2023-04-012024-03-312024-03-31false04969397GSI 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GSI LTD

Registered Number
04969397
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

GSI LTD
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

HUMPHRISS, Marcus
HUMPHRISS, Oliver Michael

Company Secretary

HUMPHRISS, Ann

Registered Address

155 Wellingborough Road
Rushden
NN10 9TB

Registered Number

04969397 (England and Wales)
GSI LTD
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets413,96317,374
13,96317,374
Current assets
Debtors526,07919,975
Cash at bank and on hand73,16722,042
99,24642,017
Creditors amounts falling due within one year6(49,781)(32,409)
Net current assets (liabilities)49,4659,608
Total assets less current liabilities63,42826,982
Net assets63,42826,982
Capital and reserves
Called up share capital800800
Profit and loss account62,62826,182
Shareholders' funds63,42826,982
The financial statements were approved and authorised for issue by the Board of Directors on 10 May 2024, and are signed on its behalf by:
HUMPHRISS, Oliver Michael
Director
Registered Company No. 04969397
GSI LTD
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Fixtures and fittings15
Office Equipment4
2.Average number of employees

20242023
Average number of employees during the year77
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 April 23120,000120,000
At 31 March 24120,000120,000
Amortisation and impairment
At 01 April 23120,000120,000
At 31 March 24120,000120,000
Net book value
At 31 March 24--
At 31 March 23--
4.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 April 2361,51131,54393,054
At 31 March 2461,51131,54393,054
Depreciation and impairment
At 01 April 2350,18425,49675,680
Charge for year6572,7543,411
At 31 March 2450,84128,25079,091
Net book value
At 31 March 2410,6703,29313,963
At 31 March 2311,3276,04717,374
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables26,07919,975
Total26,07919,975
6.Creditors: amounts due within one year

2024

2023

££
Amounts owed to related parties1,6329
Taxation and social security40,39815,528
Other creditors3,251500
Accrued liabilities and deferred income4,50016,372
Total49,78132,409
7.Share capital
The authorised share capital comprises 500 Ordinary shares of £1 each,100`A`Ordinary shares of £1 each,100 `B` Ordinary shares of £1 each,100`C`Ordinary shares of £1 each,100`D`Ordinary shares of £1 each, and 100 `E` Ordinary shares of £1 each. The issued share capital comprises 400 Ordinary shares of £1 each,100`B`Ordinary shares of £1 each,100`C` Ordinary shares of £1 each, 100 `D` Ordinary shares of £1 each, and 100 `E` Ordinary shares of £1 each.