REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 May 2024 |
for |
GSM Group Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 May 2024 |
for |
GSM Group Limited |
GSM Group Limited (Registered number: 03578072) |
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 Group Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Oak Tree House, Harwood Road |
Northminster Business Park |
Upper Poppleton |
York |
YO26 6QU |
GSM Group Limited (Registered number: 03578072) |
Balance Sheet |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Investments | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Fair value reserve | 13 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GSM Group Limited (Registered number: 03578072) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
GSM Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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. |
Preparation of consolidated financial statements |
The financial statements contain information about GSM Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, GSM Group Holdco Limited, Castlegarth Works, Masonic Lane, Thirsk, North Yorkshire, YO7 1PS. |
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. |
Turnover |
Turnover represents invoiced property rentals, excluding value added tax. |
Income recognition |
Property rental income is recognised in accordance with the contractual terms of the lease. |
Tangible fixed assets |
Freehold property | - |
The directors consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews in accordance with FRS 102 to ensure that the carrying value is not lower than the recoverable amount. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is included at fair value. Gains and losses are recognised in the Profit and Loss Account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Financial instruments |
Basis financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
GSM Group Limited (Registered number: 03578072) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The freehold properties previous revaluation was used as the deemed cost in the accounts on transition to FRS102. The historic cost equivalent of these assets is £1,423,116 (2023: £1,423,116). |
GSM Group Limited (Registered number: 03578072) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
Revaluations | 245,000 |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2020 | 327,328 |
Valuation in 2021 | 35,543 |
Valuation in 2022 | 128,900 |
Valuation in 2024 | 245,000 |
Cost | 1,615,668 |
2,352,439 |
If the investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,615,668 | 1,735,772 |
There are 2 investment properties. One was valued on a fair value basis on 2 September 2022 by Aitchison Rafferty. The second was valued on a fair value basis on 29 August 2024 by Aitchison Rafferty. |
The directors consider these valuations to be appropriate at 31 May 2024. |
GSM Group Limited (Registered number: 03578072) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
VAT |
Prepayments |
8. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Current asset investments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Accruals and deferred income |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 119,450 | 105,342 |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Charge to Profit and Loss Account during year |
Balance at 31 May 2024 |
GSM Group Limited (Registered number: 03578072) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 52,000 | 52,000 |
13. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 June 2023 |
Revaluation | 245,000 |
Fair value reserve transfer | (247,457 | ) |
Deferred tax movement | (14,050 | ) |
At 31 May 2024 |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company 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. |