GFSM LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—4

Registered number: OC404473

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		5,856		5,958

			5,856		5,958
CURRENT ASSETS
Debtors	5	10,798		10,504
Cash at bank and in hand		1,310		572

		12,108		11,076
Creditors: Amounts Falling Due Within One Year	6	(750 )		(750 )

NET CURRENT ASSETS (LIABILITIES)			11,358		10,326

TOTAL ASSETS LESS CURRENT LIABILITIES			17,214		16,284

NET ASSETS ATTRIBUTABLE TO MEMBERS			17,214		16,284

REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability		(453,075)		(394,875)
Other amounts		400,834		341,704

			(52,241)		(53,171)

Equity
Members' other interests
Other reserves		69,455		69,455

			69,455		69,455

			17,214		16,284

TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year			(52,241)		(53,171)
Members' other interests			69,455		69,455

			17,214		16,284

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Page 2

GFSM LLP

Balance Sheet (continued)

As At 5 April 2025

For the year ending 5 April 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 applicable to LLPs subject to the small LLPs regime.)

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.

On behalf of the members

Mr Gerald Montagu

Designated Member

25/05/2025

The notes on pages 3 to 4 form part of these financial statements.

1. General Information

GFSM LLP is a limited liability partnership, incorporated in England & Wales, registered number OC404473 . The Registered Office is The Haven, Wambrook Close, Shenfield, CM13 2LR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	33% Reducing balance basis
Computer Equipment	33% Reducing balance basis

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: 2 (2024: 2)

4. Tangible Assets

	Plant & Machinery	Computer Equipment	Total
	£	£	£
Cost
As at 6 April 2024	6,034	18,261	24,295
Additions	-	2,825	2,825

As at 5 April 2025	6,034	21,086	27,120

Depreciation
As at 6 April 2024	2,670	15,667	18,337
Provided during the period	1,121	1,806	2,927

As at 5 April 2025	3,791	17,473	21,264

Net Book Value
As at 5 April 2025	2,243	3,613	5,856

As at 6 April 2024	3,364	2,594	5,958

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GFSM LLP

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	10,129	9,913
VAT	669	591

	10,798	10,504

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Accruals and deferred income	750	750

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