REGISTERED NUMBER: |
GENERAL SOLUTIONS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
29 FEBRUARY 2024 |
REGISTERED NUMBER: |
GENERAL SOLUTIONS LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
29 FEBRUARY 2024 |
GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GENERAL SOLUTIONS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Royal Crescent |
Glasgow |
G3 7SP |
GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975) |
BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975) |
BALANCE SHEET - continued |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 | ( |
) | ( |
) |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover and revenue recognition |
The turnover shown in the profit and loss account represents the value of services provided during the year, exclusive of Value Added Tax. A sale is recognised at the point where services have been provided. |
Tangible fixed assets |
Depreciation will be provided at the following annual rates in order to write off each asset over its estimated useful life. |
Equipment and Fittings - 15% on cost |
Investment property |
Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent. |
This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. |
Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement. |
Financial instruments |
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised. |
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. |
GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | ACCOUNTING POLICIES - continued |
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. |
Loans and borrowings |
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | TANGIBLE FIXED ASSETS |
Equipment |
and |
Fittings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2021 | (309 | ) |
Valuation in 2022 | (5,000 | ) |
Cost | 335,309 |
330,000 |
The investment property was revalued by the director on 29 February 2024. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Directors' current accounts |
Tax recoverable |
VAT |
Deferred tax asset |
Prepayments |
The loans to directors are interest free and repayable on demand. |
GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Corporation Tax |
Social security and other taxes |
VAT |
Directors' current accounts |
Accrued expenses |
The loans from directors are interest free and repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 113,494 | 108,477 |
8. | SECURED DEBTS |
The bank loans are secured over the assets of the company. |
GENERAL SOLUTIONS LTD (REGISTERED NUMBER: SC498975) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | ( |
) | 260,465 |
Deficit for the year | ( |
) | ( |
) |
At 29 February 2024 | 204,339 | (4,300 | ) | 200,039 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
11. | RELATED PARTY DISCLOSURES |
The loan balances due to the directors amounted to £ |