Silverfin false 31/10/2022 01/11/2021 31/10/2022 Mr J Gordon 07/10/2016 Mr B Spencer 07/10/2016 13 October 2023 The principal activity of the Company during the financial year continued to be that of management consultancy activities. 10416260 2022-10-31 10416260 bus:Director1 2022-10-31 10416260 bus:Director2 2022-10-31 10416260 2021-10-31 10416260 core:CurrentFinancialInstruments 2022-10-31 10416260 core:CurrentFinancialInstruments 2021-10-31 10416260 core:Non-currentFinancialInstruments 2022-10-31 10416260 core:Non-currentFinancialInstruments 2021-10-31 10416260 core:ShareCapital 2022-10-31 10416260 core:ShareCapital 2021-10-31 10416260 core:RetainedEarningsAccumulatedLosses 2022-10-31 10416260 core:RetainedEarningsAccumulatedLosses 2021-10-31 10416260 core:OtherPropertyPlantEquipment 2021-10-31 10416260 core:OtherPropertyPlantEquipment 2022-10-31 10416260 2021-11-01 2022-10-31 10416260 bus:FullAccounts 2021-11-01 2022-10-31 10416260 bus:SmallEntities 2021-11-01 2022-10-31 10416260 bus:AuditExemptWithAccountantsReport 2021-11-01 2022-10-31 10416260 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31 10416260 bus:Director1 2021-11-01 2022-10-31 10416260 bus:Director2 2021-11-01 2022-10-31 10416260 core:OtherPropertyPlantEquipment core:BottomRangeValue 2021-11-01 2022-10-31 10416260 core:OtherPropertyPlantEquipment core:TopRangeValue 2021-11-01 2022-10-31 10416260 2020-11-01 2021-10-31 10416260 core:OtherPropertyPlantEquipment 2021-11-01 2022-10-31 10416260 core:Non-currentFinancialInstruments 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure

Company No: 10416260 (England and Wales)

GS8 PROJECTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2022
Pages for filing with the registrar

GS8 PROJECTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2022

Contents

GS8 PROJECTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2022
GS8 PROJECTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 4 22,319 26,432
22,319 26,432
Current assets
Debtors 5 449,421 309,711
Cash at bank and in hand 38,279 8,870
487,700 318,581
Creditors: amounts falling due within one year 6 ( 506,653) ( 319,236)
Net current liabilities (18,953) (655)
Total assets less current liabilities 3,366 25,777
Creditors: amounts falling due after more than one year 7 ( 16,842) ( 23,579)
Net (liabilities)/assets ( 13,476) 2,198
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 13,576 ) 2,098
Total shareholders' (deficit)/funds ( 13,476) 2,198

For the financial year ending 31 October 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of GS8 Projects Limited (registered number: 10416260) were approved and authorised for issue by the Director. They were signed on its behalf by:

Mr B Spencer
Director

13 October 2023

GS8 PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2022
GS8 PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GS8 Projects Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Lodge, 25 Mandela Street, London, NW1 0DU, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial instruments

The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 4

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 November 2021 32,513 32,513
Additions 4,020 4,020
At 31 October 2022 36,533 36,533
Accumulated depreciation
At 01 November 2021 6,081 6,081
Charge for the financial year 8,133 8,133
At 31 October 2022 14,214 14,214
Net book value
At 31 October 2022 22,319 22,319
At 31 October 2021 26,432 26,432

5. Debtors

2022 2021
£ £
Amounts owed by Group undertakings 411,273 299,016
Other debtors 38,148 10,695
449,421 309,711

6. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 6,737 6,737
Trade creditors 32,151 29,428
Amounts owed to Group undertakings 208,110 81,073
Corporation tax 72,362 66,472
Other taxation and social security 174,284 129,055
Other creditors 13,009 6,471
506,653 319,236

7. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 16,842 23,579

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2022 2021
£ £
Amounts due from entities holding participating interest in the company 170,957 204,882
Amounts due from entities holding participating interest in the company which is included in prepayments 17,500 0
Amounts owed to entities holding participating interest in the company 118,820 8,151
Management fees payable to entities holding participating interest in the company 35,000 0

Other related party transactions

2022 2021
£ £
Amounts due from other related parties 240,316 94,135
Amounts owed to other related parties 89,290 72,921
Expenses recharged to other related parties 13,570 13,595
Management fees receivable from other related parties 390,114 259,333

9. Ultimate controlling party

There is no controlling party.