General Semi Conductor Industries Limited - Period Ending 2020-11-30

General Semi Conductor Industries Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2

General Semi Conductor Industries Limited

(Registration number: 02932007)
Balance Sheet as at 30 November 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	1,834	3,341
Current assets
Stocks	5	80,221	68,149
Debtors	6	622,086	393,558
Cash at bank and in hand		56,868	62,114
		759,175	523,821
Creditors: Amounts falling due within one year	7	(481,258)	(315,670)
Net current assets		277,917	208,151
Total assets less current liabilities		279,751	211,492
Creditors: Amounts falling due after more than one year	7	(35,596)	(10,000)
Provisions for liabilities		(349)	(643)
Net assets		243,806	200,849
Capital and reserves
Called up share capital		800	800
Profit and loss account		243,006	200,049
Shareholders' funds		243,806	200,849

For the financial year ending 30 November 2020 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 25 March 2021

......................................... Mr L J Fanner Company secretary and director

General Semi Conductor Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

1	General information

The company is a private company limited by share capital, incorporated in England. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The address of its registered office is: Aldwych House, Winchester Street, Andover, SP10 2EA.

The principal place of business is: Unit 1, Manor Farm Business Centre, Gussage St. Michael, Wimborne, Dorset, BH21 5HY.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Income recognition

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

Tangible assets

Tangible fixed assets are included at cost less depreciation and impairment.

General Semi Conductor Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

2	Accounting policies (continued)

Depreciation

Depreciation has been computed to write off the cost of tangible fixed assets over their useful lives as follows:

Asset class	Depreciation method and rate
Computer Equipment	33.3% Straight line
Office Equipment	25% Straight line

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Defined contribution pension obligation

The company operates a defined contribution scheme for the benefit of its employees. Contributions are recognised in profit and loss account when due.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the company, including the director, during the year was 2 (2019 - 3).

General Semi Conductor Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 December 2019	9,054	9,054
Additions	648	648
At 30 November 2020	9,702	9,702
Depreciation
At 1 December 2019	5,713	5,713
Charge for the year	2,155	2,155
At 30 November 2020	7,868	7,868
Carrying amount
At 30 November 2020	1,834	1,834
At 30 November 2019	3,341	3,341

General Semi Conductor Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

5

Stocks

	2020 £	2019 £
Other inventories	80,221	68,149

6

Debtors

	2020 £	2019 £
Trade debtors	373,816	165,163
Amounts owed by group undertakings and undertakings in which the company has a participating interest	236,485	222,702
Prepayments	11,040	5,652
Other debtors	745	41
	622,086	393,558

7

Creditors

Due within one year

	2020 £	2019 £
Bank loans and overdrafts	282,256	139,552
Trade creditors	126,228	109,229
Taxation and social security	52,594	37,470
Accruals and deferred income	15,703	10,073
Other creditors	4,477	19,346
	481,258	315,670

Due after more than one year

	2020 £	2019 £
Bank loans and overdrafts	35,596	10,000

General Semi Conductor Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2020

8	Loans and borrowings

Bank borrowings

Bank loans and overdrafts
Bank loans and overdrafts on which security has been given by L Fanner, director of General Semi Conductor Industries (Holdings) Limited the ultimate holding company have a carrying amount of £10,000 (2019 - £22,000.)
Bounce Back loan scheme in the sum of £40,000 guaranteed by the UK Government.

.

9	Financial commitments, guarantees and contingencies

The total amount of operating lease commitments not included in the balance sheet is £3,062 (2019 - £3,062). This balance is made up of non-cancellable operating leases in relation to land, buildings and equipment. £3,062 (2019 - £3,062) of the total balance expires not later than one year.

10	Parent and ultimate parent undertaking

The company's parent and ultimate holding company is General Semi Conductor Industries (Holdings) Limited.

General Semi Conductor Industries (Holdings) Limited is incorporated in England and the address of its registered office is:
Aldwych House
Winchester Street
Andover
SP10 2EA.