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REGISTERED NUMBER: 04446067


















Global Solutions For Clothing
(GSC) Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






Global Solutions For Clothing
(GSC) Limited (Registered number: 04446067)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Global Solutions For Clothing
(GSC) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr D N Palmer
Mrs S J Palmer
Mr H J Palmer





REGISTERED OFFICE: 12 Bridgford Road
West Bridgford
Nottinghamshire
NG2 6AB





REGISTERED NUMBER: 04446067





ACCOUNTANTS: Brooks Mayfield Limited
Chartered Accountants
12 Bridgford Road
West Bridgford
Nottinghamshire
NG2 6AB

Global Solutions For Clothing
(GSC) Limited (Registered number: 04446067)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 3,067 7,667
Tangible assets 6 67,258 91,060
70,325 98,727

CURRENT ASSETS
Stocks 692,173 443,146
Debtors 7 411,716 434,787
Cash at bank and in hand 261,753 369,446
1,365,642 1,247,379
CREDITORS
Amounts falling due within one year 8 163,497 107,486
NET CURRENT ASSETS 1,202,145 1,139,893
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,272,470

1,238,620

PROVISIONS FOR LIABILITIES 16,763 1,228
NET ASSETS 1,255,707 1,237,392

CAPITAL AND RESERVES
Called up share capital 11 600 600
Capital redemption reserve 500 500
Retained earnings 1,254,607 1,236,292
SHAREHOLDERS' FUNDS 1,255,707 1,237,392

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

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

Global Solutions For Clothing
(GSC) Limited (Registered number: 04446067)

Balance Sheet - continued
31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2024 and were signed on its behalf by:





Mr H J Palmer - Director


Global Solutions For Clothing
(GSC) Limited (Registered number: 04446067)

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

1. STATUTORY INFORMATION

Global Solutions For Clothing (GSC) Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Global Solutions For Clothing
(GSC) Limited (Registered number: 04446067)

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

3. 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 15 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 23,000
AMORTISATION
At 1 January 2023 15,333
Charge for year 4,600
At 31 December 2023 19,933
NET BOOK VALUE
At 31 December 2023 3,067
At 31 December 2022 7,667

Global Solutions For Clothing
(GSC) Limited (Registered number: 04446067)

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

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 44,810 58,530 141,673
Additions - - 1,570
Disposals - - (7,956 )
At 31 December 2023 44,810 58,530 135,287
DEPRECIATION
At 1 January 2023 44,810 42,999 109,976
Charge for year - 3,911 4,990
Eliminated on disposal - - (6,659 )
At 31 December 2023 44,810 46,910 108,307
NET BOOK VALUE
At 31 December 2023 - 11,620 26,980
At 31 December 2022 - 15,531 31,697

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 56,161 33,929 335,103
Additions 4,500 - 6,070
Disposals (12,995 ) - (20,951 )
At 31 December 2023 47,666 33,929 320,222
DEPRECIATION
At 1 January 2023 31,652 14,606 244,043
Charge for year 7,252 11,308 27,461
Eliminated on disposal (11,881 ) - (18,540 )
At 31 December 2023 27,023 25,914 252,964
NET BOOK VALUE
At 31 December 2023 20,643 8,015 67,258
At 31 December 2022 24,509 19,323 91,060

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 264,633 222,638
Other debtors 147,083 212,149
411,716 434,787

Global Solutions For Clothing
(GSC) Limited (Registered number: 04446067)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 6,541
Trade creditors 79,005 35,707
Taxation and social security 3,643 -
Other creditors 80,849 65,238
163,497 107,486

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 602 3,612
Between one and five years - 602
602 4,214

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loan - 6,541

The above bank loan is secured by way of personal guarantee from the directors.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
500 Ordinary £1 500 500
100 Ordinary A £1 100 100
600 600