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REGISTERED NUMBER: 01445448 (England and Wales)













Financial Statements

for the Year Ended 31 May 2024

for

GSM Valtech Industries Limited

GSM Valtech Industries Limited (Registered number: 01445448)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GSM Valtech Industries Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: P C Wright
G Gitsham
A J Perry
F Dodd
A M Spratt



SECRETARY: G Gitsham



REGISTERED OFFICE: Castlegarth Works
Masonic Lane
Thirsk
North Yorkshire
YO7 1PS



REGISTERED NUMBER: 01445448 (England and Wales)



SENIOR STATUTORY AUDITOR: Phillipa Symington ACA CA(SA)



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
Oak Tree House, Harwood Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU

GSM Valtech Industries Limited (Registered number: 01445448)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 31,104
Tangible assets 5 725,057 679,042
725,057 710,146

CURRENT ASSETS
Stocks 6 134,234 267,690
Debtors 7 652,288 1,114,378
Cash at bank and in hand 759,471 448,356
1,545,993 1,830,424
CREDITORS
Amounts falling due within one year 8 444,276 731,474
NET CURRENT ASSETS 1,101,717 1,098,950
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,826,774

1,809,096

PROVISIONS FOR LIABILITIES 10 144,463 106,758
NET ASSETS 1,682,311 1,702,338

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 1,682,309 1,702,336
SHAREHOLDERS' FUNDS 1,682,311 1,702,338

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





P C Wright - Director


GSM Valtech Industries Limited (Registered number: 01445448)

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

1. STATUTORY INFORMATION

GSM Valtech Industries 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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the group and the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date the financial statements are approved.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group or those concluded under normal market conditions.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Income is recognised when a contract for the sale of goods is determined as unconditional.

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.

Capitalised computer software costs will not be amortised until they are brought into use.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant, machinery, equipment and fittings33% on cost, 25% on cost, 20% on cost, 12.5% on cost and
10% on cost
Motor vehicles25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

The company writes down motor vehicles on a straight line basis to their estimated residual values at the end of their useful lives.

GSM Valtech Industries Limited (Registered number: 01445448)

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

2. ACCOUNTING POLICIES - continued

Government grants
Revenue based grants are credited to the profit and loss account when entitled.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2023 - 64 ) .

GSM Valtech Industries Limited (Registered number: 01445448)

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

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 June 2023 31,104
Impairments (31,104 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 31,104

5. TANGIBLE FIXED ASSETS
Plant,
machinery,
equipment
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2023 2,078,666 148,017 2,226,683
Additions 106,498 89,136 195,634
Disposals (24,490 ) - (24,490 )
At 31 May 2024 2,160,674 237,153 2,397,827
DEPRECIATION
At 1 June 2023 1,446,210 101,431 1,547,641
Charge for year 126,523 21,846 148,369
Eliminated on disposal (23,240 ) - (23,240 )
At 31 May 2024 1,549,493 123,277 1,672,770
NET BOOK VALUE
At 31 May 2024 611,181 113,876 725,057
At 31 May 2023 632,456 46,586 679,042

6. STOCKS
2024 2023
£    £   
Raw materials 47,798 126,077
Work-in-progress 30,110 45,714
Finished goods 56,326 95,899
134,234 267,690

GSM Valtech Industries Limited (Registered number: 01445448)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 563,253 1,018,678
Amounts owed by group undertakings 216 7,183
Prepayments and accrued income 88,819 88,517
652,288 1,114,378

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 196,358 349,525
Amounts owed to group undertakings 985 71,837
Taxation and social security 193,369 174,158
Other creditors 18,971 15,836
Accruals and deferred income 34,593 120,118
444,276 731,474

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 100,000 100,000
Between one and five years 275,000 375,000
375,000 475,000

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 144,463 106,758

Deferred
tax
£   
Balance at 1 June 2023 106,758
Charge to Statement of Income and Retained Earnings during year 37,705
Balance at 31 May 2024 144,463

GSM Valtech Industries Limited (Registered number: 01445448)

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Phillipa Symington ACA CA(SA) (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP

13. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 7,776 7,776

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is GSM Group Holdco Limited, a private company, limited by shares, registered in England and Wales. The company's registered office is Castlegarth Works, Masonic Lane, Thirsk, North Yorkshire, YO7 1PS.