G S M Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03578072 (England and Wales)

Financial Statements

for the year ended

31 May 2018

for

G S M Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

F Dodd

A J Perry

SECRETARY:

G Gitsham

REGISTERED OFFICE:

Castlegarth Works

Masonic Lane

Thirsk

North Yorkshire

YO7 1PS

REGISTERED NUMBER:

03578072 (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

Investments

3

49,099

49,099

Investment property

4

4,070,000

3,350,431

4,119,099

3,399,530

CURRENT ASSETS

Debtors

5

506

700,000

Cash at bank

3,327,649

1,598,406

3,328,155

2,298,406

CREDITORS

Amounts falling due within one year

6

174,855

100,058

NET CURRENT ASSETS

3,153,300

2,198,348

TOTAL ASSETS LESS CURRENT LIABILITIES

7,272,399

5,597,878

PROVISIONS FOR LIABILITIES

7

52,231

156,255

NET ASSETS

7,220,168

5,441,623

CAPITAL AND RESERVES

Called up share capital

8

52,000

52,000

Fair value reserve

9

903,304

666,141

Retained earnings

6,264,864

4,723,482

SHAREHOLDERS' FUNDS

7,220,168

5,441,623

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

G S M Group 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.

Preparation of consolidated financial statements

The financial statements contain information about G S M Group Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section 400

of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its

subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent,

GSM Group Holdco Limited, Castlegarth Works, Masonic Lane, Thirsk, North Yorkshire, YO7 1PS.

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 invoiced property rentals, excluding value added tax.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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.

3.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 June 2017

and 31 May 2018

49,099

NET BOOK VALUE

At 31 May 2018

49,099

At 31 May 2017

49,099

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2017

3,350,431

Additions

82,685

Revaluations

636,884

At 31 May 2018

4,070,000

NET BOOK VALUE

At 31 May 2018

4,070,000

At 31 May 2017

3,350,431

Fair value at 31 May 2018 is represented by:

£

Valuation in 2018

4,070,000

If the investment property had not been revalued it would have been included at the following historical cost:

31/5/18

31/5/17

£

£

Cost

3,114,465

3,031,780

Aggregate depreciation

(503,745

)

(503,745

)

The investment property was valued on a fair value market basis on 28 February 2018 by Aitchison Raffety .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/18

31/5/17

£

£

Amounts owed by group undertakings

-

700,000

Other debtors

506

-

506

700,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/5/18

31/5/17

£

£

Trade creditors

2,010

-

Amounts owed to group undertakings

87,623

40,001

Tax

62,381

28,655

Social security and other taxes

16,841

16,052

Accrued expenses

6,000

15,350

174,855

100,058

7.	PROVISIONS FOR LIABILITIES

31/5/18

31/5/17

£

£

Deferred tax

52,231

156,255

Deferred

tax

£

Balance at 1 June 2017

156,255

Provided during year

(104,024

)

Balance at 31 May 2018

52,231

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/5/18

31/5/17

value:

£

£

52,000

Ordinary

£1

52,000

52,000

9.

RESERVES

Fair

value

reserve

£

At 1 June 2017

666,141

Fair value reserve transfer

237,163

At 31 May 2018

903,304

10.	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

11.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is GSM Group Holdco Limited.