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Company registration number: 10136452
GND Support Limited
Unaudited filleted financial statements
28 February 2024
GND Support Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of financial position
Notes to the financial statements
GND Support Limited
Directors and other information
Directors Gladys Nicholson
David Kabuthia
Company number 10136452
Registered office 11 Benbow Court
Shenley Church End
Milton Keynes
Buckinghamshire
MK5 6JG
Accountants Jenner Accountants Limited
1 South House
Bond Avenue
Milton Keynes
Buckinghamshire
MK1 1SW
GND Support Limited
Directors report
Year ended 28 February 2024
The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2024.
Directors
The directors who served the company during the year were as follows:
Gladys Nicholson
David Kabuthia
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 09 April 2024 and signed on behalf of the board by:
Gladys Nicholson
Director
GND Support Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of GND Support Limited
Year ended 28 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GND Support Limited for the year ended 28 February 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of GND Support Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of GND Support Limited and state those matters that we have agreed to state to the board of directors of GND Support Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GND Support Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that GND Support Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GND Support Limited. You consider that GND Support Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of GND Support Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jenner Accountants Limited
Chartered Accountants
1 South House
Bond Avenue
Milton Keynes
Buckinghamshire
MK1 1SW
9 April 2024
GND Support Limited
Statement of financial position
28 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 63,293 6,642
_______ _______
63,293 6,642
Current assets
Debtors 6 403,199 233,800
Cash at bank and in hand 114,883 298,349
_______ _______
518,082 532,149
Creditors: amounts falling due
within one year 7 ( 107,182) ( 105,142)
_______ _______
Net current assets 410,900 427,007
_______ _______
Total assets less current liabilities 474,193 433,649
Creditors: amounts falling due
after more than one year 8 ( 17,365) ( 27,442)
_______ _______
Net assets 456,828 406,207
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 456,728 406,107
_______ _______
Shareholders funds 456,828 406,207
_______ _______
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 April 2024 , and are signed on behalf of the board by:
Gladys Nicholson
Director
Company registration number: 10136452
GND Support Limited
Notes to the financial statements
Year ended 28 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Benbow Court, Shenley Church End, Milton Keynes, Buckinghamshire, MK5 6JG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements - 20 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 23 (2023: 28 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 509,285 449,479
Social security costs 42,540 39,621
Other pension costs 8,473 6,651
_______ _______
560,298 495,751
_______ _______
5. Tangible assets
Leasehold improvements Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 March 2023 - - 9,506 9,506
Additions 27,420 25,381 10,844 63,645
_______ _______ _______ _______
At 28 February 2024 27,420 25,381 20,350 73,151
_______ _______ _______ _______
Depreciation
At 1 March 2023 - - 2,864 2,864
Charge for the year - 4,542 2,452 6,994
_______ _______ _______ _______
At 28 February 2024 - 4,542 5,316 9,858
_______ _______ _______ _______
Carrying amount
At 28 February 2024 27,420 20,839 15,034 63,293
_______ _______ _______ _______
At 28 February 2023 - - 6,642 6,642
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Other debtors 403,199 233,800
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,077 9,829
Trade creditors 122 275
Social security and other taxes 68,525 92,036
Other creditors 28,458 3,002
_______ _______
107,182 105,142
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 17,365 27,442
_______ _______