY INFORMATION

Go Tec Consultancy 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. ACCOUNTING POLICIES

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

The accounts have been prepared on the going concern basis as the director is of the opinion that the company will meet its liabilities as and when due, due to the continued support of the director.

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.

Software development costs will be amortised evenly over their estimated useful life of 3 years once the software is ready for its intended use within the company.

Expenditure relating to software development is recognised as an expense in the period in which it is incurred.
In the event that an internally generated intangible asset arises from the company's development activities, then it is recognised only if all of the following conditions are met:
- An asset is created that can be identified;
- The project from which the asset arises meets the company's criteria for assessing technical feasibility;
- It is probable that the asset created will generate future economic benefits; and
- The development cost of the asset can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that:
(a) the entity will comply with the conditions attaching to them; and
(b) the grants will be received.


Page 3 continued...
GO TEC CONSULTANCY LIMITED (REGISTERED NUMBER: 05963582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2020

2. ACCOUNTING POLICIES - continued
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.

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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2019 - 38 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2020 163,924
Additions 17,682
At 31 December 2020 181,606
AMORTISATION
At 1 January 2020 32,841
Amortisation for year 59,745
At 31 December 2020 92,586
NET BOOK VALUE

At 31 December 2020 89,020
At 31 December 2019 131,083

Page 4 continued...
GO TEC CONSULTANCY LIMITED (REGISTERED NUMBER: 05963582)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2020

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2020 138,162
Additions 21,503
At 31 December 2020 159,665
DEPRECIATION
At 1 January 2020 104,430
Charge for year 21,773
At 31 December 2020 126,203
NET BOOK VALUE
At 31 December 2020 33,462
At 31 December 2019 33,732

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2020 2019
£    £   
Repayable by instalments
Bank loans 6,667 -

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

The Report of the Auditors was unqualified.

Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)
for and on behalf of Raffingers LLP

8. 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.

9. AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 December 2019. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the directors on 8 October 2020..

10. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £21,821 (2019: £43,221) during the year.

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