Company registration number 15101919 (England and Wales)
GS GROUND SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
GS GROUND SERVICES LTD
COMPANY INFORMATION
Directors
Mr L T Gregory
(Appointed 29 August 2023)
Mr L Smith
(Appointed 29 August 2023)
Company number
15101919
Registered office
92 Cranham Close
Reddith
B97 5AZ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
25 Gresham Street
London
EC2V 7HN
GS GROUND SERVICES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
GS GROUND SERVICES LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GS GROUND SERVICES LTD FOR THE PERIOD ENDED 31 AUGUST 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GS Ground Services Ltd for the period ended 31 August 2024 which comprise, the balance sheet 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of GS Ground Services Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of GS Ground Services Ltd and state those matters that we have agreed to state to the board of directors of GS Ground Services Ltd, 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 GS Ground Services Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that GS Ground Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GS Ground Services Ltd. You consider that GS Ground Services Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of GS Ground Services Ltd. 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 financial statements.
Ormerod Rutter Limited
28 May 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
GS GROUND SERVICES LTD
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 2 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
16,444
Current assets
Debtors
4
18,971
Cash at bank and in hand
2,382
21,353
Creditors: amounts falling due within one year
5
(11,213)
Net current assets
10,140
Total assets less current liabilities
26,584
Creditors: amounts falling due after more than one year
6
(11,477)
Provisions for liabilities
8
(3,077)
Net assets
12,030
Capital and reserves
Called up share capital
9
2
Profit and loss reserves
12,028
Total equity
12,030
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr L T Gregory
Director
Company registration number 15101919 (England and Wales)
GS GROUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information
GS Ground Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 92 Cranham Close, Reddith, B97 5AZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% on reducing balance
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GS GROUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
GS GROUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 5 -
3
Tangible fixed assets
Motor vehicles
£
Cost
At 29 August 2023
Additions
16,794
At 31 August 2024
16,794
Depreciation and impairment
At 29 August 2023
Depreciation charged in the period
350
At 31 August 2024
350
Carrying amount
At 31 August 2024
16,444
4
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
14,588
Other debtors
4,383
18,971
5
Creditors: amounts falling due within one year
2024
£
Other creditors
11,213
6
Creditors: amounts falling due after more than one year
2024
£
Other creditors
11,477
GS GROUND SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 6 -
7
Secured debts
The following secured debts are included within creditors:
2024
£
Hire purchase contracts
14,344
Hire purchase contracts are secured against the assets to which they relate.
8
Provisions for liabilities
2024
£
Deferred tax liabilities
3,077
9
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
2
2
2 Ordinary shares of £1 were allotted and fully paid for cash at par during the period.
10
Ultimate controlling party
There is no ultimate controlling party.
11
Comparatives
This is the company's first period of trade, therefore there are no comparatives.