GPS Sprayers Limited 03203998 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is the distribution and manufacture of industrial spraying equipment. Digita Accounts Production Advanced 6.30.9574.0 true true 03203998 2023-06-01 2024-05-31 03203998 2024-05-31 03203998 bus:OrdinaryShareClass1 2024-05-31 03203998 core:CurrentFinancialInstruments 2024-05-31 03203998 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 03203998 core:Non-currentFinancialInstruments 2024-05-31 03203998 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 03203998 core:FurnitureFittingsToolsEquipment 2024-05-31 03203998 core:LandBuildings 2024-05-31 03203998 bus:SmallEntities 2023-06-01 2024-05-31 03203998 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03203998 bus:FilletedAccounts 2023-06-01 2024-05-31 03203998 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 03203998 bus:RegisteredOffice 2023-06-01 2024-05-31 03203998 bus:Director4 2023-06-01 2024-05-31 03203998 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 03203998 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03203998 core:Buildings 2023-06-01 2024-05-31 03203998 core:ComputerEquipment 2023-06-01 2024-05-31 03203998 core:FurnitureFittings 2023-06-01 2024-05-31 03203998 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 03203998 core:LandBuildings 2023-06-01 2024-05-31 03203998 1 2023-06-01 2024-05-31 03203998 countries:UnitedKingdom 2023-06-01 2024-05-31 03203998 2023-05-31 03203998 core:FurnitureFittingsToolsEquipment 2023-05-31 03203998 core:LandBuildings 2023-05-31 03203998 2022-06-01 2023-05-31 03203998 2023-05-31 03203998 bus:OrdinaryShareClass1 2023-05-31 03203998 core:CurrentFinancialInstruments 2023-05-31 03203998 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 03203998 core:Non-currentFinancialInstruments 2023-05-31 03203998 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 03203998 core:FurnitureFittingsToolsEquipment 2023-05-31 03203998 core:LandBuildings 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03203998

GPS Sprayers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

GPS Sprayers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

GPS Sprayers Limited

(Registration number: 03203998)
Balance Sheet as at 31 May 2024

Note

31 May
2024
£

31 May
2023
£

Fixed assets

 

Tangible assets

4

23

853

Current assets

 

Stocks

5

142,395

109,561

Debtors

6

216,649

249,124

Cash at bank and in hand

 

51

-

 

359,095

358,685

Creditors: Amounts falling due within one year

7

(176,055)

(181,511)

Net current assets

 

183,040

177,174

Total assets less current liabilities

 

183,063

178,027

Creditors: Amounts falling due after more than one year

7

(29,402)

-

Net assets

 

153,661

178,027

Capital and reserves

 

Called up share capital

8

3

3

Retained earnings

153,658

178,024

Shareholders' funds

 

153,661

178,027

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 October 2024 and signed on its behalf by:
 

 

GPS Sprayers Limited

(Registration number: 03203998)
Balance Sheet as at 31 May 2024

.........................................
P M Giblin
Director

 

GPS Sprayers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 11
Chancerygate Business Centre
Langford Lane
Kidlington
Oxon
OX5 1FQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

GPS Sprayers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Leasehold property

Straight line over the life of the lease

Computer

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

 

GPS Sprayers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

56,295

61,134

117,429

At 31 May 2024

56,295

61,134

117,429

Depreciation

At 1 June 2023

56,295

60,281

116,576

Charge for the year

-

830

830

At 31 May 2024

56,295

61,111

117,406

Carrying amount

At 31 May 2024

-

23

23

At 31 May 2023

-

853

853

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

GPS Sprayers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Stocks

31 May
2024
£

31 May
2023
£

Finished goods and goods for resale

142,395

109,561

6

Debtors

Note

31 May
2024
£

31 May
2023
£

Trade debtors

 

116,101

159,346

Amounts owed by group undertakings and undertakings in which the company has a participating interest

99,127

88,356

Other debtors

 

1,421

1,422

 

216,649

249,124

 

GPS Sprayers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

31 May
2024
£

31 May
2023
£

Due within one year

 

Loans and borrowings

9

77,393

90,352

Trade creditors

 

68,031

46,391

Taxation and social security

 

25,361

39,497

Accruals and deferred income

 

5,270

5,271

 

176,055

181,511

Creditors: amounts falling due after more than one year

Note

31 May
2024
£

31 May
2023
£

Due after one year

 

Loans and borrowings

9

29,402

-

8

Share capital

Allotted, called up and fully paid shares

31 May
2024

31 May
2023

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

       

9

Loans and borrowings

Non-current loans and borrowings

31 May
2024
£

31 May
2023
£

Bank borrowings

29,402

-

Current loans and borrowings

 

GPS Sprayers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

31 May
2024
£

31 May
2023
£

Bank borrowings

5,520

38,561

Bank overdrafts

71,873

51,791

77,393

90,352

10

Parent and ultimate parent undertaking

The company's immediate parent is T & J Gardiner Limited, incorporated in England.

 The ultimate parent is Filosofy Limited, incorporated in England.