GSM Limited - Accounts to registrar (filleted) - small 17.3
GSM Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2017 |
| FOR |
| GSM LIMITED |
| GSM LIMITED (REGISTERED NUMBER: 03029264) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2017 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| GSM LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 August 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Malvern View Business Park |
| Stella Way |
| Bishops Cleeve |
| Cheltenham |
| Gloucestershire |
| GL52 7DQ |
| SOLICITORS: |
| Natwest Chambers |
| The Homend |
| Ledbury |
| Herefordshire |
| HR8 1AB |
| GSM LIMITED (REGISTERED NUMBER: 03029264) |
| ABRIDGED BALANCE SHEET |
| 31 August 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 5 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 7 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| GSM LIMITED (REGISTERED NUMBER: 03029264) |
| ABRIDGED BALANCE SHEET - continued |
| 31 August 2017 |
| 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 on |
| GSM LIMITED (REGISTERED NUMBER: 03029264) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 August 2017 |
| 1. | STATUTORY INFORMATION |
| GSM Limited is a |
| and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The directors are of the opinion that there are no significant judgements or estimations used in preparing the financial |
| statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added |
| tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
| items. |
| Financial instruments |
| The company only has financial assets and liabilities of a kind that qualify as basic financial statements. Basic financial |
| instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
| GSM LIMITED (REGISTERED NUMBER: 03029264) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Long-term contracts |
| Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable |
| certainty.The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end |
| by recording turnover and related costs as contract activity progresses.Turnover is calculated as that proportion of total |
| contract value which costs incurred to date bear to total expected costs for that contract.Full provision is made for losses on |
| all contracts in the year in which they are first foreseen. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 September 2016 |
| Additions |
| Disposals | ( |
) |
| At 31 August 2017 |
| DEPRECIATION |
| At 1 September 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 August 2017 |
| NET BOOK VALUE |
| At 31 August 2017 |
| At 31 August 2016 |
| GSM LIMITED (REGISTERED NUMBER: 03029264) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2017 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Totals |
| £ |
| COST |
| At 1 September 2016 | 34,995 |
| Additions | 43,474 |
| At 31 August 2017 | 78,469 |
| DEPRECIATION |
| At 1 September 2016 | 3,333 |
| Charge for year | 7,057 |
| At 31 August 2017 | 10,390 |
| NET BOOK VALUE |
| At 31 August 2017 | 68,079 |
| At 31 August 2016 | 31,662 |
| 5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
| 2017 | 2016 |
| £ | £ |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 49,988 | 59,741 |
| 6. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| The bank loan is secured against the property. |
| 7. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Deferred taxation | 13,392 | 16,080 |
| GSM LIMITED (REGISTERED NUMBER: 03029264) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 August 2017 |
| 7. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2016 |
| Provided during year | ( |
) |
| Balance at 31 August 2017 |
| 8. | RELATED PARTY DISCLOSURES |
| The company was under the control of Mr and Mrs Eagle throughout the year. |
| 9. | FIRST YEAR ADOPTION |
| These financial statements are the first set prepared by the company under FRS 102. The company's date of transition was |
| 1/9/2015. No adjustments have been made to reflect the differences between FRS 102 and previous UK GAAP. |