Silverfin false false 25/01/2024 01/02/2023 25/01/2024 R E Forsyth 26/01/2024 Jacqueline Fraser 26/01/2024 07/12/2016 Charlene Fraser 26/01/2024 07/12/2016 Stuart Fraser 07/12/2016 Garry Fraser 07/12/2016 Neil Grant 26/01/2024 Richard E Forsyth 12 February 2025 The principal activity of the Company during the financial year is to act as a holding company. SC551992 2024-01-25 SC551992 bus:Director1 2024-01-25 SC551992 bus:Director2 2024-01-25 SC551992 bus:Director3 2024-01-25 SC551992 bus:Director4 2024-01-25 SC551992 bus:Director5 2024-01-25 SC551992 bus:Director6 2024-01-25 SC551992 2023-01-31 SC551992 core:CurrentFinancialInstruments 2024-01-25 SC551992 core:CurrentFinancialInstruments 2023-01-31 SC551992 core:Non-currentFinancialInstruments 2024-01-25 SC551992 core:Non-currentFinancialInstruments 2023-01-31 SC551992 core:ShareCapital 2024-01-25 SC551992 core:ShareCapital 2023-01-31 SC551992 core:RetainedEarningsAccumulatedLosses 2024-01-25 SC551992 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC551992 core:OtherPropertyPlantEquipment 2023-01-31 SC551992 core:OtherPropertyPlantEquipment 2024-01-25 SC551992 bus:OrdinaryShareClass1 2024-01-25 SC551992 2023-02-01 2024-01-25 SC551992 bus:FilletedAccounts 2023-02-01 2024-01-25 SC551992 bus:SmallEntities 2023-02-01 2024-01-25 SC551992 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-25 SC551992 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-25 SC551992 bus:Director1 2023-02-01 2024-01-25 SC551992 bus:Director2 2023-02-01 2024-01-25 SC551992 bus:Director3 2023-02-01 2024-01-25 SC551992 bus:Director4 2023-02-01 2024-01-25 SC551992 bus:Director5 2023-02-01 2024-01-25 SC551992 bus:Director6 2023-02-01 2024-01-25 SC551992 bus:Director7 2023-02-01 2024-01-25 SC551992 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-25 SC551992 2022-02-01 2023-01-31 SC551992 core:CurrentFinancialInstruments 2023-02-01 2024-01-25 SC551992 core:Non-currentFinancialInstruments 2023-02-01 2024-01-25 SC551992 bus:OrdinaryShareClass1 2023-02-01 2024-01-25 SC551992 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC551992 1 2023-02-01 2024-01-25 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC551992 (Scotland)

GSF GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2023 TO 25 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

GSF GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2023 TO 25 JANUARY 2024

Contents

GSF GROUP LIMITED

BALANCE SHEET

AS AT 25 JANUARY 2024
GSF GROUP LIMITED

BALANCE SHEET (continued)

AS AT 25 JANUARY 2024
Note 25.01.2024 31.01.2023
£ £
Fixed assets
Tangible assets 3 48,714 152,390
Investments 4 47,320 47,320
96,034 199,710
Current assets
Debtors 5 891,233 47,527
Cash at bank and in hand 433,425 601,668
1,324,658 649,195
Creditors: amounts falling due within one year 6 ( 433,879) ( 79,281)
Net current assets 890,779 569,914
Total assets less current liabilities 986,813 769,624
Creditors: amounts falling due after more than one year 7 ( 24,241) ( 52,684)
Provision for liabilities 0 ( 35,198)
Net assets 962,572 681,742
Capital and reserves
Called-up share capital 8 47,320 47,320
Profit and loss account 915,252 634,422
Total shareholders' funds 962,572 681,742

For the financial period ending 25 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of GSF Group Limited (registered number: SC551992) were approved and authorised for issue by the Board of Directors on 12 February 2025. They were signed on its behalf by:

Richard E Forsyth
Director
GSF GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2023 TO 25 JANUARY 2024
GSF GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 FEBRUARY 2023 TO 25 JANUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GSF Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Morayshire Copperworks, Rothes, Aberlour, AB38 7AD, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

These financial statements represent the 12 month period from 1 February 2023 to 25 January 2024.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss.

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

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
01.02.2023 to
25.01.2024
Year ended
31.01.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 4 4

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 211,673 211,673
Disposals ( 110,970) ( 110,970)
At 25 January 2024 100,703 100,703
Accumulated depreciation
At 01 February 2023 59,283 59,283
Charge for the financial period 15,825 15,825
Disposals ( 23,119) ( 23,119)
At 25 January 2024 51,989 51,989
Net book value
At 25 January 2024 48,714 48,714
At 31 January 2023 152,390 152,390

4. Fixed asset investments

25.01.2024 31.01.2023
£ £
Subsidiary undertakings 47,320 47,320

5. Debtors

25.01.2024 31.01.2023
£ £
Amounts owed by Group undertakings 815,462 28,170
Corporation tax 4,577 4,577
Other debtors 71,194 14,780
891,233 47,527

6. Creditors: amounts falling due within one year

25.01.2024 31.01.2023
£ £
Trade creditors 20,414 15,635
Corporation tax 0 10,078
Other taxation and social security 16,202 14,533
Obligations under finance leases and hire purchase contracts 29,864 36,975
Other creditors 367,399 2,060
433,879 79,281

Obligations under finance lease are secured by a fixed charge over the assets to which it relates.

7. Creditors: amounts falling due after more than one year

25.01.2024 31.01.2023
£ £
Obligations under finance leases and hire purchase contracts 24,241 52,684

Obligations under finance lease are secured by a fixed charge over the assets to which it relates.

8. Called-up share capital

25.01.2024 31.01.2023
£ £
Allotted, called-up and fully-paid
47,320 Ordinary shares of £ 1.00 each 47,320 47,320

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

25.01.2024 31.01.2023
£ £
Amounts due from Entities over which the entity has control, joint control or significant influence 815,462 28,170

Other related party transactions

25.01.2024 31.01.2023
£ £
Amounts due to other related parties 81 13,899

10. Events after the Balance Sheet date

On 26 January 2024, Forsyths Limited bought a majority shareholding in GSF Group Limited.