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Registration number: 07329997

GBS Architectural Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

GBS Architectural Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

GBS Architectural Limited

Company Information

Directors

Mr Guy Benjamin Shorney

Mr Cameron Weights

Company secretary

Mr Guy Benjamin Shorney

Registered office

60 High Street
Wimbledon
SW19 5EE

Accountants

Property Tax Advice Ltd
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

GBS Architectural Limited

(Registration number: 07329997)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

120,029

84,493

Current assets

 

Debtors

6

25,105

5,430

Cash at bank and in hand

 

27,986

35,292

 

53,091

40,722

Creditors: Amounts falling due within one year

7

(33,738)

(12,830)

Net current assets

 

19,353

27,892

Total assets less current liabilities

 

139,382

112,385

Creditors: Amounts falling due after more than one year

7

(136,631)

(112,279)

Net assets

 

2,751

106

Capital and reserves

 

Called up share capital

101

101

Retained earnings

2,650

5

Shareholders' funds

 

2,751

106

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

.........................................
Mr Guy Benjamin Shorney
Company secretary and director

 

GBS Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
60 High Street
Wimbledon
SW19 5EE

These financial statements were authorised for issue by the Board on 20 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fixtures

25% reduced balance

Computer equipment

25% reduced balance

Motor vehicles

20% straight line

 

GBS Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

GBS Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

12,679

5,851

 

GBS Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

51,366

75,944

127,310

Additions

-

46,451

46,451

At 31 July 2024

51,366

122,395

173,761

Depreciation

At 1 August 2023

38,802

2,251

41,053

Charge for the year

3,140

9,539

12,679

At 31 July 2024

41,942

11,790

53,732

Carrying amount

At 31 July 2024

9,424

110,605

120,029

At 31 July 2023

10,800

73,693

84,493

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

4,824

330

Amounts owed by related parties

19,088

-

Prepayments

 

1,167

2,267

Other debtors

 

26

2,833

   

25,105

5,430

7

Creditors

Creditors: amounts falling due within one year

 

GBS Architectural Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

7

Creditors (continued)

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18,880

8,324

Trade creditors

 

330

242

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

2,999

Taxation and social security

 

11,580

257

Accruals and deferred income

 

375

375

Other creditors

 

2,573

633

 

33,738

12,830

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

136,631

112,279