Company registration number 10031738 (England and Wales)
GS PROPERTIES YORKSHIRE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
GS PROPERTIES YORKSHIRE LIMITED
COMPANY INFORMATION
Director
Mr G Scaife
Company number
10031738
Registered office
2 Deighton Close
Wetherby
West Yorkshire
LS22 7GZ
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2RY
GS PROPERTIES YORKSHIRE LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
GS PROPERTIES YORKSHIRE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents the strategic report for the year ended 30 April 2024.

Review of the business

During the year to 30 April 2024, the company underwent another year of investment and healthy financial results.

 

The company has continued to invest in the development and deployment of our own inhouse cloud offerings and has extended investment into the sales and marketing functions to expand the customer base and move us into new sectors along with the continued development of the in-house product sets we are offering.

 

Performance at the year end

At 30 April 2024 turnover was down on the 2023 figures by £6.5m as expected due to a peak in 2023 along also with the gross profit which decreased by £3.5m. This resulted in a lower gross profit margin as expected as the 2023 figures included large one-off revenues and the 2024 sees a move to more consistent recurring revenue streams. That being said, the margin rate is still a healthy one with a better than budgeted net profit.

 

The emphasis for the board is to again grow those more consistent recurring revenue streams and focus our investments in the own product / service sales where margins are higher.

The emphasis for the board is to again grow those more profitable revenue streams and focus our investments in the own product / service sales.

Principal risks and uncertainties

The board continues to monitor the risks and uncertainties. Our primary services still rely heavily on our staff base and that remains the key risk. We mitigate these risks by building good employee, supplier, and customer relationships along with compliance with the relevant laws and regulations. Further steps have been taken this year to enhance the workforce benefits packages with continued contributions to home fuel costs, travel to work costs and a move to four day working weeks for the support team.

 

The board's principle key risks are the loss of its skilled workforce and client base. While we are exposed to this further as the business grows the risks are mitigated by the implementation of operational systems and processes which continue to evolve. Some of which we are looking to obtain additional accreditations for in the form of ISOs over the coming 12 to 18 months.

Key performance indicators

While turnover and revenues have fallen from the previous years, cash reserves have increased £2m and are being used to invest in the projects and people needed to build the business for the next phase of Claritas. Gross margins are still at a healthy 37% despite increases in costs and uplifts in salaries to remain at market rate and reward personal development.

Future Developments

The board took the decision to invest in further kit and development for the new Secure Cloud solution this financial year which was developed and built by Claritas. This has already resulted in added revenue streams and the ability to bid for further tenders for customers looking to fulfil the desire to move to Cloud but also maintain sovereignty over data.

On behalf of the board

Mr G Scaife
Director
22 November 2024
GS PROPERTIES YORKSHIRE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The director presents his annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company and group was the provision of independent IT services and support.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr G Scaife
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr G Scaife
Director
22 November 2024
GS PROPERTIES YORKSHIRE LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GS PROPERTIES YORKSHIRE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GS PROPERTIES YORKSHIRE LIMITED
- 4 -
Opinion

We have audited the financial statements of GS Properties Yorkshire Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GS PROPERTIES YORKSHIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GS PROPERTIES YORKSHIRE LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GS PROPERTIES YORKSHIRE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GS PROPERTIES YORKSHIRE LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jessica Lawrence (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
22 November 2024
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
GS PROPERTIES YORKSHIRE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
16,029,266
22,540,116
Cost of sales
(10,171,908)
(13,178,761)
Gross profit
5,857,358
9,361,355
Administrative expenses
(4,354,210)
(5,149,507)
Other operating income
-
700
Operating profit
4
1,503,148
4,212,548
Interest receivable and similar income
8
139,779
19,710
Interest payable and similar expenses
9
(26,798)
(20,098)
Profit before taxation
1,616,129
4,212,160
Tax on profit
10
(628,901)
546,731
Profit for the financial year
987,228
4,758,891
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
GS PROPERTIES YORKSHIRE LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
19,719
39,440
Tangible assets
13
2,653,991
2,850,284
2,673,710
2,889,724
Current assets
Debtors
15
6,086,018
10,067,818
Cash at bank and in hand
9,900,514
7,974,562
15,986,532
18,042,380
Creditors: amounts falling due within one year
17
(9,091,498)
(11,450,549)
Net current assets
6,895,034
6,591,831
Total assets less current liabilities
9,568,744
9,481,555
Creditors: amounts falling due after more than one year
16
(2,099,920)
(2,999,959)
Net assets
7,468,824
6,481,596
Capital and reserves
Called up share capital
21
600
600
Other reserves
(5,554,500)
(5,554,500)
Profit and loss reserves
13,022,724
12,035,496
Total equity
7,468,824
6,481,596
The financial statements were approved and signed by the director and authorised for issue on 22 November 2024
22 November 2024
Mr G Scaife
Director
GS PROPERTIES YORKSHIRE LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
5,555,500
5,555,500
Current assets
Debtors
15
100
100
Net current assets
100
100
Net assets
5,555,600
5,555,600
Capital and reserves
Called up share capital
21
600
600
Profit and loss reserves
5,555,000
5,555,000
Total equity
5,555,600
5,555,600

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £3,909,500 profit).

