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REGISTERED NUMBER: 13213955 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 December 2023

for

GDS PIONEERING LIGHT LIMITED

GDS PIONEERING LIGHT LIMITED (REGISTERED NUMBER: 13213955)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GDS PIONEERING LIGHT LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: R Dyer
A J Cooper





REGISTERED OFFICE: Unit 6
Monarch Court The Brooms
Emersons Green
Bristol
BS16 7FH





REGISTERED NUMBER: 13213955 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
6-8 Bath Street
Bristol
BS1 6HL

GDS PIONEERING LIGHT LIMITED (REGISTERED NUMBER: 13213955)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 245,115 343,278
Tangible assets 5 24,577 35,482
269,692 378,760

CURRENT ASSETS
Stocks 424,929 197,500
Debtors 6 187,633 112,631
Cash at bank and in hand 32,319 219
644,881 310,350
CREDITORS
Amounts falling due within one year 7 (752,430 ) (1,124,226 )
NET CURRENT LIABILITIES (107,549 ) (813,876 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

162,143

(435,116

)

CREDITORS
Amounts falling due after more than one
year

8

(424,666

)

-

PROVISIONS FOR LIABILITIES (7,317 ) (7,633 )
NET LIABILITIES (269,840 ) (442,749 )

CAPITAL AND RESERVES
Called up share capital 285,600 600
Retained earnings (555,440 ) (443,349 )
(269,840 ) (442,749 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GDS PIONEERING LIGHT LIMITED (REGISTERED NUMBER: 13213955)

Balance Sheet - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





R Dyer - Director


GDS PIONEERING LIGHT LIMITED (REGISTERED NUMBER: 13213955)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. COMPANY INFORMATION

GDS Pioneering Light Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
Of the net liabilities at the year end, £424,666 was due to connected companies (2022: £161,506), with a further amount of £0 (2022: £193,855) owed to the directors, the connected companies and directors have agreed to continue to support the company for a period of no less than 12 months from the balance sheet date.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Development costs are being amortised evenly over their estimated useful life of two years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 25% on cost

GDS PIONEERING LIGHT LIMITED (REGISTERED NUMBER: 13213955)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value. 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.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Cash and cash equivalents
Cash and cash equivalents 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 current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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.


Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.


Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GDS PIONEERING LIGHT LIMITED (REGISTERED NUMBER: 13213955)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 222,631 265,893 488,524
Additions - 21,000 21,000
At 31 December 2023 222,631 286,893 509,524
AMORTISATION
At 1 January 2023 22,263 122,983 145,246
Charge for year 22,263 96,900 119,163
At 31 December 2023 44,526 219,883 264,409
NET BOOK VALUE
At 31 December 2023 178,105 67,010 245,115
At 31 December 2022 200,368 142,910 343,278

GDS PIONEERING LIGHT LIMITED (REGISTERED NUMBER: 13213955)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023 20,300 26,000 46,300
Additions - 599 599
At 31 December 2023 20,300 26,599 46,899
DEPRECIATION
At 1 January 2023 5,004 5,814 10,818
Charge for year 5,004 6,500 11,504
At 31 December 2023 10,008 12,314 22,322
NET BOOK VALUE
At 31 December 2023 10,292 14,285 24,577
At 31 December 2022 15,296 20,186 35,482

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 57,041 58,983
Other debtors 5,607 5,919
VAT 72,462 -
Prepayments and accrued income 52,523 47,729
187,633 112,631

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 99,745 17,251
Trade creditors 176,425 427,630
Amounts owed to joint ventures 145,814 161,506
Social security and other taxes 26,227 37,430
VAT - 32,915
Other creditors 299,600 205,000
Directors' current accounts - 193,855
Accrued expenses 4,619 48,639
752,430 1,124,226

GDS PIONEERING LIGHT LIMITED (REGISTERED NUMBER: 13213955)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 424,666 -

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 25,658 45,960
Between one and five years 205,260 30,640
In more than five years 25,657 -
256,575 76,600

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 72,631 -
Invoice financing 26,963 17,102
99,594 17,102

Included within bank loans and overdrafts of £99,745 (2022: £17,251) is an amount of £26,963 (2022: £17,102) relating to invoice financing, a fixed and floating charge over the assets of the company is in place as security for this amount.

11. RELATED PARTY DISCLOSURES

The controlling party is Coemar Lighting SRL.