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REGISTERED NUMBER: 05283935















Unaudited Financial Statements for the Year Ended 31 December 2023

for

GFS Plastics Limited

GFS Plastics Limited (Registered number: 05283935)

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


GFS Plastics Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: G P Rice
R A Rice





SECRETARY:





REGISTERED OFFICE: Unit G
Rowan Court
Rawdon
Leeds
West Yorkshire
LS19 7DT





REGISTERED NUMBER: 05283935





ACCOUNTANTS: Horley Green Chartered Accountants
Horley Green House
Horley Green Road
Claremount
Halifax
West Yorkshire
HX3 6AS

GFS Plastics Limited (Registered number: 05283935)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 80,905 105,268
80,905 105,268

CURRENT ASSETS
Stocks 4,000 4,000
Debtors 6 32,924 15,475
Cash at bank 26,134 116,396
63,058 135,871
CREDITORS
Amounts falling due within one year 7 74,324 106,002
NET CURRENT (LIABILITIES)/ASSETS (11,266 ) 29,869
TOTAL ASSETS LESS CURRENT
LIABILITIES

69,639

135,137

CREDITORS
Amounts falling due after more than one year 8 35,824 48,810
NET ASSETS 33,815 86,327

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 33,715 86,227
33,815 86,327

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.

GFS Plastics Limited (Registered number: 05283935)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2024 and were signed on its behalf by:





G P Rice - Director


GFS Plastics Limited (Registered number: 05283935)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

GFS Plastics Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the net amount receivable for goods supplied and services provided, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

GFS Plastics Limited (Registered number: 05283935)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 32,000
AMORTISATION
At 1 January 2023
and 31 December 2023 32,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

GFS Plastics Limited (Registered number: 05283935)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 41,785 4,794 252,258 57,957 356,794
Additions - 160 - 2,943 3,103
Disposals (500 ) - - - (500 )
At 31 December 2023 41,285 4,954 252,258 60,900 359,397
DEPRECIATION
At 1 January 2023 31,221 4,310 168,990 47,005 251,526
Charge for year 2,640 161 20,692 3,473 26,966
At 31 December 2023 33,861 4,471 189,682 50,478 278,492
NET BOOK VALUE
At 31 December 2023 7,424 483 62,576 10,422 80,905
At 31 December 2022 10,564 484 83,268 10,952 105,268

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 61,772
DEPRECIATION
Charge for year 15,443
At 31 December 2023 15,443
NET BOOK VALUE
At 31 December 2023 46,329
At 31 December 2022 61,772

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors (825 ) (12,787 )
Other debtors 24,897 19,964
Prepayments 8,852 8,298
32,924 15,475

GFS Plastics Limited (Registered number: 05283935)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 33,198 41,007
Tax 9,327 29,080
Social security and other taxes 9,563 4,289
VAT 20,886 29,307
Accrued expenses 1,350 2,319
74,324 106,002

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 9,223
Hire purchase contracts 35,824 39,587
35,824 48,810

9. RESERVES
Retained
earnings
£   

At 1 January 2023 86,227
Profit for the year 10,661
Dividends (63,173 )
At 31 December 2023 33,715

10. RELATED PARTY DISCLOSURES

The company is controlled by the company director.