The financial statements were approved and signed by the director and authorised for issue on 22 November 2024
22 November 2024
Mr G Scaife
Director
Company Registration No. 10031738
GS PROPERTIES YORKSHIRE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
600
(5,554,500)
8,181,105
2,627,205
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
4,758,891
4,758,891
Dividends
11
-
-
(904,500)
(904,500)
Balance at 30 April 2023
600
(5,554,500)
12,035,496
6,481,596
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
987,228
987,228
Balance at 30 April 2024
600
(5,554,500)
13,022,724
7,468,824
GS PROPERTIES YORKSHIRE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
600
2,550,000
2,550,600
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
3,909,500
3,909,500
Dividends
11
-
(904,500)
(904,500)
Balance at 30 April 2023
600
5,555,000
5,555,600
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 30 April 2024
600
5,555,000
5,555,600
GS PROPERTIES YORKSHIRE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,493,002
4,533,648
Interest paid
(26,798)
(20,098)
Income taxes refunded
-
115,433
Net cash inflow from operating activities
2,466,204
4,628,983
Investing activities
Purchase of tangible fixed assets
(339,267)
(1,683,947)
Proceeds on disposal of tangible fixed assets
1,755
45,102
Interest received
139,779
19,710
Net cash used in investing activities
(197,733)
(1,619,135)
Financing activities
Issue of finance leases
-
1,027,558
Payment of finance leases obligations
(342,519)
(349,219)
Dividends paid to equity shareholders
-
(904,500)
Net cash used in financing activities
(342,519)
(226,161)
Net increase in cash and cash equivalents
1,925,952
2,783,687
Cash and cash equivalents at beginning of year
7,974,562
5,190,875
Cash and cash equivalents at end of year
9,900,514
7,974,562
GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
1
Accounting policies
Company information

GS Properties Yorkshire Limited (the 'company') is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 Deighton Close, Wetherby, West Yorkshire, LS22 7GZ.

 

The group consists of GS Properties Yorkshire Limited and its wholly-owned subsidiary, Claritas Solutions Limited.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

The company is a qualifying entity for the purposes of FRS 102, being the parent of a group that prepares publicly available consolidated financial statements, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company GS Properties Yorkshire Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group's assets are assessed for recoverability on a regular basis, the directors consider the group is not exposed to losses of these assets which would affect their decision to adopt the going concern basis. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts receivable for the supply of IT services net of VAT and trade discounts.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered .

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
10 years straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold buildings
50 years straight line
Plant and equipment
3 - 5 years straight line
Fixtures and fittings
3 - 5 years straight line
Motor vehicles
7 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss , unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss , unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

 

Share capital represents the nominal value of shares that have been issued.

 

Merger reserve reflects the consideration paid for subsidiary Claritas Solutions Limited. The group is eligible to adopt merger accounting rules on the basis that ultimate shareholders remained unchanged after the share reorganisation.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The critical judgements that the director has made in the process of applying the company’s policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below:

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of assets, the director has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no material indicators of impairments identified during the current financial year.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Depreciation and amortisation

The depreciation policy has been set according to managements' experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £532,347 (2023 - £443,694), which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the year.

Valuation of investments

Investments in subsidiaries are assessed for any indicators of impairment at the reporting date. At the period end no indicators of impairment were identified (2023 - £Nil). Any impairment losses are recognised within the profit and loss account.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
IT services and support
16,029,266
22,540,116
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
16,029,266
22,540,116
GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Other revenue
Interest income
139,779
19,710
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
307,114
269,839
Depreciation of tangible fixed assets held under finance leases
205,512
154,134
Loss on disposal of tangible fixed assets
21,179
10,350
Amortisation of intangible assets
19,721
19,721
Operating lease charges
132,522
82,527
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,450
13,400

All group audit and accountancy fees are borne by Claritas Solutions Limited.

6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
1
1
1
1
General
61
60
-
-
Finance
3
4
-
-
Total
65
65
1
1
GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,896,181
5,134,226
-
0
-
0
Social security costs
602,181
655,582
-
-
Pension costs
154,738
114,689
-
0
-
0
5,653,100
5,904,497
-
0
-
0
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
699,370
974,672
Remuneration disclosed above includes the following amounts paid to the highest paid director.

