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REGISTERED NUMBER: SC136694 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

GPS (Europe) Limited

GPS (Europe) Limited (Registered number: SC136694)






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


GPS (Europe) Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: H Mendelssohn
Mrs E Mendelssohn



REGISTERED OFFICE: C/O Blackadders Llp
40 Torphicen Street
EDINBURGH
EH3 8JB



REGISTERED NUMBER: SC136694 (Scotland)



ACCOUNTANTS: J S Accounting Services Limited
13-15 Morningside Drive
EDINBURGH
EH10 5LZ



BANKERS: The Royal Bank of Scotland
12 North-West Circus Place
EDINBURGH
EH3 6SX



SOLICITORS: Blackadders LLp
40 Torphican Street
EDINBURGH
EH3 8JB

GPS (Europe) Limited (Registered number: SC136694)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 76,798 94,179
76,798 94,179

CURRENT ASSETS
Stocks 456,846 559,960
Debtors 6 379,137 375,788
Cash at bank and in hand 466,680 400,993
1,302,663 1,336,741
CREDITORS
Amounts falling due within one year 7 288,940 328,028
NET CURRENT ASSETS 1,013,723 1,008,713
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,090,521

1,102,892

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Capital redemption reserve (16,102 ) (16,102 )
Retained earnings 1,105,623 1,117,994
SHAREHOLDERS' FUNDS 1,090,521 1,102,892

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.

GPS (Europe) Limited (Registered number: SC136694)

Balance Sheet - continued
30 April 2024


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 28 October 2024 and were signed on its behalf by:





H Mendelssohn - Director


GPS (Europe) Limited (Registered number: SC136694)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

GPS (Europe) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover represents the invoiced value, net of Value Added Tax, of goods sold and services provided to customers outside the group and, in the case of long term contracts, credit is taken appropriate to the stage of completion when the outcome of the contact can be assessed with reasonable certainty.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1992, is being amortised evenly over its estimated useful life of ten years.

Goodwill is the difference between the amount paid on the acquisition of a business and the aggregate fair value of its seperate net assets. Goodwill is amortised through the profit and loss account over the directors' estimate of its estimated econ

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Net realisable value is based on estimated selling price less further costs to completion and disposal.

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.


GPS (Europe) Limited (Registered number: SC136694)

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 75,600
AMORTISATION
At 1 May 2023
and 30 April 2024 75,600
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

GPS (Europe) Limited (Registered number: SC136694)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 310,349
Additions 1,095
Disposals (56,000 )
At 30 April 2024 255,444
DEPRECIATION
At 1 May 2023 216,170
Charge for year 18,476
Eliminated on disposal (56,000 )
At 30 April 2024 178,646
NET BOOK VALUE
At 30 April 2024 76,798
At 30 April 2023 94,179

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 188,089 206,455
Other debtors 191,048 169,333
379,137 375,788

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 102,260 99,222
Taxation and social security 68,194 146,909
Other creditors 118,486 81,897
288,940 328,028

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

30.4.24 30.4.23
£    £   
H Mendelssohn and Mrs E Mendelssohn
Balance outstanding at start of year 135,745 46,166
Amounts advanced 22,915 484,928
Amounts repaid (22,915 ) (395,349 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 135,745 135,745

GPS (Europe) Limited (Registered number: SC136694)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

H Mendelssohn has a personal guarantee in respect of the bank overdraft.

9. RELATED PARTY DISCLOSURES

During the year the directors received dividends in the sum of £36,750 from the company (2023 : £36,400). At 30 April 2024 Mr & Mrs Mendelssohn were due the company £158,660(2023: £135,745).