Registered number
09319063
GSN Enterprises Limited
Filleted Accounts
30 June 2024
GSN Enterprises Limited
Registered number: 09319063
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 10,000 20,000
Tangible assets 4 55,030 31,117
65,030 51,117
Current assets
Stocks 399,471 302,030
Cash at bank and in hand 293,821 235,440
693,292 537,470
Creditors: amounts falling due within one year 5 (46,722) (52,983)
Net current assets 646,570 484,487
Total assets less current liabilities 711,600 535,604
Creditors: amounts falling due after more than one year 6 (520,669) (350,041)
Net assets 190,931 185,563
Capital and reserves
Called up share capital 100 100
Profit and loss account 190,831 185,463
Shareholders' funds 190,931 185,563
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gurpavandeep Singh Nahal
Director
Approved by the board on 20 March 2025
GSN Enterprises Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 100,000
At 30 June 2024 100,000
Amortisation
At 1 July 2023 80,000
Provided during the year 10,000
At 30 June 2024 90,000
Net book value
At 30 June 2024 10,000
At 30 June 2023 20,000
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 - 47,789 47,351 95,140
Additions - 10,574 27,097 37,671
At 30 June 2024 - 58,363 74,448 132,811
Depreciation
At 1 July 2023 - 36,989 27,034 64,023
Charge for the year - 4,275 9,483 13,758
At 30 June 2024 - 41,264 36,517 77,781
Net book value
At 30 June 2024 - 17,099 37,931 55,030
At 30 June 2023 - 10,800 20,317 31,117
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 19,351 19,167
Taxation and social security costs 19,269 27,753
Other creditors 8,102 6,063
46,722 52,983
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 200,000 200,000
Obligations under finance lease and hire purchase contracts 289,805 108,788
Trade creditors 30,864 41,253
520,669 350,041
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