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REGISTERED NUMBER: 02781052 (England and Wales)













Financial Statements

for the Year Ended 31 May 2024

for

GSM Printer & Label Systems Limited

GSM Printer & Label Systems Limited (Registered number: 02781052)






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 Printer & Label Systems Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: F Dodd
G Gitsham
A J Perry
K J Sims
P C Wright



SECRETARY: G Gitsham



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



REGISTERED NUMBER: 02781052 (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 Printer & Label Systems Limited (Registered number: 02781052)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 7,847 15,454
Investments 6 200 200
8,047 15,654

CURRENT ASSETS
Stocks 7 4,947 1,114
Debtors 8 273,074 316,077
Cash at bank and in hand 379,891 541,135
657,912 858,326
CREDITORS
Amounts falling due within one year 9 282,383 402,452
NET CURRENT ASSETS 375,529 455,874
TOTAL ASSETS LESS CURRENT
LIABILITIES

383,576

471,528

PROVISIONS FOR LIABILITIES 11 - 622
NET ASSETS 383,576 470,906

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 383,476 470,806
SHAREHOLDERS' FUNDS 383,576 470,906

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 Printer & Label Systems Limited (Registered number: 02781052)

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

1. STATUTORY INFORMATION

GSM Printer & Label Systems 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 represents net invoiced sales of goods and services, excluding value added tax.

Income recognition
Income is recognised when a contract for the sale of goods and/or services 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.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% 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.

Government grants
Revenue based grants are credited to the profit and loss account on receipt.

GSM Printer & Label Systems Limited (Registered number: 02781052)

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

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of material cost and estimated selling price less costs to sell.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 13 (2023 - 13 ) .

GSM Printer & Label Systems Limited (Registered number: 02781052)

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

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 June 2023
and 31 May 2024 18,700
AMORTISATION
At 1 June 2023
and 31 May 2024 18,700
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 82,789 12,990 142,028 237,807
DEPRECIATION
At 1 June 2023 82,637 5,630 134,086 222,353
Charge for year 152 2,756 4,699 7,607
At 31 May 2024 82,789 8,386 138,785 229,960
NET BOOK VALUE
At 31 May 2024 - 4,604 3,243 7,847
At 31 May 2023 152 7,360 7,942 15,454

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 200
NET BOOK VALUE
At 31 May 2024 200
At 31 May 2023 200

GSM Printer & Label Systems Limited (Registered number: 02781052)

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

7. STOCKS
2024 2023
£    £   
Stocks 4,947 1,114

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 250,780 235,533
Amounts owed by group undertakings 487 39,273
Prepayments 21,807 41,271
273,074 316,077

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 172,047 228,064
Amounts owed to group undertakings 200 1,226
Taxation and social security 32,492 47,509
Other creditors 6,336 23,749
Deferred income 58,562 73,890
Accruals and deferred income 12,746 28,014
282,383 402,452

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 43,750 53,500
Between one and five years 40,500 43,750
In more than five years 70,875 111,375
155,125 208,625

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax - 622

GSM Printer & Label Systems Limited (Registered number: 02781052)

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

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2023 622
Provided during year (622 )
Balance at 31 May 2024 -

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

13. 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

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.