Silverfin false 08 August 2024 08 August 2024 Anthony Brice Annatrice Limited 334,113 191,018 false true 31/12/2023 01/01/2023 31/12/2023 Robertus Leonardus Joseph Ewalds 02/07/2020 Justine O'Malley 22/02/2022 08 August 2024 The principal activity of the Company during the financial year was that of customs import and export declaration service. 04241108 2023-12-31 04241108 bus:Director1 2023-12-31 04241108 bus:Director2 2023-12-31 04241108 2022-12-31 04241108 core:CurrentFinancialInstruments 2023-12-31 04241108 core:CurrentFinancialInstruments 2022-12-31 04241108 core:ShareCapital 2023-12-31 04241108 core:ShareCapital 2022-12-31 04241108 core:RetainedEarningsAccumulatedLosses 2023-12-31 04241108 core:RetainedEarningsAccumulatedLosses 2022-12-31 04241108 core:OtherPropertyPlantEquipment 2022-12-31 04241108 core:OtherPropertyPlantEquipment 2023-12-31 04241108 bus:OrdinaryShareClass1 2023-12-31 04241108 core:WithinOneYear 2023-12-31 04241108 core:WithinOneYear 2022-12-31 04241108 core:BetweenOneFiveYears 2023-12-31 04241108 core:BetweenOneFiveYears 2022-12-31 04241108 2023-01-01 2023-12-31 04241108 bus:FilletedAccounts 2023-01-01 2023-12-31 04241108 bus:SmallEntities 2023-01-01 2023-12-31 04241108 bus:Audited 2023-01-01 2023-12-31 04241108 2022-01-01 2022-12-31 04241108 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04241108 bus:Director1 2023-01-01 2023-12-31 04241108 bus:Director2 2023-01-01 2023-12-31 04241108 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 04241108 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04241108 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04241108 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 04241108 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04241108 (England and Wales)

GASTON SCHUL CUSTOMS LTD

Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

GASTON SCHUL CUSTOMS LTD

Financial Statements

For the financial year ended 31 December 2023

Contents

GASTON SCHUL CUSTOMS LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
GASTON SCHUL CUSTOMS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Robertus Leonardus Joseph Ewalds
Justine O'Malley
SECRETARY Samantha Elizabeth Jakes
REGISTERED OFFICE 1 Parker Avenue
Felixstowe
IP11 4AG
England
United Kingdom
COMPANY NUMBER 04241108 (England and Wales)
AUDITOR Annatrice Limited
10 The Thoroughfare
Harleston
Norfolk
IP20 9AX
England
BANKERS Barclays Bank plc
35 Victoria Street
Freshney Place
Grimsby
DN31 1DL
GASTON SCHUL CUSTOMS LTD

BALANCE SHEET

As at 31 December 2023
GASTON SCHUL CUSTOMS LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 30,094 42,311
30,094 42,311
Current assets
Debtors 4 541,887 679,589
Cash at bank and in hand 940,183 1,190,102
1,482,070 1,869,691
Creditors: amounts falling due within one year 5 ( 565,299) ( 1,046,929)
Net current assets 916,771 822,762
Total assets less current liabilities 946,865 865,073
Provision for liabilities 6 ( 5,718) ( 8,039)
Net assets 941,147 857,034
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 941,047 856,934
Total shareholder's funds 941,147 857,034

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Gaston Schul Customs Ltd (registered number: 04241108) were approved and authorised for issue by the Board of Directors on 08 August 2024. They were signed on its behalf by:

Justine O'Malley
Director
GASTON SCHUL CUSTOMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
GASTON SCHUL CUSTOMS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Gaston Schul Customs Ltd (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 1 Parker Avenue, Felixstowe, IP11 4AG, England, 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 Balance Sheet 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 Balance Sheet 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.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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 the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 33 33

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 64,780 64,780
Additions 762 762
At 31 December 2023 65,542 65,542
Accumulated depreciation
At 01 January 2023 22,469 22,469
Charge for the financial year 12,979 12,979
At 31 December 2023 35,448 35,448
Net book value
At 31 December 2023 30,094 30,094
At 31 December 2022 42,311 42,311

4. Debtors

2023 2022
£ £
Trade debtors 452,493 662,436
Other debtors 89,394 17,153
541,887 679,589

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 40,412 45,662
Taxation and social security 148,319 93,130
Other creditors 376,568 908,137
565,299 1,046,929

6. Provision for liabilities

2023 2022
£ £
Deferred tax 5,718 8,039

7. Called-up share capital

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

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 5,770 28,691
between one and five years 4,104 4,200
9,874 32,891

9. Related party transactions

The company pays for recharged management and administrative costs provided by other group companies and all transactions are on normal commercial terms.

10. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2023 was unqualified.

The audit report was signed by Anthony Brice on behalf of Annatrice Limited.

11. Ultimate controlling party

The parent company is Gaston Schul International BV located in the Netherlands and holding 100% of the share capital of Gaston Schul Customs Ltd.

The ultimate controlling party is Mr R L J Ewalds who controls the ultimate parent company Le Vertige Beheer BV also based in the Netherlands.