IRIS Accounts Production v24.3.2.46 07031234 Board of Directors 1.10.23 30.9.24 30.9.24 false true false false true false A Ordinary 1.00000 B Ordinary 1.00000 C Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070312342023-09-30070312342024-09-30070312342023-10-012024-09-30070312342022-09-30070312342022-10-012023-09-30070312342023-09-3007031234ns15:EnglandWales2023-10-012024-09-3007031234ns14:PoundSterling2023-10-012024-09-3007031234ns10:Director12023-10-012024-09-3007031234ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3007031234ns10:SmallEntities2023-10-012024-09-3007031234ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-3007031234ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3007031234ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3007031234ns10:FullAccounts2023-10-012024-09-3007031234ns10:OrdinaryShareClass12023-10-012024-09-3007031234ns10:OrdinaryShareClass22023-10-012024-09-3007031234ns10:OrdinaryShareClass32023-10-012024-09-3007031234ns10:Director22023-10-012024-09-3007031234ns10:CompanySecretary12023-10-012024-09-3007031234ns10:RegisteredOffice2023-10-012024-09-3007031234ns5:CurrentFinancialInstruments2024-09-3007031234ns5:CurrentFinancialInstruments2023-09-3007031234ns5:Non-currentFinancialInstruments2024-09-3007031234ns5:Non-currentFinancialInstruments2023-09-3007031234ns5:ShareCapital2024-09-3007031234ns5:ShareCapital2023-09-3007031234ns5:RetainedEarningsAccumulatedLosses2024-09-3007031234ns5:RetainedEarningsAccumulatedLosses2023-09-3007031234ns5:PlantMachinery2023-10-012024-09-3007031234ns5:PlantMachinery2023-09-3007031234ns5:PlantMachinery2024-09-3007031234ns5:PlantMachinery2023-09-3007031234ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3007031234ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3007031234ns5:Secured2024-09-3007031234ns5:Secured2023-09-3007031234ns10:OrdinaryShareClass12024-09-3007031234ns10:OrdinaryShareClass22024-09-3007031234ns10:OrdinaryShareClass32024-09-30
REGISTERED NUMBER: 07031234 (England and Wales)















GSB SURFACE PREPARATION LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






GSB SURFACE PREPARATION LTD (REGISTERED NUMBER: 07031234)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


GSB SURFACE PREPARATION LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: S Brown
G Brown





SECRETARY: Mrs J Brown





REGISTERED OFFICE: 2a Princes Street
Metheringham
Lincoln
Lincolnshire
LN4 3BX





REGISTERED NUMBER: 07031234 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

GSB SURFACE PREPARATION LTD (REGISTERED NUMBER: 07031234)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 592,842 587,552

CURRENT ASSETS
Stocks 26,000 15,000
Debtors 5 249,008 296,393
Cash at bank and in hand 64,741 21,664
339,749 333,057
CREDITORS
Amounts falling due within one year 6 401,053 459,224
NET CURRENT LIABILITIES (61,304 ) (126,167 )
TOTAL ASSETS LESS CURRENT LIABILITIES 531,538 461,385

CREDITORS
Amounts falling due after more than one year 7 (300,696 ) (324,269 )

PROVISIONS FOR LIABILITIES (37,657 ) (19,431 )
NET ASSETS 193,185 117,685

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 193,085 117,585
SHAREHOLDERS' FUNDS 193,185 117,685

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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:





G Brown - Director


GSB SURFACE PREPARATION LTD (REGISTERED NUMBER: 07031234)

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

1. STATUTORY INFORMATION

GSB Surface Preparation 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 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.

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

When the outcome of a transaction can be estimated reliably, turnover from road surfacing is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the degree of completion.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on cost

Tangible fixed assets are held at cost less depreciation.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

GSB SURFACE PREPARATION LTD (REGISTERED NUMBER: 07031234)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to income statement on a straight line basis over the period of the lease.

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 the income statement in the period in which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 1,122,659
Additions 245,701
Disposals (139,945 )
At 30 September 2024 1,228,415
DEPRECIATION
At 1 October 2023 535,107
Charge for year 133,448
Eliminated on disposal (32,982 )
At 30 September 2024 635,573
NET BOOK VALUE
At 30 September 2024 592,842
At 30 September 2023 587,552


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 209,882 287,912
Other debtors 39,126 8,481
249,008 296,393

GSB SURFACE PREPARATION LTD (REGISTERED NUMBER: 07031234)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 10,216 19,269
Hire purchase contracts (see note 8) 129,880 181,380
Trade creditors 129,469 126,706
Taxation and social security - 15,730
Other creditors 131,488 116,139
401,053 459,224

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans 6,796 16,844
Hire purchase contracts (see note 8) 287,377 276,405
Other creditors 6,523 31,020
300,696 324,269

8. LEASING AGREEMENTS

Total financial commitments, guarantees and contingencies which are not included in the statement of financial position amount to £9,300 (2023: £9,300).

9. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank overdraft - 9,229
Other loans 31,020 53,151
Hire purchase contracts 417,257 457,785
448,277 520,165

There is a fixed and a floating charge over the undertaking and all property and assets present and future of the company held by HSBC Bank PLC. Other loans are secured by a personal guarantee of G Brown, a Director.

Hire purchase liabilities are secured on the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
40 A Ordinary £1 40 40
10 B Ordinary £1 10 10
50 C Ordinary £1 50 50
100 100