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Registered Number: 03265517
England and Wales

 

 

 

G F S A LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
Accountant’s report
You consider that the company is exempt from an audit for the year ended 30 June 2024 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Handmill Accountants Ltd
30 June 2024



....................................................

Handmill Accountants Ltd

Spencer House
114 High Street
Wordsley, Stourbridge
West Midlands
DY8 5QR
13 March 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 28,515    34,253 
28,515    34,253 
Current assets      
Stocks 258,241    213,834 
Debtors: amounts falling due within one year 698,861    626,158 
Cash at bank and in hand 412,081    298,464 
1,369,183    1,138,456 
Creditors: amount falling due within one year (768,936)   (667,248)
Net current assets 600,247    471,208 
 
Total assets less current liabilities 628,762    505,461 
Net assets 628,762    505,461 
 

Capital and reserves
     
Called up share capital 4 50,000    50,000 
Profit and loss account 578,762    455,461 
Shareholders' funds 628,762    505,461 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 13 March 2025 and were signed on its behalf by:


-------------------------------
Simon Paul Goddard
Secretary
-------------------------------
Alan Stephen Sherwin
Director
2
General Information
G F S A Limited is a private company, limited by shares, registered in England and Wales, registration number 03265517, registration address Gibbs Road, Lye, Stourbridge, West Midlands, DY9 8SY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Straight Line
Motor Vehicles 20% Straight Line
Fixtures and Fittings 10% Straight Line
Computer Equipment 15% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 33 (2023 : 33).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 July 2023 224,180    16,964    50,058    80,339    371,541 
Additions       3,365    3,365 
Disposals (12)     (802)   (14,847)   (15,661)
At 30 June 2024 224,168    16,964    49,256    68,857    359,245 
Depreciation
At 01 July 2023 212,578    16,964    35,865    71,881    337,288 
Charge for year 3,674      1,840    3,588    9,102 
On disposals (12)     (801)   (14,847)   (15,660)
At 30 June 2024 216,240    16,964    36,904    60,622    330,730 
Net book values
Closing balance as at 30 June 2024 7,928      12,352    8,235    28,515 
Opening balance as at 01 July 2023 11,602      14,193    8,458    34,253 


4.

Share Capital

Authorised
50,000 Class A shares of £1.00 each
Allotted, called up and fully paid
2024
£
  2023
£
50,000 Class A shares of £1.00 each 50,000    50,000 
50,000    50,000 

3