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Registered number: 13084977
GBS Group Holdings Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 October 2023
Newtons Accountants Limited
Chartered Certified Accountants
470 Hucknall Road
Nottingham
Nottinghamshire
NG5 1FX
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 13084977
31 October 2023 31 October 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,189,361 248,320
Investments 5 130,700 130,700
1,320,061 379,020
CURRENT ASSETS
Debtors 52,203 35,525
Cash at bank and in hand 105,424 56,699
157,627 92,224
Creditors: Amounts Falling Due Within One Year (68,728 ) (5,000 )
NET CURRENT ASSETS (LIABILITIES) 88,899 87,224
TOTAL ASSETS LESS CURRENT LIABILITIES 1,408,960 466,244
Creditors: Amounts Falling Due After More Than One Year (619,667 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (75,397 ) (47,180 )
NET ASSETS 713,896 419,064
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 713,796 418,964
SHAREHOLDERS' FUNDS 713,896 419,064
Page 1
Page 2
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 October 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr R Hall
Director
30/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
GBS Group Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13084977 . The registered office is 470 Hucknall Road, Nottingham, Nottinghamshire, NG5 1FX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Plant & Machinery 15% straight line
Motor Vehicles 15% straight line
Computer Equipment 15% straight line
2.4. Taxation
The taxation expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
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2.4. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Investments
Fixed asset investments, all in a subsidiary, are included at cost.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Total
£
Cost
As at 1 November 2022 283,795
Additions 986,610
As at 31 October 2023 1,270,405
Depreciation
As at 1 November 2022 35,475
Provided during the period 45,569
As at 31 October 2023 81,044
Net Book Value
As at 31 October 2023 1,189,361
As at 1 November 2022 248,320
Page 4
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5. Investments
Total
£
Cost
As at 1 November 2022 130,700
As at 31 October 2023 130,700
Provision
As at 1 November 2022 -
As at 31 October 2023 -
Net Book Value
As at 31 October 2023 130,700
As at 1 November 2022 130,700
6. Secured Creditors
Of the creditors the following amounts are secured.
31 October 2023 31 October 2022
£ £
Bank loans and overdrafts 595,000 -
7. Share Capital
31 October 2023 31 October 2022
£ £
Allotted, Called up and fully paid 100 100
Page 5