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REGISTERED NUMBER: SC361392 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

GTS Central Ltd

GTS Central Ltd (Registered number: SC361392)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GTS Central Ltd

Company Information
for the Year Ended 30 April 2023







DIRECTORS: Ms H V Agustsdottir
L R Williamson
J M Williamson
P M Petursson





SECRETARY: E S Peterson





REGISTERED OFFICE: Bank of Scotland Buildings
Lerwick
Shetland
ZE1 0EB





REGISTERED NUMBER: SC361392 (Scotland)





ACCOUNTANTS: Bon Accord Accountancy Limited
2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ

GTS Central Ltd (Registered number: SC361392)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 256,822 351,018
Investments 6 100 -
256,922 351,018

CURRENT ASSETS
Stocks 749,698 719,702
Debtors 7 756,674 543,904
Cash at bank 156,453 230,451
1,662,825 1,494,057
CREDITORS
Amounts falling due within one year 8 567,149 570,781
NET CURRENT ASSETS 1,095,676 923,276
TOTAL ASSETS LESS CURRENT LIABILITIES 1,352,598 1,274,294

CREDITORS
Amounts falling due after more than one
year

9

(3,355

)

(7,380

)

PROVISIONS FOR LIABILITIES (1,965 ) (1,845 )
NET ASSETS 1,347,278 1,265,069

CAPITAL AND RESERVES
Called up share capital 2,246 2,246
Capital redemption reserve 2,754 2,754
Retained earnings 1,342,278 1,260,069
SHAREHOLDERS' FUNDS 1,347,278 1,265,069

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GTS Central Ltd (Registered number: SC361392)

Balance Sheet - continued
30 April 2023


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 27 September 2023 and were signed on its behalf by:




Ms H V Agustsdottir - Director L R Williamson - Director




J M Williamson - Director P M Petursson - Director


GTS Central Ltd (Registered number: SC361392)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

GTS Central Ltd is a private company, limited by shares , registered in Scotland. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% on cost
Plant and machinery - 33% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.


GTS Central Ltd (Registered number: SC361392)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 42,004
AMORTISATION
At 1 May 2022
and 30 April 2023 42,004
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 -

GTS Central Ltd (Registered number: SC361392)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2022 308,435 11,752 34,893
Additions - - 427
Disposals - - -
At 30 April 2023 308,435 11,752 35,320
DEPRECIATION
At 1 May 2022 78,554 11,752 25,611
Charge for year 12,337 - 3,883
Eliminated on disposal - - -
At 30 April 2023 90,891 11,752 29,494
NET BOOK VALUE
At 30 April 2023 217,544 - 5,826
At 30 April 2022 229,881 - 9,282

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 198,531 73,721 627,332
Additions - 3,961 4,388
Disposals (116,000 ) (32,215 ) (148,215 )
At 30 April 2023 82,531 45,467 483,505
DEPRECIATION
At 1 May 2022 101,617 58,780 276,314
Charge for year 20,150 9,198 45,568
Eliminated on disposal (62,984 ) (32,215 ) (95,199 )
At 30 April 2023 58,783 35,763 226,683
NET BOOK VALUE
At 30 April 2023 23,748 9,704 256,822
At 30 April 2022 96,914 14,941 351,018

GTS Central Ltd (Registered number: SC361392)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2022 142,321
Disposals (116,000 )
At 30 April 2023 26,321
DEPRECIATION
At 1 May 2022 52,898
Charge for year 18,277
Eliminated on disposal (62,984 )
At 30 April 2023 8,191
NET BOOK VALUE
At 30 April 2023 18,130
At 30 April 2022 89,423

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 100
At 30 April 2023 100
NET BOOK VALUE
At 30 April 2023 100

7. DEBTORS
30.4.23 30.4.22
£    £   
Amounts falling due within one year:
Trade debtors 504,873 524,273
Other debtors 28,440 19,631
533,313 543,904

Amounts falling due after more than one year:
Other debtors 223,361 -

Aggregate amounts 756,674 543,904

GTS Central Ltd (Registered number: SC361392)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts 4,026 80,622
Trade creditors 374,256 240,758
Taxation and social security 99,742 119,573
Other creditors 89,125 129,828
567,149 570,781

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts 3,355 7,380

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102
"The financial reporting standard in the UK and Ireland", not to disclose related party transactions whereby
they have occurred under normal market conditions.