Registered number
06110528
GLS Trading Limited
Filleted Accounts
28 February 2023
GLS Trading Limited
Registered number: 06110528
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 476,659 511,424
Current assets
Stocks 39,638 22,834
Debtors 5 126,398 144,905
Cash at bank and in hand 151,502 134,704
317,538 302,443
Creditors: amounts falling due within one year 6 (402,898) (373,783)
Net current liabilities (85,360) (71,340)
Total assets less current liabilities 391,299 440,084
Creditors: amounts falling due after more than one year 7 (219,764) (249,101)
Provisions for liabilities - deferred tax (8,807) (13,955)
Net assets 162,728 177,028
Capital and reserves
Called up share capital 100 100
Profit and loss account 162,628 176,928
Shareholders' funds 162,728 177,028
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Dipam Chandarana
Director
Approved by the board on 19 September 2023
GLS Trading Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Fixtures, plant and machinery 10% per annum on net book value
Commercial vehicles 25% per annum on net book value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 230,500
At 28 February 2023 230,500
Amortisation
At 1 March 2022 230,500
At 28 February 2023 230,500
Net book value
At 28 February 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Fixtures, plant and machinery etc Commercial vehicles Total
£ £ £ £
Cost
At 1 March 2022 506,852 29,124 95,306 631,282
Additions - 669 6,999 7,668
Disposals - - (30,000) (30,000)
At 28 February 2023 506,852 29,793 72,305 608,950
Depreciation
At 1 March 2022 68,875 14,714 36,269 119,858
Charge for the year 7,666 1,508 10,759 19,933
On disposals - - (7,500) (7,500)
At 28 February 2023 76,541 16,222 39,528 132,291
Net book value
At 28 February 2023 430,311 13,571 32,777 476,659
At 28 February 2022 437,977 14,410 59,037 511,424
5 Debtors 2023 2022
£ £
Trade debtors 113,318 132,200
Prepayments 3,073 3,068
VAT and other repayments due 10,007 9,637
126,398 144,905
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 38,121 35,747
Trade creditors 199,534 164,545
Taxation and social security costs 4,932 4,034
Accruals 10,001 8,647
Directors' current account 146,960 157,460
Rent bond 3,350 3,350
402,898 373,783
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 219,764 249,101
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 88,058 117,944
Secured bank loans 257,885 284,848
The bank loans are secured by a way of fixed and floating charge over the assets of the company
9 Other information
GLS Trading Limited is a private company limited by shares and incorporated in England. Its registered office is:
Heddon House
17 Claymill Road
Leicester
LE4 9JJ
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