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Registration number: 10574094

Prepared for the registrar

GIA Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

GIA Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

GIA Group Limited

Company Information

Directors

Mr S Abuede

Mrs S Abuede

Registered office

23 Middleton Park Circus
Middleton
Leeds
West Yorkshire
LS10 4LX

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

GIA Group Limited

(Registration number: 10574094)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

102

102

Current assets

 

Debtors

5

52,000

52,000

Cash at bank and in hand

 

123

133

 

52,123

52,133

Creditors: Amounts falling due within one year

6

(48,774)

(47,642)

Net current assets

 

3,349

4,491

Total assets less current liabilities

 

3,451

4,593

Deferred tax liabilities

7

-

(189)

Net assets

 

3,451

4,404

Capital and reserves

 

Called up share capital

8

106

106

Profit and loss account

3,345

4,298

Shareholders' funds

 

3,451

4,404

For the financial year ending 31 October 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 


Mr S Abuede
Director

 

GIA Group Limited

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
23 Middleton Park Circus
Middleton
Leeds
West Yorkshire
LS10 4LX
England

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company is reliant on the continued support of SA2 Limited via a loan of £47,796. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

GIA Group Limited

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

Tax

The tax expense for the period comprises and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

GIA Group Limited

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

Subsidiaries

£

Cost

At 1 November 2022

102

Provision

Carrying amount

At 31 October 2023

102

At 31 October 2022

102

 

GIA Group Limited

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

 

5

Debtors

Note

2023
 £

2022
 £

Amounts owed by related parties

9

50,000

50,000

Other debtors

 

2,000

2,000

   

52,000

52,000

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Amounts due to related parties

9

47,796

46,887

Accrued expenses

 

978

755

 

48,774

47,642

 

7

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Capital allowances in excess of depreciation

1

1

2022

Liability
£

Capital allowances in excess of depreciation

189

189

 

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

53

53

53

53

Ordinary B shares of £1 each

53

53

53

53

 

106

106

106

106

The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.
 

 

GIA Group Limited

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

 

9

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.
 

Summary of transactions with all subsidiaries

SA2 Limited
 During the period the company received dividends totalling £281,000 (2022: £217,000) from SA2 Limited. As at the balance sheet date, the company owed SA2 Limited £47,796 (2022: £46,887). There are no fixed repayment terms and no interest is charged.

SA2 Properties Limited
During the period, the company made a loan advance to SA2 Properties Limited of £nil (2022: £nil). As at the balance sheet date the company was owed £50,000 (2022: £50,000). There are no fixed repayment terms and no interest is charged.