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Company No: 06049154 (England and Wales)

GSD SECURITY LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

GSD SECURITY LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

GSD SECURITY LIMITED

BALANCE SHEET

As at 31 January 2024
GSD SECURITY LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 12,114 8,220
12,114 8,220
Current assets
Debtors 5 98,770 107,872
Cash at bank and in hand 134,384 140,570
233,154 248,442
Creditors: amounts falling due within one year 6 ( 79,260) ( 97,287)
Net current assets 153,894 151,155
Total assets less current liabilities 166,008 159,375
Creditors: amounts falling due after more than one year 7 ( 18,257) ( 27,961)
Provision for liabilities ( 1,618) ( 2,054)
Net assets 146,133 129,360
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 146,033 129,260
Total shareholders' funds 146,133 129,360

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 financial statements of GSD Security Limited (registered number: 06049154) were approved and authorised for issue by the Board of Directors on 30 October 2024. They were signed on its behalf by:

Mr R Thomas
Director
GSD SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
GSD SECURITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GSD Security Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Riviere Towans, Phillack, Hayle, TR27 5AF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is stated net of VAT and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 20 % reducing balance
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
The average number of persons employed by the Company during the year, including directors 12 12

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 21,500 21,500
At 31 January 2024 21,500 21,500
Accumulated amortisation
At 01 February 2023 21,500 21,500
At 31 January 2024 21,500 21,500
Net book value
At 31 January 2024 0 0
At 31 January 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 February 2023 5,505 20,683 5,840 32,028
Additions 0 6,000 0 6,000
At 31 January 2024 5,505 26,683 5,840 38,028
Accumulated depreciation
At 01 February 2023 5,505 13,685 4,618 23,808
Charge for the financial year 0 1,699 407 2,106
At 31 January 2024 5,505 15,384 5,025 25,914
Net book value
At 31 January 2024 0 11,299 815 12,114
At 31 January 2023 0 6,998 1,222 8,220

5. Debtors

2024 2023
£ £
Trade debtors 56,987 43,863
Other debtors 41,783 64,009
98,770 107,872

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,500 10,500
Trade creditors 3,151 13,506
Corporation tax 15,670 19,780
Other taxation and social security 32,123 28,602
Other creditors 17,816 24,899
79,260 97,287

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,833 22,537
Other creditors 5,424 5,424
18,257 27,961

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 8,340 8,340
between one and five years 40,310 3,475
48,650 11,815

The total amount of financial commitments not included in the balance sheet is £48,650 (2023 - £11,815).