GS Partners Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 07417559 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 October 2014

for

GS Partners Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

G Grischew

REGISTERED OFFICE:

10-14 Accommodation Road

Golders Green

London

NW11 8ED

REGISTERED NUMBER:

07417559 (England and Wales)

FIXED ASSETS

Tangible assets

2

-

722,988

CURRENT ASSETS

Stocks

714,219

384,848

Debtors

505,176

480,147

Cash at bank and in hand

-

12,793

1,219,395

877,788

CREDITORS

Amounts falling due within one year

3

3,275,309

2,644,768

NET CURRENT LIABILITIES

(2,055,914

)

(1,766,980

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,055,914

)

(1,043,992

)

CAPITAL AND RESERVES

Called up share capital

4

1

1

Profit and loss account

(2,055,915

)

(1,043,993

)

SHAREHOLDERS' FUNDS

(2,055,914

)

(1,043,992

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 7 October 2015 and were signed by:

G Grischew - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared based on a going concern basis as in the opinion of the director, the

company will continue to receive financial support from its lenders for a period of at least twelve months from

the balance sheet date.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Turnover is recognised at point of sale.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date except that:

- deferred tax is not recognised on timing differences arising on revalued properties unless the company has

entered into a binding sale agreement and is not proposing to take advantage of rollover relief; and

- the recognition of deferred tax assets is limited to the extent that the company anticipates to make sufficient

taxable profits in the future to absorb the reversal of the underlying timing differences.

Deferred tax balances are not discounted.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2013

831,622

Reclassification/transfer

(831,622

)

At 31 October 2014

-

DEPRECIATION

At 1 November 2013

108,634

Reclassification/transfer

(108,634

)

At 31 October 2014

-

NET BOOK VALUE

At 31 October 2014

-

At 31 October 2013

722,988

3.

CREDITORS

Creditors include an amount of £ 2,194,676 (2013 - £ 1,833,410 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1

Ordinary

£1

1

1