Company Registration No. 02091081 (England and Wales)
GT FACTORS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
GT FACTORS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
GT FACTORS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
246,616
258,732
Investments
2
355,894
355,894
602,510
614,626
Current assets
Stocks
640,285
582,081
Debtors
755,554
722,164
Cash at bank and in hand
778,887
792,949
2,174,726
2,097,194
Creditors: amounts falling due within one year
(959,708)
(939,634)
Net current assets
1,215,018
1,157,560
Total assets less current liabilities
1,817,528
1,772,186
Provisions for liabilities
(10,077)
(11,405)
1,807,451
1,760,781
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
1,807,351
1,760,681
Shareholders' funds
1,807,451
1,760,781
GT FACTORS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 7 December 2016
Mr G D Tait
Director
Company Registration No. 02091081
GT FACTORS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
2% straight line on buildings, zero on land
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
17% and 33% straight line
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.7
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
GT FACTORS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 April 2015
915,231
355,894
1,271,125
Additions
22,732
-
22,732
At 31 March 2016
937,963
355,894
1,293,857
Depreciation
At 1 April 2015
656,499
-
656,499
Charge for the year
34,848
-
34,848
At 31 March 2016
691,347
-
691,347
Net book value
At 31 March 2016
246,616
355,894
602,510
At 31 March 2015
258,732
355,894
614,626
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Euroweb (SW) Ltd
UK
Ordinary
100.00
GT Cargo Fittings India Pvt Ltd
India
Ordinary
79.10
Participating interests
GT Euro Web Pvt Ltd
India
Ordinary
39.60
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Euroweb (SW) Ltd
Load restraint
1,106,749
100,005
GT Cargo Fittings India Pvt Ltd
Load restraint
638,160
121,241
GT Euro Web Pvt Ltd
Load restraint
(4,224)
38
GT FACTORS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100