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REGISTERED NUMBER: 01165307 (England and Wales)













Financial Statements

for the Year Ended 31 May 2024

for

GSM Graphic Arts Limited

GSM Graphic Arts Limited (Registered number: 01165307)






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 Graphic Arts Limited

Company Information
for the Year Ended 31 May 2024







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



SECRETARY: G Gitsham



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



REGISTERED NUMBER: 01165307 (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 Graphic Arts Limited (Registered number: 01165307)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 477,713 572,297
477,713 572,297

CURRENT ASSETS
Stocks 6 265,725 348,404
Debtors 7 558,590 633,234
Cash at bank and in hand 872,108 844,369
1,696,423 1,826,007
CREDITORS
Amounts falling due within one year 8 590,245 762,043
NET CURRENT ASSETS 1,106,178 1,063,964
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,583,891

1,636,261

PROVISIONS FOR LIABILITIES 10 95,998 114,990
NET ASSETS 1,487,893 1,521,271

CAPITAL AND RESERVES
Called up share capital 11 48,996 48,996
Retained earnings 1,438,897 1,472,275
SHAREHOLDERS' FUNDS 1,487,893 1,521,271

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 Graphic Arts Limited (Registered number: 01165307)

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

1. STATUTORY INFORMATION

GSM Graphic Arts 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Income is recognised when a contract for the sale of goods 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.

Website costs are being amortised evenly over their estimated useful life of two 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 - 33% on cost, 25% on cost, 20% on cost and 10% on cost
Motor vehicles - 25% 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.

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

GSM Graphic Arts Limited (Registered number: 01165307)

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

2. ACCOUNTING POLICIES - continued

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.

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.

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.

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 64 (2023 - 69 ) .

GSM Graphic Arts Limited (Registered number: 01165307)

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

4. INTANGIBLE FIXED ASSETS
Website
costs
£   
COST
At 1 June 2023
and 31 May 2024 3,476
AMORTISATION
At 1 June 2023
and 31 May 2024 3,476
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2023 2,180,388 88,214 2,268,602
Additions 34,391 - 34,391
Disposals (9 ) - (9 )
At 31 May 2024 2,214,770 88,214 2,302,984
DEPRECIATION
At 1 June 2023 1,662,703 33,602 1,696,305
Charge for year 109,950 19,016 128,966
At 31 May 2024 1,772,653 52,618 1,825,271
NET BOOK VALUE
At 31 May 2024 442,117 35,596 477,713
At 31 May 2023 517,685 54,612 572,297

6. STOCKS
2024 2023
£    £   
Raw materials 109,315 161,672
Work-in-progress 92,657 111,958
Finished goods 63,753 74,774
265,725 348,404

GSM Graphic Arts Limited (Registered number: 01165307)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 509,390 544,632
Amounts owed by group undertakings 1,577 33,590
Prepayments 47,623 55,012
558,590 633,234

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 257,938 354,113
Amounts owed to group undertakings 1,230 46,914
Taxation and social security 269,213 266,147
Other creditors 13,544 12,972
Accruals and deferred income 48,320 81,897
590,245 762,043

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 45,000 45,000
Between one and five years 45,000 45,000
In more than five years 78,750 123,750
168,750 213,750

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 95,998 114,990

Deferred
tax
£   
Balance at 1 June 2023 114,990
Provided during year (18,992 )
Balance at 31 May 2024 95,998

GSM Graphic Arts Limited (Registered number: 01165307)

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
48,996 Ordinary £1 48,996 48,996

12. 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

13. 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.