GSM Valtech Industries Limited - Accounts to registrar (filleted) - small 18.2
GSM Valtech Industries Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the year ended |
| 31 May 2018 |
| for |
| GSM Valtech Industries Limited |
| GSM Valtech Industries Limited (Registered number: 01445448) |
| Contents of the Financial Statements |
| for the year ended 31 May 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| GSM Valtech Industries Limited |
| Company Information |
| for the year ended 31 May 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| Oak Tree House, Harwood Road |
| Northminster Business Park |
| Upper Poppleton |
| York |
| YO26 6QU |
| GSM Valtech Industries Limited (Registered number: 01445448) |
| Balance Sheet |
| 31 May 2018 |
| 31/5/18 | 31/5/17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 by: |
| GSM Valtech Industries Limited (Registered number: 01445448) |
| Notes to the Financial Statements |
| for the year ended 31 May 2018 |
| 1. | STATUTORY INFORMATION |
| GSM Valtech Industries Limited is a |
| 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 |
| 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 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 |
| Improvements to property | - |
| Plant and machinery | - |
| Motor vehicles | - |
| 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 |
| 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. |
| GSM Valtech Industries Limited (Registered number: 01445448) |
| Notes to the Financial Statements - continued |
| for the year ended 31 May 2018 |
| 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. |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| to | Plant and | Motor |
| property | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2017 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 May 2018 |
| DEPRECIATION |
| At 1 June 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 May 2018 |
| NET BOOK VALUE |
| At 31 May 2018 |
| At 31 May 2017 |
| GSM Valtech Industries Limited (Registered number: 01445448) |
| Notes to the Financial Statements - continued |
| for the year ended 31 May 2018 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/5/18 | 31/5/17 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/5/18 | 31/5/17 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31/5/18 | 31/5/17 |
| £ | £ |
| Within one year |
| Between one and five years |
| 8. | PROVISIONS FOR LIABILITIES |
| 31/5/18 | 31/5/17 |
| £ | £ |
| Deferred tax | 23,011 | 18,863 |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2017 |
| Provided during year |
| Balance at 31 May 2018 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/5/18 | 31/5/17 |
| value: | £ | £ |
| Ordinary | £1 | 2 | 2 |
| GSM Valtech Industries Limited (Registered number: 01445448) |
| Notes to the Financial Statements - continued |
| for the year ended 31 May 2018 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | 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. |