Registration number: 02932007

General Semi Conductor Industries Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

General Semi Conductor Industries Limited

(Registration number: 02932007)
Balance Sheet as at 30 November 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	5,172	2,114
Current assets
Stocks	5	115,586	114,375
Debtors	6	169,020	242,455
Cash at bank and in hand		124,883	39,108
		409,489	395,938
Creditors: Amounts falling due within one year	7	(152,497)	(137,966)
Net current assets		256,992	257,972
Total assets less current liabilities		262,164	260,086
Creditors: Amounts falling due after more than one year	7	(4,544)	(12,639)
Provisions for liabilities		(764)	(529)
Net assets		256,856	246,918
Capital and reserves
Called up share capital		800	800
Retained earnings		256,056	246,118
Shareholders' funds		256,856	246,918

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

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 April 2025
 

General Semi Conductor Industries Limited

(Registration number: 02932007)
Balance Sheet as at 30 November 2024

......................................... Mr L J Fanner Company secretary and director

General Semi Conductor Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1
Manor Farm Business Centre
Gussage St. Michael
Wimborne
Dorset
BH21 5HT

These financial statements were authorised for issue by the director on 3 April 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

General Semi Conductor Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Computer Equipment	33.3% Straight line
Office Equipment	25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

General Semi Conductor Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

General Semi Conductor Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 December 2023	12,403	12,403
Additions	4,907	4,907
At 30 November 2024	17,310	17,310
Depreciation
At 1 December 2023	10,289	10,289
Charge for the year	1,849	1,849
At 30 November 2024	12,138	12,138
Carrying amount
At 30 November 2024	5,172	5,172
At 30 November 2023	2,114	2,114

5

Stocks

	2024 £	2023 £
Other inventories	115,586	114,375

6

Debtors

Current	Note	2024 £	2023 £
Trade debtors		75,221	174,366
Amounts owed by related parties		69,747	53,244
Prepayments		12,908	14,229
Other debtors		11,144	616
		169,020	242,455

General Semi Conductor Industries Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings		8,000	8,000
Trade creditors		111,787	66,524
Taxation and social security		24,009	42,681
Accruals and deferred income		100	100
Other creditors		8,601	20,661
		152,497	137,966