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Registration number: 05327364

GAP Solutions (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

GAP Solutions (UK) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

GAP Solutions (UK) Ltd

Company Information

Directors

LS Bradley

GJ Bradley

Registered office

Unit A1
Enterprise Business Park
Crowhurst Road
Brighton
BN1 8AF

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

GAP Solutions (UK) Ltd

(Registration number: 05327364)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

25,199

-

Current assets

 

Debtors

4

355,169

441,102

Cash at bank and in hand

 

24,941

23,941

 

380,110

465,043

Creditors: Amounts falling due within one year

5

(229,343)

(232,037)

Net current assets

 

150,767

233,006

Total assets less current liabilities

 

175,966

233,006

Creditors: Amounts falling due after more than one year

5

(118,762)

(176,754)

Net assets

 

57,204

56,252

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

57,104

56,152

Shareholders' funds

 

57,204

56,252

For the financial year ending 31 January 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.

 

GAP Solutions (UK) Ltd

(Registration number: 05327364)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 23 October 2024 and signed on its behalf by:



 

.........................................

GJ Bradley

Director

 

GAP Solutions (UK) Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit A1
Enterprise Business Park
Crowhurst Road
Brighton
BN1 8AF

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

GAP Solutions (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Computer equipment

33% Straight line

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 23 (2023 - 21).

4

Debtors

 

GAP Solutions (UK) Ltd

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

Current

Note

2024
£

2023
£

Trade debtors

 

206,668

187,445

Amounts owed by related parties

112,895

80,563

Prepayments

 

11,422

20,337

Other debtors

 

24,184

152,757

   

355,169

441,102

 

GAP Solutions (UK) Ltd

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

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

61,017

53,030

Trade creditors

 

79,554

124,936

Taxation and social security

 

40,886

35,832

Other creditors

 

47,886

18,239

 

229,343

232,037

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

118,762

176,754

6

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

102,873

176,754

Hire purchase contracts

15,889

-

118,762

176,754

Current loans and borrowings

2024
£

2023
£

Bank borrowings

52,350

52,350

Hire purchase contracts

8,667

680

61,017

53,030

7

Dividends

2024

2023

£

£

Interim dividend of £780.00 (2023 - £1,770.00) per ordinary share

78,000

177,000

 

 
 

GAP Solutions (UK) Ltd

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100