Registered number
04799157
GDS ENTERPRISES LIMITED
Filleted Accounts
30 November 2023
GDS ENTERPRISES LIMITED
Registered number: 04799157
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 50,160 66,880
Tangible assets 4 78,923 25,088
129,083 91,968
Current assets
Stocks 16,584 19,084
Debtors 5 714,071 793,229
Cash at bank and in hand 557,327 518,660
1,287,982 1,330,973
Creditors: amounts falling due within one year 6 (182,578) (345,184)
Net current assets 1,105,404 985,789
Net assets 1,234,487 1,077,757
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,234,387 1,077,657
Shareholders' funds 1,234,487 1,077,757
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.
Mr Zaffer Ginai
Director
Approved by the board on 27 July 2024
GDS ENTERPRISES LIMITED
Notes to the Accounts
for the year ended 30 November 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 83,600
At 30 November 2023 83,600
Amortisation
At 1 December 2022 16,720
Provided during the year 16,720
At 30 November 2023 33,440
Net book value
At 30 November 2023 50,160
At 30 November 2022 66,880
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 143,377 36,213 179,590
Additions 4,739 80,600 85,339
Disposals - (22,675) (22,675)
At 30 November 2023 148,116 94,138 242,254
Depreciation
At 1 December 2022 126,696 27,806 154,502
Charge for the year 5,355 16,583 21,938
On disposals - (13,109) (13,109)
At 30 November 2023 132,051 31,280 163,331
Net book value
At 30 November 2023 16,065 62,858 78,923
At 30 November 2022 16,681 8,407 25,088
5 Debtors 2023 2022
£ £
Trade debtors 235,185 174,973
Other debtors 478,886 618,256
714,071 793,229
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 52,950 43,481
Taxation and social security costs 91,887 157,154
Other creditors 37,741 144,549
182,578 345,184
7 Other information
GDS ENTERPRISES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Airport House
Purley Way
Croydon
England
CR00XZ
8 Debtors
Includes a loan to an associated company GDS South West Ltd for the purchase of a
commercial property and other investments. The amount outstanding
as at 30th November 2023 was £475450
The property is now leased to GDS Enterprises Ltd for the purpose of carrying on its trade
on which market rent is charged by GDS South West Ltd.
The loan is repayable on demand and a market rate of interest at 2% is payable. The
loan is therefore recorded at present value.
As at 30 November 2023, a loan given by the directors to GDS Enterprises Ltd in the sum
of £27806 was outstanding.
This loan is repayable on demand and is carried in the accounts at transaction value.
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