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REGISTERED NUMBER: NI001845 (Northern Ireland)













GENERAL TRADING SERVICES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024






GENERAL TRADING SERVICES LIMITED (REGISTERED NUMBER: NI001845)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


GENERAL TRADING SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Mr John Davis
Mrs Margaret Davis
Mr Edmund Davis



SECRETARY: Mr John Davis



REGISTERED OFFICE: 4 Moyle Road
Newtownstewart
Co. Tyrone
BT78 4JS



REGISTERED NUMBER: NI001845 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE



BANKERS: Danske Bank
5-7 Market Street
OMAGH
Co. Tyrone
BT78 1BN

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GENERAL TRADING SERVICES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 31 July 2024 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 31 July 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.






McAleer Jackson Ltd
Chartered Accountants
Church House
24 Dublin Road
OMAGH
Co. Tyrone
BT78 1HE


25 March 2025

GENERAL TRADING SERVICES LIMITED (REGISTERED NUMBER: NI001845)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 2,766,279 2,653,675

CURRENT ASSETS
Stocks 12,180 11,385
Debtors 5 1,050,489 1,298,346
Cash at bank 2,142,248 1,895,467
3,204,917 3,205,198
CREDITORS
Amounts falling due within one year 6 1,216,689 1,341,715
NET CURRENT ASSETS 1,988,228 1,863,483
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,754,507

4,517,158

CREDITORS
Amounts falling due after more than one
year

7

(413,450

)

(319,292

)

PROVISIONS FOR LIABILITIES (589,303 ) (552,649 )
NET ASSETS 3,751,754 3,645,217

CAPITAL AND RESERVES
Called up share capital 3,490 3,490
Share premium 339,200 339,200
Revaluation reserve 8 104,000 104,000
Retained earnings 3,305,064 3,198,527
SHAREHOLDERS' FUNDS 3,751,754 3,645,217

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

GENERAL TRADING SERVICES LIMITED (REGISTERED NUMBER: NI001845)

BALANCE SHEET - continued
31 JULY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:




Mr John Davis - Director



Mr Edmund Davis - Director


GENERAL TRADING SERVICES LIMITED (REGISTERED NUMBER: NI001845)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

General Trading Services Limited is a private company, limited by shares , registered in Northern Ireland. 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.

The financial statements are prepared in sterling which is the functional currency of the company.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land & buildings - 2% straight line
Plant & machinery - varies between 5% & 25% straight line
Motor vehicles - varies between 15% & 25% straight line
Office equipment - 25% straight line

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment.

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 Income Statement, 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.


GENERAL TRADING SERVICES LIMITED (REGISTERED NUMBER: NI001845)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2023 - 42 ) .

GENERAL TRADING SERVICES LIMITED (REGISTERED NUMBER: NI001845)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. TANGIBLE FIXED ASSETS
Plant,
Freehold machinery Fixtures Motor
property & trailers & fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2023 161,258 3,681,795 25,307 3,245,410 7,113,770
Additions - 597,357 3,822 48,090 649,269
Disposals - (163,550 ) - (186,125 ) (349,675 )
At 31 July 2024 161,258 4,115,602 29,129 3,107,375 7,413,364
DEPRECIATION
At 1 August 2023 85,145 1,652,418 23,882 2,698,650 4,460,095
Charge for year 3,225 281,391 1,668 250,381 536,665
Eliminated on disposal - (153,125 ) - (196,550 ) (349,675 )
At 31 July 2024 88,370 1,780,684 25,550 2,752,481 4,647,085
NET BOOK VALUE
At 31 July 2024 72,888 2,334,918 3,579 354,894 2,766,279
At 31 July 2023 76,113 2,029,377 1,425 546,760 2,653,675

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 998,967 1,236,443
Other debtors 51,522 61,903
1,050,489 1,298,346

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 300,460 375,192
Trade creditors 656,185 637,710
Taxation and social security 246,277 299,308
Other creditors 13,767 29,505
1,216,689 1,341,715

GENERAL TRADING SERVICES LIMITED (REGISTERED NUMBER: NI001845)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts 227,240 150,839
Other creditors 186,210 168,453
413,450 319,292

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Directors loan 186,210 168,453

8. RESERVES
Revaluation
reserve
£   
At 1 August 2023
and 31 July 2024 104,000

9. RELATED PARTY DISCLOSURES

At the period end the company had a loan amounting to £186,210 (£168,453 as at 31.07.2023) from
members of key management personnel.

There is no repayment date for this loan and interest is not currently being charged.

The loan is presented within creditors: amounts falling due after one year.