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REGISTERED NUMBER: 02351195 (England and Wales)












GLS DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






GLS DESIGN LIMITED (REGISTERED NUMBER: 02351195)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLS DESIGN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: J Prescott
N Giannopoulos



REGISTERED OFFICE: Highland House
Mayflower Close
Chandlers Ford
Hampshire
SO53 4AR



BUSINESS ADDRESS: The Engine Room
18 The Power Station
London
SW11 8BZ



REGISTERED NUMBER: 02351195 (England and Wales)



BANKERS: Lloyds Bank Plc
75 Castle Street
Farnham
Surrey
GU9 7LT

GLS DESIGN LIMITED (REGISTERED NUMBER: 02351195)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 4 37,844 45,165

CURRENT ASSETS
Stock and work in progress 121,560 460,863
Debtors 5 677,943 891,893
Cash at bank and in hand 2,274,638 2,167,275
3,074,141 3,520,031
CREDITORS
Amounts falling due within one year 6 (952,147 ) (1,892,591 )
NET CURRENT ASSETS 2,121,994 1,627,440
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,159,838

1,672,605

PROVISIONS FOR LIABILITIES (8,556 ) (10,187 )
NET ASSETS 2,151,282 1,662,418

CAPITAL AND RESERVES
Called up share capital 23 23
Capital redemption reserve 37 37
Retained earnings 2,151,222 1,662,358
SHAREHOLDERS' FUNDS 2,151,282 1,662,418

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

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

GLS DESIGN LIMITED (REGISTERED NUMBER: 02351195)

BALANCE SHEET - continued
30 JUNE 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:





J Prescott - Director


GLS DESIGN LIMITED (REGISTERED NUMBER: 02351195)

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


1. STATUTORY INFORMATION

GLS Design Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover generated from exhibitions is recognised at the date the exhibition takes place. Turnover generated from other services is recognised on an accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - Straight line over 4 years
Fixtures and fittings - 15% Straight line
Motor vehicles - Straight line over 4 years
Computer equipment - Straight line over 4 years

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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


GLS DESIGN LIMITED (REGISTERED NUMBER: 02351195)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 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.

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.

Financial assets
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 8 ) .

GLS DESIGN LIMITED (REGISTERED NUMBER: 02351195)

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


4. TANGIBLE FIXED ASSETS
Fixtures
Office and Motor Computer
equipment fittings vehicles equipment Totals
£ £ £ £ £
COST
At 1 July 2023 1,053 1,325 41,886 21,411 65,675
Additions - - - 7,739 7,739
At 30 June 2024 1,053 1,325 41,886 29,150 73,414
DEPRECIATION
At 1 July 2023 1,053 331 10,471 8,655 20,510
Charge for year - 331 10,471 4,258 15,060
At 30 June 2024 1,053 662 20,942 12,913 35,570
NET BOOK VALUE
At 30 June 2024 - 663 20,944 16,237 37,844
At 30 June 2023 - 994 31,415 12,756 45,165

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 641,649 805,196
Other debtors 36,294 86,697
677,943 891,893

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 153,280 501,127
Taxation and social security 412,913 285,517
Other creditors 385,954 1,105,947
952,147 1,892,591

7. ULTIMATE CONTROLLING PARTY

GLS Design (Holdings) Limited, a company incorporated in the United Kingdom, was the company's immediate and ultimate parent company.