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REGISTERED NUMBER: 09064698 (England and Wales)







Unaudited Financial Statements for the Year Ended 31 May 2023

for

GSNC Ltd

GSNC Ltd (Registered number: 09064698)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GSNC Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mr G E Hannah
Mrs S Hannah





REGISTERED OFFICE: Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY





REGISTERED NUMBER: 09064698 (England and Wales)





ACCOUNTANTS: Dunkley's
Woodlands Grange
Woodlands Lane
Bradley Stoke
Bristol
BS32 4JY

GSNC Ltd (Registered number: 09064698)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,483 17,795
Investment property 5 3,477,000 3,036,542
3,496,483 3,054,337

CURRENT ASSETS
Debtors 6 983 730
Cash at bank 10,955 39,568
11,938 40,298
CREDITORS
Amounts falling due within one year 7 2,620,513 2,514,344
NET CURRENT LIABILITIES (2,608,575 ) (2,474,046 )
TOTAL ASSETS LESS CURRENT LIABILITIES 887,908 580,291

CREDITORS
Amounts falling due after more than one year 8 (103,221 ) (204,000 )

PROVISIONS FOR LIABILITIES (266,273 ) (182,265 )
NET ASSETS 518,414 194,026

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 518,314 193,926
SHAREHOLDERS' FUNDS 518,414 194,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

GSNC Ltd (Registered number: 09064698)

Balance Sheet - continued
31 May 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 14 February 2024 and were signed on its behalf by:




Mr G E Hannah - Director



Mrs S Hannah - Director


GSNC Ltd (Registered number: 09064698)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

GSNC Ltd is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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.

Going concern
The company is reliant on the support of its director and shareholders and having made appropriate enquiries, the director has considered the future cashflow of the company and is not aware of any reason why the company will not be able to meet its liabilities as they fall due for the foreseeable future. As a result the director has continued to adopt the going concern basis.

3. EMPLOYEES AND DIRECTORS

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

GSNC Ltd (Registered number: 09064698)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 June 2022 8,694 50,225 899 59,818
Additions 4,698 763 - 5,461
At 31 May 2023 13,392 50,988 899 65,279
DEPRECIATION
At 1 June 2022 6,686 34,438 899 42,023
Charge for year 590 3,183 - 3,773
At 31 May 2023 7,276 37,621 899 45,796
NET BOOK VALUE
At 31 May 2023 6,116 13,367 - 19,483
At 31 May 2022 2,008 15,787 - 17,795

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 3,036,542
Revaluations 440,458
At 31 May 2023 3,477,000
NET BOOK VALUE
At 31 May 2023 3,477,000
At 31 May 2022 3,036,542

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2021 941,495
Valuation in 2022 440,458
Cost 2,095,047
3,477,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Prepayments 983 730

GSNC Ltd (Registered number: 09064698)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Directors' current accounts 2,618,455 2,512,729
Accrued expenses 2,058 1,615
2,620,513 2,514,344

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans more 5 yrs non-inst 103,221 204,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 103,221 204,000

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.23 31.5.22
£    £   
Bank loans 103,221 204,000

The loans shown above are secured against the company's investment property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
5 Ordinary A £1 5 5
5 Ordinary B £1 5 5
90 Ordinary C £1 90 90
100 100

11. RESERVES
Retained
earnings
£   

At 1 June 2022 193,926
Profit for the year 324,388
At 31 May 2023 518,314

The Reserves balance contains £1,381,953 relating to a revaluation of freehold property and is therefore non-distributable.