GSCI Consultants Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07371020 (England and Wales)

GSCI CONSULTANTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

G E Sharp

S C Sharp

Mrs A K L Sharp

Mrs Y M Sharp

SECRETARY:

G E Sharp

REGISTERED OFFICE:

Units 1 & 2 The Barns

London Road

Bourne End

Buckinghamshire

HP1 2RH

REGISTERED NUMBER:

07371020 (England and Wales)

ACCOUNTANTS:

Cox Costello & Horne

Chartered Accountants and Tax Advisors

26 Main Avenue

Moor Park

HA6 2HJ

FIXED ASSETS

Tangible assets

4

21,185

27,084

CURRENT ASSETS

Debtors

5

322,864

279,206

Cash at bank

170,270

108,291

493,134

387,497

CREDITORS

Amounts falling due within one year

6

133,902

201,550

NET CURRENT ASSETS

359,232

185,947

TOTAL ASSETS LESS CURRENT LIABILITIES

380,417

213,031

CREDITORS

Amounts falling due after more than one year

7

(344,567

)

(149,050

)

PROVISIONS FOR LIABILITIES

(4,025

)

(5,146

)

NET ASSETS

31,825

58,835

CAPITAL AND RESERVES

Called up share capital

600

600

Capital redemption reserve

300

300

Retained earnings

30,925

57,935

SHAREHOLDERS' FUNDS

31,825

58,835

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 29 June 2021 and were signed on its behalf by:

G E Sharp - Director

1.	STATUTORY INFORMATION

GSCI Consultants 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.

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.

Going concern basis

The company meets its day-to-day working capital requirements through its bank and loan facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; taken to be 12 months from signing the financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and other sales taxes, such as value-added tax. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract 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.

Plant and machinery etc

-

50% on cost, 33% on cost, 20% on cost and at varying rates on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Government grants

Grants are recognised only when there is reasonable assurance that the company will comply with the conditions attached to them and that the grants will be received. Grants that are receivable as compensation for expenses already incurred are recognised in profit or loss in the period in which they become receivable.

Basic financial instruments

a) Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

b) Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

c) Cash at bank and in hand

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

-

the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

-

any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Leasing commitments

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

Pension costs

From 1 April 2015, under the Pensions Act 2008, the company must put certain staff into a pension scheme and contribute towards it. This is called automatic enrolment. To comply with automatic enrolment laws, the company signed a participation agreement with a pension provider by which staff become members of an independently administered pension plan. The company and staff make contributions as specified in the plan.

Staff contract directly with the pension company, and assets of those schemes are held separately from those of the company. The company acts as agent in collecting and paying over staff pension contributions. Once the contributions have been paid, the company as employer has no further obligations.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2019 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2019

58,920

Additions

11,967

At 30 September 2020

70,887

DEPRECIATION

At 1 October 2019

31,836

Charge for year

17,866

At 30 September 2020

49,702

NET BOOK VALUE

At 30 September 2020

21,185

At 30 September 2019

27,084

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

214,170

171,848

Other debtors

108,694

107,358

322,864

279,206

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade creditors

16,481

23,392

Taxation and social security

117,174

136,445

Other creditors

247

41,713

133,902

201,550

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Other creditors

344,567

149,050

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.20

30.9.19

£

£

Other loan

-

183,008

Included within other creditors is a loan secured by personal guarantees provided by the company directors.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2020 and 30 September 2019: £89,434 and £65,025 respectively.

At the reporting date, amounts due from directors are unsecured, attracts no interest, have no fixed terms of repayment and considered payable on demand. Where amounts remain unpaid after nine months from the reporting date, the appropriate tax has been paid.

10.	RELATED PARTY DISCLOSURES

During the reporting year, total dividends of £178,320 (2019 - £189,122) were paid to the directors.

11.	POST BALANCE SHEET EVENTS

The COVID-19 pandemic existed at the balance sheet date, although the scale of the pandemic and associated government policy response only began to become clear in the months following the company's financial year. The directors have considered the effect of the COVID-19 pandemic on the company's activities. This event is likely to cause significant disruption to the company's activities, but at the date of the approval of these financial statements, the extent and quantum of the disruptions remains uncertain.

12.	ULTIMATE CONTROLLING PARTY

At the reporting date, the directors consider there is no individual ultimate controlling party. There has been no change between the reporting date and date of approval of the financial statements.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GSCI Consultants Limited for the year ended 30 September 2020 which comprise the Profit and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of GSCI Consultants Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of GSCI Consultants Limited and state those matters that we have agreed to state to the Board of Directors of GSCI Consultants Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GSCI Consultants Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that GSCI Consultants Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GSCI Consultants Limited. You consider that GSCI Consultants Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of GSCI Consultants Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Cox Costello & Horne

Chartered Accountants and Tax Advisors

26 Main Avenue

Moor Park

HA6 2HJ

29 June 2021