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REGISTERED NUMBER: 07925256 (England and Wales)















GSF Motor Works Limited

Unaudited Financial Statements for the Year Ended 30 June 2024






GSF Motor Works Limited (Registered number: 07925256)






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


GSF Motor Works Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: Mr I Papalexopoulos



REGISTERED OFFICE: Units E & F London Stone Business Estate
Broughton Street
London
SW8 3QR



REGISTERED NUMBER: 07925256 (England and Wales)



ACCOUNTANTS: Chris Syrimis & Co
Chartered Certified Accountants
97 Judd Street
London
WC1H 9JG



BANKERS: Barclays Bank
Leicester
LE87 2BB

GSF Motor Works Limited (Registered number: 07925256)

Balance Sheet
30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 10,660 13,917
10,660 13,917

CURRENT ASSETS
Stocks 6 65,350 63,350
Debtors 7 442,700 430,684
Cash at bank and in hand 6,797 5,493
514,847 499,527
CREDITORS
Amounts falling due within one year 8 395,893 384,062
NET CURRENT ASSETS 118,954 115,465
TOTAL ASSETS LESS CURRENT
LIABILITIES

129,614

129,382

CREDITORS
Amounts falling due after more than one
year

9

108,227

127,797
NET ASSETS 21,387 1,585

GSF Motor Works Limited (Registered number: 07925256)

Balance Sheet - continued
30 June 2024

30/6/24 30/6/23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 420,000 420,000
Retained earnings (398,613 ) (418,415 )
SHAREHOLDERS' FUNDS 21,387 1,585

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 director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 March 2025 and were signed by:





Mr I Papalexopoulos - Director


GSF Motor Works Limited (Registered number: 07925256)

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

1. STATUTORY INFORMATION

GSF Motor Works 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 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

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.
Short leasehold - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 30% 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.

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.

GSF Motor Works Limited (Registered number: 07925256)

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.

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 14 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 221,585
AMORTISATION
At 1 July 2023
and 30 June 2024 221,585
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

GSF Motor Works Limited (Registered number: 07925256)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 July 2023
and 30 June 2024 1,864 84,251 6,257
DEPRECIATION
At 1 July 2023 377 78,603 5,128
Charge for year 30 1,412 282
At 30 June 2024 407 80,015 5,410
NET BOOK VALUE
At 30 June 2024 1,457 4,236 847
At 30 June 2023 1,487 5,648 1,129

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 12,600 16,396 121,368
DEPRECIATION
At 1 July 2023 9,329 14,014 107,451
Charge for year 818 715 3,257
At 30 June 2024 10,147 14,729 110,708
NET BOOK VALUE
At 30 June 2024 2,453 1,667 10,660
At 30 June 2023 3,271 2,382 13,917

6. STOCKS
30/6/24 30/6/23
£    £   
Stock 65,350 63,350

GSF Motor Works Limited (Registered number: 07925256)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade debtors 243,699 229,743
Other debtors 199,001 200,941
442,700 430,684

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Bank loans and overdrafts 106,067 5,083
Trade creditors 181,902 265,105
Taxation and social security 102,429 77,733
Other creditors 5,495 36,141
395,893 384,062

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30/6/24 30/6/23
£    £   
Bank loans 108,227 127,797