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Registered number: 02723021









GSA TECHSOURCE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
GSA TECHSOURCE LIMITED
REGISTERED NUMBER: 02723021

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Work in progress
 5 
101,278
34,533

Debtors: amounts falling due within one year
 6 
2,569,095
2,571,908

Cash at bank and in hand
 7 
3
1,910

  
2,670,376
2,608,351

Creditors: amounts falling due within one year
 8 
(724,374)
(645,297)

Net current assets
  
 
 
1,946,002
 
 
1,963,054

Total assets less current liabilities
  
1,946,002
1,963,054

  

Net assets
  
1,946,002
1,963,054


Capital and reserves
  

Called up share capital 
 9 
500
500

Capital redemption reserve
  
500
500

Profit and loss account
  
1,945,002
1,962,054

  
1,946,002
1,963,054

Page 1

 
GSA TECHSOURCE LIMITED
REGISTERED NUMBER: 02723021
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.




Neil Jones
Director

The notes on pages 5 to 9 form part of these financial statements.
Page 2

 
GSA TECHSOURCE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2023
500
500
1,962,054
1,963,054


Comprehensive income for the year

Profit for the year

-
-
32,948
32,948


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
32,948
32,948


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(50,000)
(50,000)


Total transactions with owners
-
-
(50,000)
(50,000)


At 30 June 2024
500
500
1,945,002
1,946,002


The notes on pages 5 to 9 form part of these financial statements.

Page 3

 
GSA TECHSOURCE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
500
500
2,341,712
2,342,712


Comprehensive income for the year

Profit for the year

-
-
85,342
85,342


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
85,342
85,342


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(465,000)
(465,000)


Total transactions with owners
-
-
(465,000)
(465,000)


At 30 June 2023
500
500
1,962,054
1,963,054


The notes on pages 5 to 9 form part of these financial statements.

Page 4

 
GSA TECHSOURCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

GSA Techsource Limited is a private company incorporated in England. 
The company's registered office is Bank Chambers, 53 Wade Street, Lichfield, Staffordshire WS13 6HL.
These financial statements are presented in £ Sterling which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
GSA TECHSOURCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Fixtures and fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Work in progress

Work in progress includes labour and attributable overheads.


 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
GSA TECHSOURCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







10
8


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 July 2023
18,809
9,162
27,971



At 30 June 2024

18,809
9,162
27,971



Depreciation


At 1 July 2023
18,809
9,162
27,971



At 30 June 2024

18,809
9,162
27,971



Net book value



At 30 June 2024
-
-
-



At 30 June 2023
-
-
-

Page 7

 
GSA TECHSOURCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Work in progress

2024
2023
£
£

Work in progress
101,278
34,533

101,278
34,533



6.


Debtors

2024
2023
£
£


Trade debtors
522,652
580,698

Amounts owed by group undertakings
2,031,900
1,968,570

Prepayments and accrued income
14,543
22,640

2,569,095
2,571,908



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3
1,910

Less: bank overdrafts
(198,931)
-

(198,928)
1,910



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
198,931
-

Trade creditors
242,970
364,744

Corporation tax
8,798
22,238

Other taxation and social security
49,850
49,815

Other creditors
201,265
185,303

Accruals and deferred income
22,560
23,197

724,374
645,297


Page 8

 
GSA TECHSOURCE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £0.01 each
500
500



10.


Contingent liabilities

The company's bankers hold a debenture against the company's assets to secure any bank borrowing that the company may enter into. At the year end borrowing amounted to £198,931 (2023 £nil). 


11.


Related party transactions

At the year end the company was owed £2,031,900 (2023 £1,968,570) for payments made on behalf of Joy Harvey Jones Limited, its parent company.


12.


Controlling party

The company is a wholly owned subsidiary of Joy Harvey Jones Limited, which is ultimately controlled by Gaenor Jones.

 
Page 9