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COMPANY REGISTRATION NUMBER: 10909644
GNS Holdings (South) Limited
Filleted Unaudited Financial Statements
31 August 2024
GNS Holdings (South) Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
GNS Holdings (South) Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
240,359
1,154,442
Investment Property
6
1,010,837
------------
------------
1,251,196
1,154,442
Current assets
Stocks
347,982
274,395
Debtors
7
1,451,453
820,402
Cash at bank and in hand
45,445
680,534
------------
------------
1,844,880
1,775,331
Creditors: amounts falling due within one year
8
302,262
217,224
------------
------------
Net current assets
1,542,618
1,558,107
------------
------------
Total assets less current liabilities
2,793,814
2,712,549
Provisions
4,885
( 7,709)
------------
------------
Net assets
2,788,929
2,720,258
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
2,788,928
2,720,257
------------
------------
Shareholders funds
2,788,929
2,720,258
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GNS Holdings (South) Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
Mr I Hutchison
Director
Company registration number: 10909644
GNS Holdings (South) Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for hire charges, and for services related to a holiday let, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
10% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
20% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Leasehold property
Plant and machinery
Motor vehicles
Equipment
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Sep 2023
124,681
170,688
207,883
3,998
907,130
1,414,380
Additions
333
109,359
2,034
111,726
Disposals
( 35,225)
( 65,676)
( 100,901)
Transfers
( 907,130)
( 907,130)
---------
---------
---------
-------
---------
------------
At 31 Aug 2024
125,014
135,463
251,566
6,032
518,075
---------
---------
---------
-------
---------
------------
Depreciation
At 1 Sep 2023
36,853
110,425
111,047
1,613
259,938
Charge for the year
12,501
12,053
23,160
2,730
50,444
Disposals
( 25,606)
( 7,060)
( 32,666)
---------
---------
---------
-------
---------
------------
At 31 Aug 2024
49,354
96,872
127,147
4,343
277,716
---------
---------
---------
-------
---------
------------
Carrying amount
At 31 Aug 2024
75,660
38,591
124,419
1,689
240,359
---------
---------
---------
-------
---------
------------
At 31 Aug 2023
87,828
60,263
96,836
2,385
907,130
1,154,442
---------
---------
---------
-------
---------
------------
6. Investment property
Total
£
Cost
At 1 September 2023
Additions
103,707
Transfers
907,130
------------
At 31 August 2024
1,010,837
------------
Impairment
At 1 September 2023 and 31 August 2024
------------
Carrying amount
At 31 August 2024
1,010,837
------------
At 31 August 2023
------------
Investment property is recorded at open market value as required under FRS102. The investment property above was purchased during a prior period and at the balance sheet date is held at the value of the purchase price plus attributable finance costs and additional capital improvements. The directors still believe this to be an appropriate value for the property.
7. Debtors
2024
2023
£
£
Other debtors
1,451,453
820,402
------------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,086
34,736
Corporation tax
8,369
175,299
Social security and other taxes
15,906
5,939
Other creditors
270,901
1,250
---------
---------
302,262
217,224
---------
---------
9. Director's advances, credits and guarantees
During the year, advances of nil (2023: £295,474) were made to the director and repayments of £16,082 (2023: £287,296) were made by the director. Interest of £nil (2023: £1,602) was charged on the loan balance during the year.
10. Related party transactions
At the year end, the company owed the director £118,604 (2023 the director owed the company £16,082). At the year end date, the company owed and £13,579 (2023 £nil) to a company associated by common directorship, and was owed £5,567 (2023 the company owed £27,734) and £12,750 (2023 £nil) by companies associated by common directorship. At the year end date, the company was owed £1,433,136 (2023 £nil) to a company associated by common control.