Silverfin false 30/04/2023 01/05/2022 30/04/2023 J Gordon 22/04/2020 B Spencer 22/04/2020 03 April 2024 The principal activity of the Company during the financial year was property development. 12569065 2023-04-30 12569065 bus:Director1 2023-04-30 12569065 bus:Director2 2023-04-30 12569065 core:CurrentFinancialInstruments 2023-04-30 12569065 core:CurrentFinancialInstruments 2022-04-30 12569065 2022-04-30 12569065 core:ShareCapital 2023-04-30 12569065 core:ShareCapital 2022-04-30 12569065 core:RetainedEarningsAccumulatedLosses 2023-04-30 12569065 core:RetainedEarningsAccumulatedLosses 2022-04-30 12569065 bus:OrdinaryShareClass1 2023-04-30 12569065 2022-05-01 2023-04-30 12569065 bus:FullAccounts 2022-05-01 2023-04-30 12569065 bus:SmallEntities 2022-05-01 2023-04-30 12569065 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 12569065 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 12569065 bus:Director1 2022-05-01 2023-04-30 12569065 bus:Director2 2022-05-01 2023-04-30 12569065 2021-05-01 2022-04-30 12569065 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 12569065 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12569065 (England and Wales)

GS8 BASILDON LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

GS8 BASILDON LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

GS8 BASILDON LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2023
GS8 BASILDON LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2023
2023 2022
£ £
Current assets
Debtors 3 1,339,667 1,305,895
Cash at bank and in hand 92,762 163,083
1,432,429 1,468,978
Creditors: amounts falling due within one year 4 ( 1,420,117) ( 1,441,741)
Net current assets 12,312 27,237
Total assets less current liabilities 12,312 27,237
Net assets 12,312 27,237
Capital and reserves
Called-up share capital 5 100 100
Profit and loss account 12,212 27,137
Total shareholders' funds 12,312 27,237

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of GS8 Basildon Limited (registered number: 12569065) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

B Spencer
Director

03 April 2024

GS8 BASILDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
GS8 BASILDON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GS8 Basildon Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Lodge, The Lodge, 25 Mandela Street, London, NW1 0DU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Debtors

2023 2022
£ £
Corporation tax 3,501 0
Other debtors 1,336,166 1,305,895
1,339,667 1,305,895

4. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 2,579 34,590
Amounts owed to Group undertakings 8,202 0
Taxation and social security 6,391 6,365
Other creditors 1,402,945 1,400,786
1,420,117 1,441,741

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

6. Related party transactions

Included in direct costs is £16,943 (2022: £1,482,516) charged by a company with directors in common.

Included in administration costs is £Nil (2022: £24,000) charged by a company with directors in common.

Included in other debtors is £630,200 (2022: £611,500) due from companies with directors in common.

Included in other debtors is £705,410 (2022: £689,010) due from companies with directors in common.

Included in other creditors is £1,401,195 (2022: 1,400,786 ) due to companies with directors in common.

7. Ultimate controlling party

There is no ultimate controlling party.