General Semi Conductor Industries Limited - Period Ending 2017-05-31

Registration number: 02932007

General Semi Conductor Industries Limited

Unaudited Filleted Accounts

for the Year Ended 31 May 2017

BRC accountants
Aldwych House
Winchester Street
Andover
SP10 2EA

General Semi Conductor Industries Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 5

General Semi Conductor Industries Limited

(Registration number: 02932007)
Balance Sheet as at 31 May 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	2,152	703
Current assets
Stocks	5	45,920	53,173
Debtors	6	490,097	594,694
Cash at bank and in hand		32,533	21,643
		568,550	669,510
Creditors: Amounts falling due within one year	7	(420,037)	(533,187)
Net current assets		148,513	136,323
Total assets less current liabilities		150,665	137,026
Provisions for liabilities		(430)	-
Net assets		150,235	137,026
Capital and reserves
Called up share capital		800	800
Profit and loss account		149,435	136,226
Total equity		150,235	137,026

For the financial year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. The option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 February 2018 and signed on its behalf by:
 

.........................................

Mr L J Fanner

Director

The notes on pages 2 to 5 form an integral part of these financial statements.

Page 1

General Semi Conductor Industries Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

1	General information

The company is a private company limited by share capital incorporated in England, registration number 02932007. 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:
The Barn
Broughton Down Farm
Broughton Down
Hampshire
SO20 8DS

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.

Transition to FRS 102
These financial statements are the first financial statements of General Semi Conductor Industries Limited to be prepared in accordance with FRS 102. The financial statements for the year ended 31 May 2016 were prepared in accordance with previous UK GAAP. The date of transition is 1 June 2015. In preparing the financial statements the officers have considered that in applying the accounting policies required by FRS 102 a restatement of comparative items was not needed.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Secion 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.

Page 2

General Semi Conductor Industries Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

Tangible assets

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

Depreciation

Depreciation has been computed to write off the cost of tangible fixed assets over their expected 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. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

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.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

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.
 
 

Page 3

General Semi Conductor Industries Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 3).

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 June 2016	22,146	22,146
Additions	2,495	2,495
Disposals	(19,909)	(19,909)
At 31 May 2017	4,732	4,732
Depreciation
At 1 June 2016	21,443	21,443
Charge for the year	1,045	1,045
Eliminated on disposal	(19,908)	(19,908)
At 31 May 2017	2,580	2,580
Carrying amount
At 31 May 2017	2,152	2,152
At 31 May 2016	703	703

5

Stocks

	2017 £	2016 £
Other inventories	45,920	53,173

6

Debtors

	2017 £	2016 £
Trade debtors	153,143	237,119
Amounts owed by group undertakings and undertakings in which the company has a participating interest	312,525	330,313
Other debtors	15,687	8,672
Prepayments and accrued income	8,742	18,590
	490,097	594,694

Page 4

General Semi Conductor Industries Limited

Notes to the Financial Statements for the Year Ended 31 May 2017

7

Creditors

	2017 £	2016 £
Due within one year
Bank loans and overdrafts	-	11,428
Trade creditors	185,600	225,304
Other creditors	184,166	251,691
Accruals and deferred income	21,625	17,124
Taxation and social security	28,646	27,640
	420,037	533,187

8	Parent undertaking

The company's immediate parent is General Semi Conductor Industries (Holdings) Limited, incorporated in England.

  The address of its registered office and principal place of business is;
Aldwych House
Winchester Street
Andover
SP10 2EA

 

Page 5