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REGISTERED NUMBER: 03578072 (England and Wales)













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: F Dodd
A J Perry
P C Wright



SECRETARY: G Gitsham



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



REGISTERED NUMBER: 03578072 (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 Group Limited (Registered number: 03578072)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,112,032 2,110,360
Investments 5 49,098 49,098
Investment property 6 2,352,439 2,475,000
4,513,569 4,634,458

CURRENT ASSETS
Debtors 7 16,323 56,131
Investments 8 1,000,000 -
Cash at bank 2,205,915 2,438,356
3,222,238 2,494,487
CREDITORS
Amounts falling due within one year 9 140,974 66,501
NET CURRENT ASSETS 3,081,264 2,427,986
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,594,833

7,062,444

PROVISIONS FOR LIABILITIES 11 119,450 105,342
NET ASSETS 7,475,383 6,957,102

CAPITAL AND RESERVES
Called up share capital 12 52,000 52,000
Fair value reserve 13 661,907 678,414
Revaluation reserve 407,034 407,034
Retained earnings 6,354,442 5,819,654
SHAREHOLDERS' FUNDS 7,475,383 6,957,102

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 Profit and Loss Account 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 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 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 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided

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 2 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Freehold
property
£   
COST
At 1 June 2023 2,110,360
Additions 1,672
At 31 May 2024 2,112,032
NET BOOK VALUE
At 31 May 2024 2,112,032
At 31 May 2023 2,110,360

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 49,098
NET BOOK VALUE
At 31 May 2024 49,098
At 31 May 2023 49,098

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 2,475,000
Additions 32,439
Disposals (400,000 )
Revaluations 245,000
At 31 May 2024 2,352,439
NET BOOK VALUE
At 31 May 2024 2,352,439
At 31 May 2023 2,475,000

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 935 46,914
VAT - 1,437
Prepayments 15,388 7,780
16,323 56,131

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Current asset investments 1,000,000 -

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 14,943 3,044
Amounts owed to group undertakings 1,000 7,183
Taxation and social security 117,142 49,524
Accruals and deferred income 7,889 6,750
140,974 66,501

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 14,254 -
Between one and five years 15,442 -
29,696 -

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 119,450 105,342

Deferred
tax
£   
Balance at 1 June 2023 105,342
Charge to Profit and Loss Account during year 14,108
Balance at 31 May 2024 119,450

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: £    £   
52,000 Ordinary £1 52,000 52,000

13. RESERVES
Fair
value
reserve
£   
At 1 June 2023 678,414
Revaluation 245,000
Fair value reserve transfer (247,457 )
Deferred tax movement (14,050 )

At 31 May 2024 661,907

14. 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

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.