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Registration number: 06815162

GSP Coaching Limited

Unaudited Filleted Financial Statements

for the Year Ended 27 February 2024

 

GSP Coaching Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

GSP Coaching Limited

Company Information

Directors

Mr G J Saul-Paterson

Mrs J Saul-Paterson

Company secretary

Mrs J Saul-Paterson

Registered office

Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

Accountants

Newsham Hanson Accountants Limited
Accountants and Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

GSP Coaching Limited

(Registration number: 06815162)
Balance Sheet as at 27 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,000

3,000

Tangible assets

5

2,082

1,721

 

4,082

4,721

Current assets

 

Debtors

6

9,520

9,434

Cash at bank and in hand

 

2

-

 

9,522

9,434

Creditors: Amounts falling due within one year

7

(12,002)

(13,911)

Net current liabilities

 

(2,480)

(4,477)

Total assets less current liabilities

 

1,602

244

Creditors: Amounts falling due after more than one year

7

(200)

-

Net assets

 

1,402

244

Capital and reserves

 

Called up share capital

8

4

4

Retained earnings

1,398

240

Shareholders' funds

 

1,402

244

For the financial year ending 27 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

 

GSP Coaching Limited

(Registration number: 06815162)
Balance Sheet as at 27 February 2024

.........................................
Mr G J Saul-Paterson
Director

 

GSP Coaching Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

GSP Coaching Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and Fittings

20% reducing balance

Plant and Machinery

10% reducing balance

Office Equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

GSP Coaching Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

GSP Coaching Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 28 February 2023

10,000

10,000

At 27 February 2024

10,000

10,000

Amortisation

At 28 February 2023

7,000

7,000

Amortisation charge

1,000

1,000

At 27 February 2024

8,000

8,000

Carrying amount

At 27 February 2024

2,000

2,000

At 27 February 2023

3,000

3,000

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 28 February 2023

9,549

9,549

Additions

800

800

At 27 February 2024

10,349

10,349

Depreciation

At 28 February 2023

7,828

7,828

Charge for the year

439

439

At 27 February 2024

8,267

8,267

Carrying amount

At 27 February 2024

2,082

2,082

At 27 February 2023

1,721

1,721

 

GSP Coaching Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

9,520

5,349

Other debtors

-

4,085

 

9,520

9,434

 

GSP Coaching Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

1,316

4,391

Amounts owed to related parties

31

-

Taxation and social security

 

303

314

Other creditors

 

10,352

9,206

 

12,002

13,911

Due after one year

 

Loans and borrowings

9

200

-

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

200

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Odinary shares of £1 each

3

3

3

3

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

200

-

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

916

4,391

Hire purchase contracts

400

-

1,316

4,391