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REGISTERED NUMBER: 05190416 (England and Wales)









GS HEALTH LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






GS HEALTH LTD (REGISTERED NUMBER: 05190416)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GS HEALTH LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: G S Sembhi
Mrs J K Sembhi





REGISTERED OFFICE: Churchgate House
3 Church Road
Whitchurch
Cardiff
SOUTH GLAMORGAN
CF14 2DX





REGISTERED NUMBER: 05190416 (England and Wales)






GS HEALTH LTD (REGISTERED NUMBER: 05190416)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 477,476 3,619
Tangible assets 5 35,580 16,328
513,056 19,947

CURRENT ASSETS
Stocks 6 247,098 175,000
Debtors 7 3,063,560 1,997,685
Cash at bank and in hand 270,067 859,426
3,580,725 3,032,111
CREDITORS
Amounts falling due within one year 8 929,793 511,833
NET CURRENT ASSETS 2,650,932 2,520,278
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,163,988

2,540,225

CREDITORS
Amounts falling due after more than one
year

9

(482,940

)

-

PROVISIONS FOR LIABILITIES 13 (5,145 ) (2,185 )
NET ASSETS 2,675,903 2,538,040

GS HEALTH LTD (REGISTERED NUMBER: 05190416)

BALANCE SHEET - continued
30 APRIL 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Retained earnings 2,674,903 2,537,040
SHAREHOLDERS' FUNDS 2,675,903 2,538,040

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





Mrs J K Sembhi - Director


GS HEALTH LTD (REGISTERED NUMBER: 05190416)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

GS Health Ltd 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.

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 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.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Management makes an estimate of the recoverable value of trade and other debtors. When assessing these balances for impairment, management considers a range of factors including the current credit rating of the debtor, ageing profile as well as historical experience.

In assessing the recoverability of balances with connected companies, the directors periodically review the financial performance of these entities to gain assurance as to the recoverability.

GS HEALTH LTD (REGISTERED NUMBER: 05190416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:-

Revenue represents retail sales to customers and is measured at fair value of the consideration received or receivable and is recognised when all risks and benefits of ownership are transferred to the end user.

NHS income is recognised in the period which it relates to.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Acquisition of a new business 2024, is also being amortised evenly over its estimated useful life of ten years.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over term of lease
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation or at accumulated impairment losses.

Stocks
Stocks are valued at the lower of cost and selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


GS HEALTH LTD (REGISTERED NUMBER: 05190416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated.

Where there are a number of similar obligations, the likelihood that an outflow of economic benefits will be required in settlement is determined by considering the class of obligation as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item in the same class of obligations may be small.

Provisions are not made for future operating losses.

Provisions are measures at the present value of the cost expected to be required to settle the obligation using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a cost in the income statement.

GS HEALTH LTD (REGISTERED NUMBER: 05190416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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 realize the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 May 2023 - 8,689 8,689
Additions 518,826 - 518,826
At 30 April 2024 518,826 8,689 527,515
AMORTISATION
At 1 May 2023 - 5,070 5,070
Amortisation for year 43,235 1,734 44,969
At 30 April 2024 43,235 6,804 50,039
NET BOOK VALUE
At 30 April 2024 475,591 1,885 477,476
At 30 April 2023 - 3,619 3,619

GS HEALTH LTD (REGISTERED NUMBER: 05190416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 25,382 140,879 6,900 5,838 178,999
Additions - 6,460 7,999 11,959 26,418
At 30 April 2024 25,382 147,339 14,899 17,797 205,417
DEPRECIATION
At 1 May 2023 17,792 137,677 3,019 4,183 162,671
Charge for year 1,388 1,965 1,803 2,010 7,166
At 30 April 2024 19,180 139,642 4,822 6,193 169,837
NET BOOK VALUE
At 30 April 2024 6,202 7,697 10,077 11,604 35,580
At 30 April 2023 7,590 3,202 3,881 1,655 16,328

6. STOCKS
2024 2023
£    £   
Stocks 247,098 175,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 266,484 204,787
Other debtors 566,982 133,261
Due from group undertakings 1,856,325 1,522,855
Intercompany debtor 218,465 -
VAT 136,712 110,748
Prepayments 18,592 26,034
3,063,560 1,997,685

GS HEALTH LTD (REGISTERED NUMBER: 05190416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 18,442 -
Trade creditors 465,152 404,729
Tax 137,007 76,553
Social security and other taxes 2,374 1,049
Other creditors 1,567 1,675
Intercompany creditor 279,703 -
Accrued expenses 25,548 27,827
929,793 511,833

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans (see note 10) 472,940 -
Other loans (see note 10) 10,000 -
482,940 -

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 18,442 -

Amounts falling due between two and five years:
Bank loans 472,940 -
Other loans 10,000 -
482,940 -

11. LEASING AGREEMENTS

At 30 April 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £231,654 (2023 - £174,812).

12. SECURED DEBTS

The company's bankers, Santander UK PLC, hold a fixed floating charge and negative pledge over all property and assets of the company.

GS HEALTH LTD (REGISTERED NUMBER: 05190416)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 5,145 2,185

Deferred
tax
£   
Balance at 1 May 2023 2,185
Provided during year 2,960
Accelerated capital allowances
Balance at 30 April 2024 5,145

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary 1 1,000 1,000

15. RELATED PARTY DISCLOSURES

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.

The company is a 100% subsidiary of Sach Chemist Limited.

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the directors, Mr G E Sembhi and Mrs J K Sembhi.