Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-315The principal activity of the company during the year was that of retail sale.2021-01-01false5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08538547 2021-01-01 2021-12-31 08538547 2021-12-31 08538547 2020-01-01 2020-12-31 08538547 2020-12-31 08538547 c:Director2 2021-01-01 2021-12-31 08538547 d:PlantMachinery 2021-01-01 2021-12-31 08538547 d:PlantMachinery 2021-12-31 08538547 d:PlantMachinery 2020-12-31 08538547 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08538547 d:FurnitureFittings 2021-01-01 2021-12-31 08538547 d:FurnitureFittings 2021-12-31 08538547 d:FurnitureFittings 2020-12-31 08538547 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08538547 d:OfficeEquipment 2021-01-01 2021-12-31 08538547 d:OfficeEquipment 2021-12-31 08538547 d:OfficeEquipment 2020-12-31 08538547 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08538547 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 08538547 d:CurrentFinancialInstruments 2021-12-31 08538547 d:CurrentFinancialInstruments 2020-12-31 08538547 d:Non-currentFinancialInstruments 2021-12-31 08538547 d:Non-currentFinancialInstruments 2020-12-31 08538547 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 08538547 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 08538547 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 08538547 d:Non-currentFinancialInstruments d:AfterOneYear 2020-12-31 08538547 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 08538547 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2020-12-31 08538547 d:ShareCapital 2021-12-31 08538547 d:ShareCapital 2020-12-31 08538547 d:RetainedEarningsAccumulatedLosses 2021-12-31 08538547 d:RetainedEarningsAccumulatedLosses 2020-12-31 08538547 c:FRS102 2021-01-01 2021-12-31 08538547 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 08538547 c:FullAccounts 2021-01-01 2021-12-31 08538547 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 08538547 2 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure
Registered number: 08538547


GS IN STYLE  LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

 
GS IN STYLE LIMITED
REGISTERED NUMBER: 08538547

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
29,195
33,549

  
29,195
33,549

Current assets
  

Stocks
  
70,321
34,455

Debtors
 5 
23,059
17,764

Cash at bank and in hand
  
63,929
64,213

  
157,309
116,432

Creditors: amounts falling due within one year
 6 
(91,560)
(55,781)

Net current assets
  
 
 
65,749
 
 
60,651

Total assets less current liabilities
  
94,944
94,200

Creditors: amounts falling due after more than one year
 7 
(34,167)
(43,333)

  

Net assets
  
60,777
50,867


Capital and reserves
  

Called up share capital 
  
100,100
100,100

Profit and loss account
  
(39,323)
(49,233)

  
60,777
50,867


Page 1

 
GS IN STYLE LIMITED
REGISTERED NUMBER: 08538547
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Geidans
Director

Date: 1 September 2022

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GS IN STYLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

GS In Style Limited is a private limited company limited by share capital, incorporated in England and Wales. The company's registration number is 08538547. The address of the registered office is Unit 14 Birch, Kembrey Park, Swindon, Wiltshire, United Kingdom, SN2 8UU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
GS IN STYLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
GS IN STYLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, detail is provided below.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance
Office equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
GS IN STYLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2020 - 5).

Page 6

 
GS IN STYLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2021
58,264
16,628
4,431
79,323


Additions
1,572
-
359
1,931



At 31 December 2021

59,836
16,628
4,790
81,254



Depreciation


At 1 January 2021
30,691
11,800
3,282
45,773


Charge for the year on owned assets
4,372
1,207
707
6,286



At 31 December 2021

35,063
13,007
3,989
52,059



Net book value



At 31 December 2021
24,773
3,621
801
29,195



At 31 December 2020
27,572
4,828
1,149
33,549

Page 7

 
GS IN STYLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Debtors


2021
2020
£
£

Due after more than one year

Other debtors
4,800
4,800

4,800
4,800

Due within one year

Trade debtors
17,007
7,433

Other debtors
59
-

Prepayments and accrued income
1,193
5,531

23,059
17,764



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank overdrafts
5,633
1,584

Bank loans
10,000
6,667

Trade creditors
22,206
10,749

Amounts owed to group undertakings
28,382
23,695

Other taxation and social security
11,078
5,035

Other creditors
12,759
5,786

Accruals and deferred income
1,502
2,265

91,560
55,781



7.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
34,167
43,333

34,167
43,333


Page 8

 
GS IN STYLE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

8.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
10,000
6,667


10,000
6,667


Amounts falling due 2-5 years

Bank loans
34,167
43,333


34,167
43,333


44,167
50,000



9.


Pension commitments

The Company contributes into a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £1,836 (2020 - £1,823) . Contributions totalling £503 (2020 - £515) were payable to the fund at the balance sheet date and are included in creditors.


10.


Controlling party

Throughout the year, the ultimate parent company was GLA Holding Ltd, a company incorporated in England and Wales. Throughout the current and prior period, the group was under the ultimate control of the directors, by virtue of their holding in the company's share capital.

 
Page 9