GSM Valtech Industries Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01445448 (England and Wales)

Financial Statements

for the Year Ended 31 May 2023

for

GSM Valtech Industries Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P C Wright

G Gitsham

A J Perry

F Dodd

A M Spratt

SECRETARY:

G Gitsham

REGISTERED OFFICE:

Castlegarth Works

Masonic Lane

Thirsk

North Yorkshire

YO7 1PS

REGISTERED NUMBER:

01445448 (England and Wales)

SENIOR STATUTORY AUDITOR:

Phillipa Symington ACA CA(SA)

AUDITORS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Oak Tree House, Harwood Road

Northminster Business Park

Upper Poppleton

York

YO26 6QU

FIXED ASSETS

Intangible assets

4

31,104

31,104

Tangible assets

5

679,042

651,038

710,146

682,142

CURRENT ASSETS

Stocks

6

267,690

386,050

Debtors

7

1,114,378

752,242

Cash at bank and in hand

448,356

452,144

1,830,424

1,590,436

CREDITORS

Amounts falling due within one year

8

731,474

527,007

NET CURRENT ASSETS

1,098,950

1,063,429

TOTAL ASSETS LESS CURRENT LIABILITIES

1,809,096

1,745,571

PROVISIONS FOR LIABILITIES

10

106,758

80,064

NET ASSETS

1,702,338

1,665,507

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

1,702,336

1,665,505

SHAREHOLDERS' FUNDS

1,702,338

1,665,507

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 October 2023 and were signed on its behalf by:

P C Wright - Director

1.	STATUTORY INFORMATION

GSM Valtech Industries 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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the group and the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date the financial statements are approved.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group or those concluded under normal market conditions.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition

Income is recognised when a contract for the sale of goods is determined as unconditional.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Capitalised computer software costs will not be amortised until they are brought into use.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant, machinery, equipment and fittings

33%, 25%, 20%, 12.5% and 10% straight line

Motor vehicles

25% straight line

Motor vehicles are written off at cost less estimated residual value of each vehicle over its estimated useful life.

Government grants

Revenue based grants are credited to the profit and loss account on receipt.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2022 - 57 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 June 2022

and 31 May 2023

31,104

NET BOOK VALUE

At 31 May 2023

31,104

At 31 May 2022

31,104

5.	TANGIBLE FIXED ASSETS

Plant,

machinery,

equipment

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 June 2022

1,910,654

148,017

2,058,671

Additions

224,086

-

224,086

Disposals

(56,074

)

-

(56,074

)

At 31 May 2023

2,078,666

148,017

2,226,683

DEPRECIATION

At 1 June 2022

1,343,206

64,427

1,407,633

Charge for year

126,039

37,004

163,043

Eliminated on disposal

(23,035

)

-

(23,035

)

At 31 May 2023

1,446,210

101,431

1,547,641

NET BOOK VALUE

At 31 May 2023

632,456

46,586

679,042

At 31 May 2022

567,448

83,590

651,038

6.

STOCKS

2023

2022

£

£

Raw materials

126,077

195,673

Work-in-progress

45,714

104,352

Finished goods

95,899

86,025

267,690

386,050

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,018,678

534,503

Amounts owed by group undertakings

7,183

133,110

Other debtors

-

557

Prepayments and accrued income

88,517

84,072

1,114,378

752,242

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

349,525

309,193

Amounts owed to group undertakings

71,837

-

Taxation and social security

174,158

134,282

Other creditors

15,836

16,620

Accruals and deferred income

120,118

66,912

731,474

527,007

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

100,000

65,374

Between one and five years

375,000

-

475,000

65,374

10.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

106,758

80,064

Deferred

tax

£

Balance at 1 June 2022

80,064

Provided during year

26,694

Balance at 31 May 2023

106,758

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

2

Ordinary

£1

2

2

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Phillipa Symington ACA CA(SA) (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

13.	CAPITAL COMMITMENTS

2023

2022

£

£

Contracted but not provided for in the

financial statements

7,776

123,975

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is GSM Group Holdco Limited, a private company, limited by shares, registered in England and Wales. The company's registered office is Castlegarth Works, Masonic Lane, Thirsk, North Yorkshire, YO7 1PS.