Registered number
10416846
GNS COMMUNICATIONS LIMITED
Filleted Accounts
31 October 2023
GNS COMMUNICATIONS LIMITED
Registered number: 10416846
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 683,621 368,572
Current assets
Debtors 4 1,275,111 563,111
Cash at bank and in hand 2,316,487 1,984,457
3,591,598 2,547,568
Creditors: amounts falling due within one year 5 (1,088,845) (1,241,023)
Net current assets 2,502,753 1,306,545
Total assets less current liabilities 3,186,374 1,675,117
Creditors: amounts falling due after more than one year 6 (625,290) (425,833)
Net assets 2,561,084 1,249,284
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,560,984 1,249,184
Shareholders' funds 2,561,084 1,249,284
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.
MIKILE TEGON STEPHEN STERN
Director
Approved by the board on 22 January 2024
GNS COMMUNICATIONS LIMITED
Notes to the Accounts
for the year ended 31 October 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:
Plant and machinery 20% reducing balance
Motor Vehicles 20% reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 17
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 340,672 225,141 565,813
Additions 24,974 460,981 485,955
At 31 October 2023 365,646 686,122 1,051,768
Depreciation
At 1 November 2022 152,213 45,028 197,241
Charge for the year 42,687 128,219 170,906
At 31 October 2023 194,900 173,247 368,147
Net book value
At 31 October 2023 170,746 512,875 683,621
At 31 October 2022 188,459 180,113 368,572
4 Debtors 2023 2022
£ £
Trade debtors 404,732 339,829
Other debtors 870,379 223,282
1,275,111 563,111
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 90,714 51,270
Accountancy 5,000 3,333
Taxation and social security costs 632,604 854,065
Directors Loan Account 360,527 332,355
1,088,845 1,241,023
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 625,290 425,833
7 Other information
GNS COMMUNICATIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
70 BOUNCES ROAD
EDMONTON
LONDON
N9 8JS
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