GSM Printer & Label Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02781052 (England and Wales)

Financial Statements

for the year ended

31 May 2018

for

GSM Printer & Label Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A J Perry

F Dodd

G Gitsham

K J Sims

P C Wright

SECRETARY:

G Gitsham

REGISTERED OFFICE:

Castlegarth Works

Masonic Lane

Thirsk

North Yorkshire

YO7 1PS

REGISTERED NUMBER:

02781052 (England and Wales)

SENIOR STATUTORY AUDITOR:

Terence Doyle BA FCA

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

-

-

Tangible assets

5

14,299

16,111

Investments

6

200

200

14,499

16,311

CURRENT ASSETS

Stocks

3,221

3,620

Debtors

7

401,014

472,253

Cash at bank and in hand

693,505

945,735

1,097,740

1,421,608

CREDITORS

Amounts falling due within one year

8

505,643

763,902

NET CURRENT ASSETS

592,097

657,706

TOTAL ASSETS LESS CURRENT LIABILITIES

606,596

674,017

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

606,496

673,917

SHAREHOLDERS' FUNDS

606,596

674,017

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 18 December 2018 and were signed on its behalf by:

A J Perry - Director

1.	STATUTORY INFORMATION

GSM Printer & Label Systems 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

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.

Turnover

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

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.

Development costs are being amortised evenly over their estimated useful life of nil years.

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

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price, less any impairment. Other financial liabilities,

including foreign exchange hedging liabilities, are measured at fair value through the profit and loss accounts.

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.

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.

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.

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 14 (2017 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 June 2017

and 31 May 2018

18,700

AMORTISATION

At 1 June 2017

and 31 May 2018

18,700

NET BOOK VALUE

At 31 May 2018

-

At 31 May 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2017

77,899

8,495

93,855

180,249

Additions

5,539

-

2,364

7,903

Disposals

(231

)

-

(1,015

)

(1,246

)

At 31 May 2018

83,207

8,495

95,204

186,906

DEPRECIATION

At 1 June 2017

74,209

2,124

87,805

164,138

Charge for year

2,519

2,071

5,125

9,715

Eliminated on disposal

(231

)

-

(1,015

)

(1,246

)

At 31 May 2018

76,497

4,195

91,915

172,607

NET BOOK VALUE

At 31 May 2018

6,710

4,300

3,289

14,299

At 31 May 2017

3,690

6,371

6,050

16,111

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 June 2017

and 31 May 2018

200

NET BOOK VALUE

At 31 May 2018

200

At 31 May 2017

200

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/18

31/5/17

£

£

Trade debtors

385,177

456,105

Amounts owed by group undertakings

311

-

Other debtors

-

161

Prepayments

15,526

15,987

401,014

472,253

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/18

31/5/17

£

£

Trade creditors

258,349

233,970

Amounts owed to group undertakings

1,760

256,623

Tax

43,782

58,288

Social security and other taxes

70,005

79,662

Other creditors

19,079

18,857

Deferred income

58,076

59,222

Accrued expenses

54,592

57,280

505,643

763,902

9.	LEASING AGREEMENTS

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

31/5/18

31/5/17

£

£

Within one year

50,167

35,747

Between one and five years

140,625

12,667

190,792

48,414

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/5/18

31/5/17

value:

£

£

100

Ordinary

£1

100

100

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

The Report of the Auditors was unqualified.

Terence Doyle BA FCA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

12.	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.