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REGISTERED NUMBER: 07901375 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 January 2024

for

GSIT Limited

GSIT Limited (Registered number: 07901375)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


GSIT Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Mr D A Gibson





REGISTERED OFFICE: Senteca Business Central
Union Square
Central Park
Darlington
Co. Durham
DL1 1GL





REGISTERED NUMBER: 07901375 (England and Wales)





ACCOUNTANTS: Lyons Watson
Accountants & Business Advisers
Business Central
2 Union Square
Darlington
Co. Durham
DL1 1GL

GSIT Limited (Registered number: 07901375)

Abridged Balance Sheet
31 January 2024

31/1/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 46,397 53,253
46,397 53,253

CURRENT ASSETS
Debtors 236,919 270,582
Cash at bank 6,524 931
243,443 271,513
CREDITORS
Amounts falling due within one year 261,649 248,865
NET CURRENT (LIABILITIES)/ASSETS (18,206 ) 22,648
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,191

75,901

CREDITORS
Amounts falling due after more than one
year

(16,000

)

(28,000

)

PROVISIONS FOR LIABILITIES (8,815 ) (10,118 )
NET ASSETS 3,376 37,783

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 3,375 37,782
3,376 37,783

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GSIT Limited (Registered number: 07901375)

Abridged Balance Sheet - continued
31 January 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 October 2024 and were signed by:





Mr D A Gibson - Director


GSIT Limited (Registered number: 07901375)

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

1. STATUTORY INFORMATION

GSIT Limited is a private company, limited by shares , registered in England and Wales. 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.

The financial statements have been prepared under the going concern basis of accounting.

Turnover
Turnover represents the value of work carried out during the year including amounts not yet invoiced, excluding value added tax. Income is being recognised according to the stage of completion of work done.

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.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

GSIT Limited (Registered number: 07901375)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023
and 31 January 2024 20,000
AMORTISATION
At 1 February 2023
and 31 January 2024 20,000
NET BOOK VALUE

At 31 January 2024 -
At 31 January 2023 -

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 February 2023 95,686
Additions 2,583
At 31 January 2024 98,269
DEPRECIATION
At 1 February 2023 42,433
Charge for year 9,439
At 31 January 2024 51,872
NET BOOK VALUE
At 31 January 2024 46,397
At 31 January 2023 53,253

6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

31/1/24 31/1/23
£    £   
Mr D A Gibson
Balance outstanding at start of year 188,863 220,607
Amounts advanced - 106,356
Amounts repaid (33,549 ) (138,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 155,314 188,863

All advances to the director are repayable on demand and interest is charged at the official rate published by HM Revenue and Customs.