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Registered Number: 02860109
England and Wales

 

 

 

GST DEVELOPMENTS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 November 2023

End date: 31 October 2024
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of GST Developments Limited for the year ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GST Developments Limited for the year ended 31 October 2024 which comprise of 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 company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance This report is made solely to the Board of Directors of GST Developments Limited, as a body, in accordance with the terms of our engagement letter.

Our work has been undertaken solely to prepare for your approval the accounts of GST Developments Limited and state those matters that we have agreed to state to the Board of Directors of GST Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GST Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that GST Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GST Developments Limited. You consider that GST Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of GST Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts for the year ended 31 October 2024. 







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

Chawton Hector

2 Maules Gardens
Bristol
Avon
BS34 8AN

25 February 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 1,377,813    1,383,916 
1,377,813    1,383,916 
Current assets      
Debtors 7,685    15,527 
Cash at bank and in hand 7    11,284 
7,692    26,811 
Creditors: amount falling due within one year (111,941)   (106,568)
Net current assets (104,249)   (79,757)
 
Total assets less current liabilities 1,273,564    1,304,159 
Creditors: amount falling due after more than one year (1,039,385)   (1,041,237)
Provisions for liabilities (125,361)   (125,361)
Net assets 108,818    137,561 
 

Capital and reserves
     
Called up share capital 4 2    2 
Fair Value Reserve 5 659,795    659,795 
Profit and loss account (550,979)   (522,236)
Shareholders' funds 108,818    137,561 
 


For the year ended 31 October 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 25 February 2025 and were signed on its behalf by:


-------------------------------
T Wegener
Director
2
General Information
GST Developments Limited is a private company, limited by shares, registered in England and Wales, registration number 02860109, registration address 12 Barnsdale Close, Great Easton, Market Harborough, LE16 8SQ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 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.
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 15% Straight Line
Computer Equipment 15% Straight Line
Investment properties
Investment properties are included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
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 2 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Investment properties   Total
  £   £   £   £   £   £
At 01 November 2023 49,212    75,396    22,405    3,633    1,370,000    1,520,646 
Additions          
Disposals          
At 31 October 2024 49,212    75,396    22,405    3,633    1,370,000    1,520,646 
Depreciation
At 01 November 2023 46,291    64,401    22,405    3,633      136,730 
Charge for year 2,219    3,884          6,103 
On disposals          
At 31 October 2024 48,510    68,285    22,405    3,633      142,833 
Net book values
Closing balance as at 31 October 2024 702    7,111        1,370,000    1,377,813 
Opening balance as at 01 November 2023 2,921    10,995        1,370,000    1,383,916 

The last valuation was carried out on June 2023. In the directors' opinion the value of investment properties has not changed significantly, therefore no fair value adjustment has been made in the current period under review.

4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
2 Ordinary shares of £1.00 each  
 

3