GBS Consulting Ltd
Registered number: 04815690
Statement of Financial Position
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 181,565 174,834
Financial assets 933,617 933,617
1,115,182 1,108,451
Current assets
Debtors 4 250,539 235,317
Cash at bank and in hand 551,783 412,357
802,322 647,674
Creditors: amounts falling due within one year 5 (245,104) (199,206)
Net current assets 557,218 448,468
Total assets less current liabilities 1,672,400 1,556,919
Provisions for liabilities (43,746) (33,218)
Net assets 1,628,654 1,523,701
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,628,554 1,523,601
Shareholders' funds 1,628,654 1,523,701
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 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 G Stokoe
Director
Approved by the board on 24 September 2024
GBS Consulting Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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.
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:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Investments
Unlisted investments (other than investments in subsidiaries, associates and joint ventures) 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/Impairment losses are included in the profit and loss account.
Inventories
Inventories 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, 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. 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.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 10 8
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 382,587 6,000 388,587
Additions 67,893 6,000 73,893
Disposals (47,763) (6,000) (53,763)
At 30 June 2024 402,717 6,000 408,717
Depreciation
At 1 July 2023 209,182 4,572 213,754
Charge for the year 59,021 1,500 60,521
On disposals (42,551) (4,572) (47,123)
At 30 June 2024 225,652 1,500 227,152
Net book value
At 30 June 2024 177,065 4,500 181,565
At 30 June 2023 173,406 1,428 174,834
4 Debtors 2024 2023
£ £
Trade debtors 213,702 205,399
Prepayments 30,586 22,038
Other debtors 6,251 7,880
250,539 235,317
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 18,573 2,520
Accruals 2,020 1,695
Corporation tax 146,121 110,379
Other taxes and social security costs 77,719 67,721
Other creditors 671 16,891
245,104 199,206
6 Other information
GBS Consulting Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Diamond Ridge
Camberley
Surrey
GU15 4LB
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