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REGISTERED NUMBER: 03029264 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

GSM LIMITED

GSM LIMITED (REGISTERED NUMBER: 03029264)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GSM LIMITED

COMPANY INFORMATION
for the Year Ended 31 August 2024







DIRECTORS: Mr A J Eagle
Mrs D Eagle



SECRETARY: Mr P H Pratt



REGISTERED OFFICE: Unit 1
Old Station Road
Newent
Gloucestershire
GL18 1BB



REGISTERED NUMBER: 03029264 (England and Wales)



ACCOUNTANTS: Kingscott Dix (Cheltenham) Limited
7 Rockfield Business Park
Old Station Drive
Leckhampton
Cheltenham
GL53 0AN



SOLICITORS: Orme & Slade
Natwest Chambers
The Homend
Ledbury
Herefordshire
HR8 1AB

GSM LIMITED (REGISTERED NUMBER: 03029264)

BALANCE SHEET
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 383,781 372,919

CURRENT ASSETS
Stocks 5 60,866 63,965
Debtors 6 709,038 766,379
Cash at bank 159,009 163,403
928,913 993,747
CREDITORS
Amounts falling due within one year 7 (693,392 ) (755,123 )
NET CURRENT ASSETS 235,521 238,624
TOTAL ASSETS LESS CURRENT
LIABILITIES

619,302

611,543

CREDITORS
Amounts falling due after more than one
year

8

(79,398

)

(79,238

)

PROVISIONS FOR LIABILITIES 9 (50,632 ) (64,445 )
NET ASSETS 489,272 467,860

CAPITAL AND RESERVES
Called up share capital 500 500
Retained earnings 488,772 467,360
SHAREHOLDERS' FUNDS 489,272 467,860

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

GSM LIMITED (REGISTERED NUMBER: 03029264)

BALANCE SHEET - continued
31 August 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:





Mrs D Eagle - Director


GSM LIMITED (REGISTERED NUMBER: 03029264)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

GSM 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
The directors are of the opinion that there are no significant judgements or estimations used in preparing the financial statements.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Straight line over 50 years
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% 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.

Financial instruments
The company only has financial assets and liabilities of a kind that qualify as basic financial statements. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


GSM LIMITED (REGISTERED NUMBER: 03029264)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 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.

Long-term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty.The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end by recording turnover and related costs as contract activity progresses.Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract.Full provision is made for losses on all contracts in the year in which they are first foreseen.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 30 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 September 2023 221,469 124,230 415,155 760,854
Additions - 18,235 42,414 60,649
At 31 August 2024 221,469 142,465 457,569 821,503
DEPRECIATION
At 1 September 2023 51,270 82,695 253,970 387,935
Charge for year 4,429 11,225 34,133 49,787
At 31 August 2024 55,699 93,920 288,103 437,722
NET BOOK VALUE
At 31 August 2024 165,770 48,545 169,466 383,781
At 31 August 2023 170,199 41,535 161,185 372,919

GSM LIMITED (REGISTERED NUMBER: 03029264)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2023 173,348
Additions 42,414
Transfer to ownership (126,268 )
At 31 August 2024 89,494
DEPRECIATION
At 1 September 2023 82,904
Charge for year 9,858
Transfer to ownership (70,977 )
At 31 August 2024 21,785
NET BOOK VALUE
At 31 August 2024 67,709
At 31 August 2023 90,444

5. STOCKS
2024 2023
£    £   
Stocks 60,866 63,965

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 637,385 665,518
Other debtors 10,075 26,802
Prepayments and accrued income 61,578 74,059
709,038 766,379

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 19,835 21,559
Hire purchase contracts 18,596 10,810
Trade creditors 483,676 441,478
Tax 33,868 88,800
Social security and other taxes 37,029 34,954
Directors' current accounts 93,061 126,517
Accruals and deferred income 7,327 31,005
693,392 755,123

GSM LIMITED (REGISTERED NUMBER: 03029264)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 38,330 56,441
Hire purchase contracts 41,068 22,797
79,398 79,238

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation 50,632 64,445

Deferred
tax
£   
Balance at 1 September 2023 64,445
Provided during year (13,813 )
Balance at 31 August 2024 50,632

10. ULTIMATE CONTROLLING PARTY

The company was under the control of Mr & Mrs Eagle through out the year. On the 1 September 2024 80% of the shares were acquired by GSM Energy Group Ltd.