GTEC Construction Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11582088 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

GTEC CONSTRUCTION LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Keith Johnson

Christine Angela Johnson

Tracey Thomas

Gruffydd Daniel Thomas

REGISTERED OFFICE:

GTEC House Charcoals Way

Upper Wensleydale Business Park

Hawes

United Kingdom

DL8 3AU

REGISTERED NUMBER:

11582088 (England and Wales)

ACCOUNTANTS:

Walter Dawson & Son

Chartered Accountants

York House

Market Place

Leyburn

North Yorkshire

DL8 5AT

FIXED ASSETS

Tangible assets

4

26,978

33,611

CURRENT ASSETS

Stocks

21,975

109,412

Debtors

5

122,188

117,179

Cash at bank and in hand

4,903

3,335

149,066

229,926

CREDITORS

Amounts falling due within one year

6

70,671

207,378

NET CURRENT ASSETS

78,395

22,548

TOTAL ASSETS LESS CURRENT LIABILITIES

105,373

56,159

CREDITORS

Amounts falling due after more than one year

7

(40,833

)

-

PROVISIONS FOR LIABILITIES

(250

)

(440

)

NET ASSETS

64,290

55,719

CAPITAL AND RESERVES

Called up share capital

600

400

Profit and loss account

63,690

55,319

64,290

55,719

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

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 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2021 and were signed on its behalf by:

Gruffydd Daniel Thomas - Director

1.	STATUTORY INFORMATION

GTEC Construction Ltd 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 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.

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.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

STOCKS

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2020

30,764

12,000

-

42,764

Additions

-

-

721

721

At 31 March 2021

30,764

12,000

721

43,485

DEPRECIATION

At 1 April 2020

6,153

3,000

-

9,153

Charge for year

4,924

2,250

180

7,354

At 31 March 2021

11,077

5,250

180

16,507

NET BOOK VALUE

At 31 March 2021

19,687

6,750

541

26,978

At 31 March 2020

24,611

9,000

-

33,611

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

110,330

104,744

Amounts owed by associates

11,450

-

Other debtors

408

12,435

122,188

117,179

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

9,167

-

Trade creditors

6,668

3,235

Amounts owed to associates

38,975

174,165

Taxation and social security

12,580

3,240

Other creditors

3,281

26,738

70,671

207,378

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

40,833

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

833

-

8.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £871 (2020: £459). Contributions totalling £55 (2020: £26) were payable to the fund at the year end and are included in creditors.

9.	RELATED PARTY DISCLOSURES

Mr K Johnson, Mrs C Johnson, Mr G Thomas and Mrs T Thomas have control over a majority of shares in the company, and together with their involvement with its day-to-day management, are deemed to be the controlling parties for the purposes of Financial Standard No.102.

Mr K Johnson, Mrs C Johnson, Mr G Thomas and Mrs T Thomas are also directors of GTEC Property Holdings Ltd.

Mr G Thomas and Mrs T Thomas are also directors of GTEC Training Ltd.

Mr G Thomas is also a director of GTEC Solutions Ltd.

Mr K Johnson and Mrs C Johnson are also directors of K.Johnson Limited.

Creditors falling due within one year includes the following directors loan. Mr G and Mrs T Thomas £26 (2020: £23,985). Mr K and Mrs C Johnson £200 (2020: £nil)