Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-08-01falsesuppliers of gutters, facias and soffits to building industry.77truetrue 11452574 2023-08-01 2024-07-31 11452574 2022-08-01 2023-07-31 11452574 2024-07-31 11452574 2023-07-31 11452574 2022-08-01 11452574 c:Director1 2023-08-01 2024-07-31 11452574 d:Buildings d:ShortLeaseholdAssets 2023-08-01 2024-07-31 11452574 d:Buildings d:ShortLeaseholdAssets 2024-07-31 11452574 d:Buildings d:ShortLeaseholdAssets 2023-07-31 11452574 d:PlantMachinery 2023-08-01 2024-07-31 11452574 d:PlantMachinery 2024-07-31 11452574 d:PlantMachinery 2023-07-31 11452574 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 11452574 d:MotorVehicles 2023-08-01 2024-07-31 11452574 d:MotorVehicles 2024-07-31 11452574 d:MotorVehicles 2023-07-31 11452574 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 11452574 d:OfficeEquipment 2023-08-01 2024-07-31 11452574 d:OfficeEquipment 2024-07-31 11452574 d:OfficeEquipment 2023-07-31 11452574 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 11452574 d:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 11452574 d:OtherPropertyPlantEquipment 2024-07-31 11452574 d:OtherPropertyPlantEquipment 2023-07-31 11452574 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 11452574 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 11452574 d:CurrentFinancialInstruments 2024-07-31 11452574 d:CurrentFinancialInstruments 2023-07-31 11452574 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 11452574 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 11452574 d:ShareCapital 2024-07-31 11452574 d:ShareCapital 2023-07-31 11452574 d:SharePremium 2024-07-31 11452574 d:SharePremium 2023-07-31 11452574 d:RetainedEarningsAccumulatedLosses 2024-07-31 11452574 d:RetainedEarningsAccumulatedLosses 2023-07-31 11452574 c:FRS102 2023-08-01 2024-07-31 11452574 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 11452574 c:FullAccounts 2023-08-01 2024-07-31 11452574 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 11452574 d:AcceleratedTaxDepreciationDeferredTax 2024-07-31 11452574 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 11452574 2 2023-08-01 2024-07-31 11452574 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 11452574









GFS SUPPLIES LTD








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
GFS SUPPLIES LTD
REGISTERED NUMBER: 11452574

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
                                                                                  Note
£
£

Fixed assets
  

Tangible assets
 4 
37,994
50,319

Current assets
  

Stocks
 5 
554,716
518,527

Debtors: amounts falling due within one year
 6 
330,735
440,504

Cash at bank and in hand
 7 
1,523,499
1,199,666

  
2,408,950
2,158,697

Creditors: amounts falling due within one year
 8 
(557,580)
(623,656)

Net current assets
  
 
 
1,851,370
 
 
1,535,041

Total assets less current liabilities
  
1,889,364
1,585,360

Provisions for liabilities
  

Deferred tax
 9 
(8,819)
(12,636)

Net assets
  
1,880,545
1,572,724


Capital and reserves
  

Called up share capital 
  
120
120

Share premium account
  
399,880
399,880

Profit and loss account
  
1,480,545
1,172,724

  
1,880,545
1,572,724


Page 1

 
GFS SUPPLIES LTD
REGISTERED NUMBER: 11452574
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 October 2024.




K Bashir
Director

Page 2

 
GFS SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

GFS Supplies Ltd is a private company limited by shares, incorporated in England, United Kingdom. The address of
the principal place of business is Unit G Park House, Watford Business Park, Greenhill Crescent, Hertfordshire, WD18 8PH. The company's principal activity is the suppliers of gutters, fascias and soffits to the building industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 3

 
GFS SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over term of lease
Plant and machinery
-
25%
Motor vehicles
-
25%
Office equipment
-
25%
Other fixed assets
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
GFS SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

Stocks

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

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 -7).

Page 5

 
GFS SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Other fixed assets
Total

£
£
£
£
£
£



Cost or valuation


At 1 August 2023
6,806
17,396
63,524
31,559
6,742
126,027


Additions
-
-
-
113
-
113



At 31 July 2024

6,806
17,396
63,524
31,672
6,742
126,140



Depreciation


At 1 August 2023
3,405
13,030
32,849
21,465
4,959
75,708


Charge for the year on owned assets
681
1,090
7,669
2,552
446
12,438



At 31 July 2024

4,086
14,120
40,518
24,017
5,405
88,146



Net book value



At 31 July 2024
2,720
3,276
23,006
7,655
1,337
37,994



At 31 July 2023
3,401
4,366
30,675
10,094
1,783
50,319




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
2,720
3,401



5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
554,716
518,527


Page 6

 
GFS SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
318,540
431,309

Other debtors
46
-

Prepayments and accrued income
12,149
9,195

330,735
440,504



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,523,499
1,199,666



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
330,484
409,137

Corporation tax
105,594
94,267

Other taxation and social security
50,818
52,851

Other creditors
-
334

Accruals and deferred income
70,684
67,067

557,580
623,656


Page 7

 
GFS SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
(12,636)
(11,887)


Released/(charged) to profit or loss
3,817
(749)



At end of period
(8,819)
(12,636)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(8,819)
(12,636)


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,098 (2023 - £4,293). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 8