GTEC Construction Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11582088 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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

17,189

21,664

CURRENT ASSETS

Stocks

96,530

74,692

Debtors

5

17,667

29,080

Cash at bank

9,125

35,626

123,322

139,398

CREDITORS

Amounts falling due within one year

6

54,465

85,968

NET CURRENT ASSETS

68,857

53,430

TOTAL ASSETS LESS CURRENT LIABILITIES

86,046

75,094

CREDITORS

Amounts falling due after more than one year

7

(22,320

)

(32,068

)

PROVISIONS FOR LIABILITIES

-

(118

)

NET ASSETS

63,726

42,908

CAPITAL AND RESERVES

Called up share capital

600

600

Profit and loss account

63,126

42,308

63,726

42,908

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 24 July 2023 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.

FINANCE COSTS OF DEBT

The finance costs of debt, including interest and issue costs, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2022

31,324

12,000

721

44,045

Additions

167

-

-

167

At 31 March 2023

31,491

12,000

721

44,212

DEPRECIATION

At 1 April 2022

15,128

6,938

315

22,381

Charge for year

3,274

1,266

102

4,642

At 31 March 2023

18,402

8,204

417

27,023

NET BOOK VALUE

At 31 March 2023

13,089

3,796

304

17,189

At 31 March 2022

16,196

5,062

406

21,664

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

10,638

10,339

Other debtors

7,029

18,741

17,667

29,080

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

22,745

9,095

Taxation and social security

8,528

11,640

Other creditors

13,192

55,233

54,465

85,968

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

22,320

32,068

8.	SECURED DEBTS

The company has a bounce back loan of £31,420 (2022: £42,068) which is unsecured but it is supported by a government guarantee.

9.	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 £1,229 (2022: £1,278). Contributions totalling £52 (2022: £28) were payable to the fund at the year end and are included in creditors.

10.	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 £0 (2022: £609). Mr K and Mrs C Johnson £200 (2022: £200)

Debtors falling due within one year includes the following directors loan. Mr G and Mrs T Thomas £436 (2022: £0).