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GS Supplies Limited
Registered Number:06001132
For the year ended 31 October 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 October 2023
GS Supplies Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
06001132
As at 31 October 2023
GS Supplies Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
11,109
16,821
2
11,109
16,821
Current assets
Inventories
283,536
262,176
3
Trade and other receivables
263,447
19,533
4
111,705
Cash and cash equivalents
454,276
735,985
658,688
Trade and other payables: amounts falling due within one
year
(221,514)
(336,813)
5
437,174
399,172
Net current assets
Total assets less current liabilities
410,281
453,995
Trade and other payables: amounts falling due after more
than one year
(303,000)
(385,292)
6
24,989
Net assets
150,995
Capital and reserves
Called up share capital
2
4
Retained earnings
24,987
150,991
24,989
150,995
Shareholders' funds
For the year ended 31 October 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Talha Ismail Director
These financial statements were approved and authorised for issue by the Board on 30 July 2024 and were signed by:
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4
Registered Number :
06001132
For the year ended 31 October 2023
GS Supplies Limited
Statement of Financial Position Continued
The notes form part of these financial statements
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5
For the year ended 31 October 2023
GS Supplies Limited
Notes to the Financial Statements
Statutory Information
GS Supplies Limited is a private limited company, limited by shares, domiciled in England and Wales, registration
number 06001132.
Principal place of business:
157-159 St George's Road
Preston
Lancashire
PR1 6NQ
Registered address:
157.159 St Georges Road
Preston
Lancashire
PR1 6NQ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
20 Straight line
33 Straight line
Computer equipment
25 Straight line
Motor vehicles
10 Straight line
Fixtures and fittings
No depreciation is provided on the company''s freehold properties since in the opinion of the directors the expected
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation
would be immaterial. The directors undertake an annual impairment review of these properties.
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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6
For the year ended 31 October 2023
GS Supplies Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
equipment
Fixtures and
fittings
Motor vehicles
Plant and
machinery
Land and
buildings
£
£
£
£
£
£
Cost or
valuation
At 01 November
2022
76,410
45,498
3,063
5,900
17,589
4,360
4,745
841
3,904
-
-
-
Additions
At 31 October
2023
4,360
5,900
6,967
46,339
81,155
17,589
Provision for depreciation and impairment
At 01 November
2022
59,589
34,468
3,063
5,900
16,158
-
Charge for year
10,457
9,586
394
-
477
-
At 31 October
2023
70,046
44,054
3,457
5,900
16,635
-
At 31 October
2023
Net book value
4,360
954
-
3,510
2,285
11,109
4,360
1,431
-
-
11,030
16,821
At 31 October
2022
3. Inventories
2022
2023
£
£
Stocks
262,176
283,536
4. Trade and other receivables
2022
2023
£
£
Trade debtors
18,285
24,496
Other debtors
1,248
238,951
263,447
19,533
The debtors above include the following amounts falling due after more than one year:
Other debtors
-
237,708
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7
For the year ended 31 October 2023
GS Supplies Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
3,510
4,467
Trade creditors
268,516
144,453
Taxation and social security
22,021
36,377
Other creditors
42,766
36,217
336,813
221,514
6. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Other creditors
385,292
303,000
7. Average number of persons employed
During the year the average number of employees was 12 (2022 : 12)
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