Registered number
09203180
GLS Financial Services Ltd
Filleted Accounts
28 February 2023
GLS Financial Services Ltd
Registered number: 09203180
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 276,329 287,961
Current assets
Stocks 6,045 6,798
Debtors 4 232 630
Cash at bank and in hand 33,924 120,653
40,201 128,081
Creditors: amounts falling due within one year 5 (127,150) (216,414)
Net current liabilities (86,949) (88,333)
Total assets less current liabilities 189,380 199,628
Creditors: amounts falling due after more than one year 6 (125,565) (143,177)
Provisions for liabilities - deferred tax (4,372) (5,727)
Net assets 59,443 50,724
Capital and reserves
Called up share capital 200 200
Profit and loss account 59,243 50,524
Shareholders' funds 59,443 50,724
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.
Mrs Ila Mashru
Director
Approved by the board on 31 October 2023
GLS Financial Services Ltd
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.
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, fittings, and equipment over 10 years
Motor van over 5 years
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 4 4
3 Tangible fixed assets
Land and buildings Fixtures, fittings and equipment Motor Van Total
£ £ £ £
Cost
At 1 March 2022 284,793 44,072 13,499 342,364
At 28 February 2023 284,793 44,072 13,499 342,364
Depreciation
At 1 March 2022 26,976 24,727 2,700 54,403
Charge for the year 4,496 4,436 2,700 11,632
At 28 February 2023 31,472 29,163 5,400 66,035
Net book value
At 28 February 2023 253,321 14,909 8,099 276,329
At 28 February 2022 257,817 19,345 10,799 287,961
4 Debtors 2023 2022
£ £
Prepayments 232 630
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 24,634 24,463
Trade creditors 1,945 5,624
Taxation and social security costs 15,185 15,554
Rent bond - 665
Directors'current account 81,689 167,650
Accruals 3,697 2,458
127,150 216,414
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 125,565 143,177
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 10,076 52,004
Secured bank loans 133,950 167,640
Bank loans are secured by a fixed and floating charge over the assets of the company. A personal guarantee has also been given by directors. Bounce back loan to the value of £16,250 as at 28.2.2023. (As at 28.2.2022 - £21,249) is guaranteed by the UK Government
8 Other information
GLS Financial Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Heddon House
17 Claymill Road
Leicester
LE7 9JJ
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