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REGISTERED NUMBER: SC498975 (Scotland)



















GENERAL SOLUTIONS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 FEBRUARY 2023






GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GENERAL SOLUTIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Xiaojun Chen
Mrs Rongrong Zhou





SECRETARY: Mrs Rongrong Zhou





REGISTERED OFFICE: 28 Manse Road
Cults
Aberdeen
AB15 9TL





REGISTERED NUMBER: SC498975 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 4,099 5,374
Investment property 4 330,000 330,000
334,099 335,374

CURRENT ASSETS
Debtors 5 3,602 13,360
Cash at bank 114,674 58,285
118,276 71,645
CREDITORS
Amounts falling due within one year 6 33,694 22,101
NET CURRENT ASSETS 84,582 49,544
TOTAL ASSETS LESS CURRENT
LIABILITIES

418,681

384,918

CREDITORS
Amounts falling due after more than one
year

7

(158,116

)

(169,403

)

PROVISIONS FOR LIABILITIES - (12 )
NET ASSETS 260,565 215,503

GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975)

BALANCE SHEET - continued
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 (4,300 ) (4,300 )
Retained earnings 9 264,765 219,703
SHAREHOLDERS' FUNDS 260,565 215,503

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

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 21 November 2023 and were signed on its behalf by:





Xiaojun Chen - Director


GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. 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 as modified by the revaluation of certain assets.

Turnover and revenue recognition
The turnover shown in the profit and loss account represents the value of services provided during the year, exclusive of Value Added Tax. A sale is recognised at the point where services have been provided.

Tangible fixed assets
Depreciation will be provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment and Fittings - 15% on cost

Investment property
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.


GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. 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.

Loans and borrowings
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

3. TANGIBLE FIXED ASSETS
Equipment
and
Fittings
£   
COST
At 1 March 2022
and 28 February 2023 8,762
DEPRECIATION
At 1 March 2022 3,388
Charge for year 1,275
At 28 February 2023 4,663
NET BOOK VALUE
At 28 February 2023 4,099
At 28 February 2022 5,374

GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022
and 28 February 2023 330,000
NET BOOK VALUE
At 28 February 2023 330,000
At 28 February 2022 330,000

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2021 (309 )
Valuation in 2022 (5,000 )
Cost 335,309
330,000

The investment property was revalued by the director on 28 February 2023.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 10,043
Directors' current accounts 361 361
Tax recoverable 2,948 2,948
Deferred tax asset 230 -
Prepayments 63 8
3,602 13,360

The loans to directors are repayable on demand. The interest rate charged for the loans was 2%.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 11,287 10,870
Corporation Tax 11,516 3,948
Social security and other taxes - 111
VAT 7,316 5,630
Accrued expenses 3,575 1,542
33,694 22,101

GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 11,719 11,287
Bank loans - 2-5 years 37,920 36,521
Bank loans more 5 yr by instal 108,477 121,595
158,116 169,403

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 108,477 121,595

8. SECURED DEBTS

The bank loans are secured over the assets of the company.

9. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 March 2022 219,703 (4,300 ) 215,403
Profit for the year 48,062 48,062
Dividends (3,000 ) (3,000 )
At 28 February 2023 264,765 (4,300 ) 260,465

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
Mrs Rongrong Zhou
Balance outstanding at start of year 361 54,959
Amounts advanced - 702
Amounts repaid - (55,300 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 361 361

GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


11. RELATED PARTY DISCLOSURES

The loan balances due from the directors amounted to £361 (2022 : £361) at the year end.