The remuneration presented in the above table represents remuneration payable to the director of the company, whom is remunerated solely via Claritas Solutions Limited.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
139,779
19,710
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
26,798
20,098
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
469,329
(542,837)
Adjustments in respect of prior periods
159,572
(3,894)
Total current tax
628,901
(546,731)
GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 22 -

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,616,129
4,212,160
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
404,032
821,371
Tax effect of expenses that are not deductible in determining taxable profit
362
514
Tax effect of utilisation of tax losses not previously recognised
-
0
(16,382)
Permanent capital allowances in excess of depreciation
60,005
(303,000)
Depreciation on assets not qualifying for tax allowances
4,930
3,846
Research and development tax credit
-
0
(1,049,586)
Under/(over) provided in prior years
159,572
(3,894)
Effects of unrecognised deferred tax
-
0
400
Taxation charge/(credit)
628,901
(546,731)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
904,500
GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
12
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
112,504
197,208
309,712
Amortisation and impairment
At 1 May 2023
112,504
157,768
270,272
Amortisation charged for the year
-
0
19,721
19,721
At 30 April 2024
112,504
177,489
289,993
Carrying amount
At 30 April 2024
-
0
19,719
19,719
At 30 April 2023
-
0
39,440
39,440
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
13
Tangible fixed assets
Group
Leasehold buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
1,558,318
1,507,618
1,417,203
15,737
4,498,876
Additions
84,194
173,531
81,542
-
0
339,267
Disposals
-
0
-
0
(460,202)
-
0
(460,202)
At 30 April 2024
1,642,512
1,681,149
1,038,543
15,737
4,377,941
Depreciation and impairment
At 1 May 2023
146,034
502,601
986,101
13,856
1,648,592
Depreciation charged in the year
55,521
244,297
210,927
1,881
512,626
Eliminated in respect of disposals
-
0
-
0
(437,268)
-
0
(437,268)
At 30 April 2024
201,555
746,898
759,760
15,737
1,723,950
Carrying amount
At 30 April 2024
1,440,957
934,251
278,783
-
0
2,653,991
At 30 April 2023
1,412,284
1,005,017
431,102
1,881
2,850,284
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Tangible fixed assets
(Continued)
- 24 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
335,820
873,424
-
0
-
0
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
25
-
0
-
0
5,555,500
5,555,500
Fixed asset investments not carried at market value

The investment in group undertakings represents the company's 100% shareholding (at cost) in subsidiary, Claritas Solutions Limited.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
5,555,500
Carrying amount
At 30 April 2024
5,555,500
At 30 April 2023
5,555,500
GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,314,977
3,459,365
-
0
-
0
Corporation tax recoverable
-
0
542,837
-
0
-
0
Other debtors
15,626
12,155
-
0
-
0
Prepayments and accrued income
3,755,315
6,053,361
-
0
-
0
6,085,918
10,067,718
-
-
Amounts falling due after more than one year:
Unpaid share capital
100
100
100
100
Total debtors
6,086,018
10,067,818
100
100
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
-
0
335,820
-
0
-
0
Deferred income
19
2,099,920
2,664,139
-
0
-
0
2,099,920
2,999,959
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
335,820
342,519
-
0
-
0
Trade creditors
455,946
1,119,332
-
0
-
0
Corporation tax payable
86,064
-
0
-
0
-
0
Other taxation and social security
1,725,900
374,824
-
-
Deferred income
19
6,198,076
8,114,752
-
0
-
0
Other creditors
26,545
22,802
-
0
-
0
Accruals
263,147
1,476,320
-
0
-
0
9,091,498
11,450,549
-
0
-
0
GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
369,317
369,317
-
0
-
0
In two to five years
-
0
369,317
-
0
-
0
369,317
738,634
-
-
Less: future finance charges
(33,497)
(60,295)
-
0
-
0
335,820
678,339
-
0
-
0

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Deferred income
8,297,996
10,778,891
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
6,198,076
8,114,752
-
0
-
0
Non-current liabilities
2,099,920
2,664,139
-
0
-
0
8,297,996
10,778,891
-
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
154,738
114,689

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

At the reporting date, the group owed £21,015 (2023 - £18,892) to the pension fund. This balance is included within other creditors.

 

The company had no pension liabilities outstanding at the year end (2023: £nil).

GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued
Ordinary shares of £1 each
600
600
600
600
100 ordinary £1 shares were unpaid at the reporting date (2023: £100).
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
211,604
129,753
-
-
Between two and five years
408,135
829,571
-
-
619,739
959,324
-
-
23
Director's transactions

Dividends totalling £0 (2023: £904,500) were paid in the year in respect of shares held by the company's directors.

24
Controlling party

The group is controlled by Mr G Scaife by virtue of his shareholdings.

GS PROPERTIES YORKSHIRE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
25
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Claritas Solutions Limited
2 Deighton Close
Wetherby
West Yorkshire
LS22 7GZ
Provision of independent IT services and support
Ordinary
100.00
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
987,228
4,758,891
Adjustments for:
Taxation charged/(credited)
628,901
(546,731)
Finance costs
26,798
20,098
Investment income
(139,779)
(19,710)
Loss on disposal of tangible fixed assets
21,179
10,350
Amortisation and impairment of intangible assets
19,721
19,721
Depreciation and impairment of tangible fixed assets
512,626
423,973
Movements in working capital:
Decrease in stocks
-
30,994
Decrease in debtors
3,438,963
1,014,789
(Decrease)/increase in creditors
(521,740)
217,787
Decrease in deferred income
(2,480,895)
(1,396,514)
Cash generated from operations
2,493,002
4,533,648
27
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
7,974,562
1,925,952
9,900,514
Obligations under finance leases
(678,339)
342,519
(335,820)
7,296,223
2,268,471
9,564,694
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