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REGISTERED NUMBER: SC402398 (Scotland)
















Unaudited Financial Statements

for the Period 1 July 2023 to 31 March 2024

for

GS Shoes Ltd.

GS Shoes Ltd. (Registered number: SC402398)






Contents of the Financial Statements
for the Period 1 July 2023 to 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GS Shoes Ltd.

Company Information
for the Period 1 July 2023 to 31 March 2024







DIRECTOR: John Smart





REGISTERED OFFICE: 52-53 Alloway Street
Ayr
Ayrshire
KA7 1SP





REGISTERED NUMBER: SC402398 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

GS Shoes Ltd. (Registered number: SC402398)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 487 600

CURRENT ASSETS
Stocks 57,658 84,648
Debtors 5 147,762 62,166
Cash at bank 85,689 54,441
291,109 201,255
CREDITORS
Amounts falling due within one year 6 142,032 72,346
NET CURRENT ASSETS 149,077 128,909
TOTAL ASSETS LESS CURRENT
LIABILITIES

149,564

129,509

CREDITORS
Amounts falling due after more than one
year

7

(13,395

)

(19,228

)

PROVISIONS FOR LIABILITIES (122 ) (114 )
NET ASSETS 136,047 110,167

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 135,947 110,067
SHAREHOLDERS' FUNDS 136,047 110,167

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GS Shoes Ltd. (Registered number: SC402398)

Balance Sheet - continued
31 March 2024


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 director and authorised for issue on 23 December 2024 and were signed by:





John Smart - Director


GS Shoes Ltd. (Registered number: SC402398)

Notes to the Financial Statements
for the Period 1 July 2023 to 31 March 2024

1. STATUTORY INFORMATION

GS Shoes Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The director monitors the company's working capital requirements on a very regular basis to ensure that the company has sufficient resources to meet commitments as they fall due. This combined with the invoice factoring facility ensures sufficient resources are in place to allow the business to operate. In addition, assistance is provided where needed, from time to time, from one of the director's business interests. On this basis, the accounts have been prepared on a going concern basis.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts. The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured..

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed 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 amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

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.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

GS Shoes Ltd. (Registered number: SC402398)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 July 2023
and 31 March 2024 1,666
DEPRECIATION
At 1 July 2023 1,066
Charge for period 113
At 31 March 2024 1,179
NET BOOK VALUE
At 31 March 2024 487
At 30 June 2023 600

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 101,653 34,984
Amounts owed by associates 46,109 27,182
147,762 62,166

GS Shoes Ltd. (Registered number: SC402398)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,001
Taxation and social security 48,835 34,405
Other creditors 83,197 27,940
142,032 72,346

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 13,395 19,228

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 23,395 29,228
Amounts due to invoice factor 23,586 13,441
46,981 42,669

Any amounts owed in respect of invoice factoring are secured over the sales ledger balances being financed.

The bank loan is supported by a 100% guarantee from the UK Government.

9. RELATED PARTY DISCLOSURES

There were connected party transactions between the company and a partnership (in which the director is a partner) to a net value of £27,927. As at 31 March 2024, the sum of £46,109 (2023: £27,182) was due to the company by the partnership.

Director's loan account
The company operates a loan account with the director. At the year end, the balance due to the director was £9,276 (2023: £5,526). This loan is unsecured, interest free and has no fixed repayment terms.

10. CONTROLLING PARTY

The company is under the control of the director who owns 100% of the issued share capital.