Registered number
06110528
GLS Trading Limited
Filleted Accounts
29 February 2024
GLS Trading Limited
Registered number: 06110528
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 465,023 476,659
Current assets
Stocks 42,010 39,638
Debtors 5 218,507 126,398
Cash at bank and in hand 147,161 151,502
407,678 317,538
Creditors: amounts falling due within one year 6 (462,191) (402,898)
Net current liabilities (54,513) (85,360)
Total assets less current liabilities 410,510 391,299
Creditors: amounts falling due after more than one year 7 (190,455) (219,764)
Provisions for liabilities - deferred tax (10,371) (8,807)
Net assets 209,684 162,728
Capital and reserves
Called up share capital 100 100
Profit and loss account 209,584 162,628
Shareholders' funds 209,684 162,728
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Dipam Chandarana
Director
Approved by the board on 13 November 2024
GLS Trading Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Fixtures, plant and machinery 10% per annum on net book value
Commercial vehicles 25% per annum on net book value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 230,500
At 29 February 2024 230,500
Amortisation
At 1 March 2023 230,500
At 29 February 2024 230,500
Net book value
At 29 February 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Fixtures, plant and machinery etc Commercial vehicles Total
£ £ £ £
Cost
At 1 March 2023 506,852 29,793 72,305 608,950
Additions - 1,326 6,800 8,126
Disposals - - (3,000) (3,000)
At 29 February 2024 506,852 31,119 76,105 614,076
Depreciation
At 1 March 2023 76,541 16,222 39,528 132,291
Charge for the year 7,666 1,490 9,657 18,813
On disposals - - (2,051) (2,051)
At 29 February 2024 84,207 17,712 47,134 149,053
Net book value
At 29 February 2024 422,645 13,407 28,971 465,023
At 28 February 2023 430,311 13,571 32,777 476,659
5 Debtors 2024 2023
£ £
Trade debtors 205,133 113,318
Prepayments 3,402 3,073
VAT and other repayments due 9,972 10,007
218,507 126,398
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 42,246 38,121
Trade creditors 299,858 199,534
Taxation and social security costs 30,579 4,932
Accruals 7,792 10,001
Directors' current account 74,466 146,960
Rent bond 7,250 3,350
462,191 402,898
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 190,455 219,764
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 50,995 88,058
Secured bank loans 232,701 257,885
The bank loans are secured by a way of fixed and floating charge over the assets of the company
9 Other information
GLS Trading Limited is a private company limited by shares and incorporated in England. Its registered office is:
Heddon House
17 Claymill Road
Leicester
LE4 9JJ
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