IRIS Accounts Production v23.1.5.20 02651968 Board of Directors 1.1.22 31.12.22 31.12.22 29/9/2023 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh026519682021-12-31026519682022-12-31026519682022-01-012022-12-31026519682020-12-31026519682021-01-012021-12-31026519682021-12-3102651968ns15:EnglandWales2022-01-012022-12-3102651968ns14:PoundSterling2022-01-012022-12-3102651968ns10:Director12022-01-012022-12-3102651968ns10:PrivateLimitedCompanyLtd2022-01-012022-12-3102651968ns10:SmallEntities2022-01-012022-12-3102651968ns10:Audited2022-01-012022-12-3102651968ns10:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3102651968ns10:SmallCompaniesRegimeForAccounts2022-01-012022-12-3102651968ns10:FullAccounts2022-01-012022-12-3102651968ns10:Director22022-01-012022-12-3102651968ns10:Director42022-01-012022-12-3102651968ns10:Director52022-01-012022-12-3102651968ns10:Director62022-01-012022-12-3102651968ns10:RegisteredOffice2022-01-012022-12-3102651968ns5:CurrentFinancialInstruments2022-12-3102651968ns5:CurrentFinancialInstruments2021-12-3102651968ns5:Non-currentFinancialInstruments2022-12-3102651968ns5:Non-currentFinancialInstruments2021-12-3102651968ns5:ShareCapital2022-12-3102651968ns5:ShareCapital2021-12-3102651968ns5:RetainedEarningsAccumulatedLosses2022-12-3102651968ns5:RetainedEarningsAccumulatedLosses2021-12-3102651968ns5:PlantMachinery2022-01-012022-12-3102651968ns5:PlantMachinery2021-12-3102651968ns5:PlantMachinery2022-12-3102651968ns5:PlantMachinery2021-12-3102651968ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102651968ns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-12-31
REGISTERED NUMBER: 02651968 (England and Wales)















Financial Statements for the Year Ended 31 December 2022

for

G.s.s. Fasteners Limited

G.s.s. Fasteners Limited (Registered number: 02651968)

Contents of the Financial Statements
for the year ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


G.s.s. Fasteners Limited

Company Information
for the year ended 31 December 2022







DIRECTORS: J L Frewin
E A Kolodner
A Garrett
D R Barber
T D Brooksbank





REGISTERED OFFICE: 34 Darlaston Central Trading Estate
Wednesbury
WS10 8XB





REGISTERED NUMBER: 02651968 (England and Wales)





AUDITORS: Rusling & Co, Statutory Auditor
F6 The Bloc
Anlaby
East Yorkshire
HU10 6RJ

G.s.s. Fasteners Limited (Registered number: 02651968)

Balance Sheet
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,584 13,984

CURRENT ASSETS
Stocks 197,510 179,818
Debtors 5 1,357,967 1,327,094
Cash at bank and in hand 1,451 673
1,556,928 1,507,585
CREDITORS
Amounts falling due within one year 6 485,928 364,207
NET CURRENT ASSETS 1,071,000 1,143,378
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,076,584

1,157,362

CREDITORS
Amounts falling due after more than one
year

7

(30,833

)

(50,000

)

PROVISIONS FOR LIABILITIES - (3,496 )
NET ASSETS 1,045,751 1,103,866

CAPITAL AND RESERVES
Called up share capital 675 675
Retained earnings 1,045,076 1,103,191
1,045,751 1,103,866

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by:





T D Brooksbank - Director


G.s.s. Fasteners Limited (Registered number: 02651968)

Notes to the Financial Statements
for the year ended 31 December 2022


1. STATUTORY INFORMATION

G.s.s. Fasteners 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 25% on reducing balance and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

G.s.s. Fasteners Limited (Registered number: 02651968)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 51,506
Disposals (13,740 )
At 31 December 2022 37,766
DEPRECIATION
At 1 January 2022 37,522
Charge for year 2,604
Eliminated on disposal (7,944 )
At 31 December 2022 32,182
NET BOOK VALUE
At 31 December 2022 5,584
At 31 December 2021 13,984

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 188,761 163,662
Amounts owed by group undertakings 1,165,467 1,163,432
Other debtors 3,739 -
1,357,967 1,327,094

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 10,000 -
Sales financing 150,521 130,344
Trade creditors 267,149 173,591
Amounts owed to group undertakings 24,771 -
Taxation and social security 19,464 51,319
Other creditors 14,023 8,953
485,928 364,207

G.s.s. Fasteners Limited (Registered number: 02651968)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 30,833 50,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 10,506

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Sales financing 150,521 130,344

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

The Report of the Auditors was unqualified.

Andrew Rusling FCA (Senior Statutory Auditor)
for and on behalf of Rusling & Co, Statutory Auditor

10. RELATED PARTY DISCLOSURES

At the period end the company was owed £1,165,467 (2021 - £1,142,967) by its holding company. The loan is non-interest bearing and there are no formal terms of repayment.

At the period end the company owed £22,971 (2021 - debtor 20,465) to a under common control. The loan is non-interest bearing and there are no formal terms of repayment.

At the period end the company owed its ultimate holding company £1,800 (2021 - nil). The loan is non-interest bearing and there are no formal terms of repayment.