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Registered number: NI629257
GS Agri Systems Limited
Financial Statements
For The Year Ended 28 February 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—9
Page 1
Balance Sheet
Registered number: NI629257
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 154,748 155,016
154,748 155,016
CURRENT ASSETS
Stocks 5 39,327 18,966
Debtors 6 46,901 79,190
Cash at bank and in hand 104,235 61,395
190,463 159,551
Creditors: Amounts Falling Due Within One Year 7 (77,539 ) (39,515 )
NET CURRENT ASSETS (LIABILITIES) 112,924 120,036
TOTAL ASSETS LESS CURRENT LIABILITIES 267,672 275,052
Creditors: Amounts Falling Due After More Than One Year 8 - (3,104 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (29,402 ) (29,453 )
NET ASSETS 238,270 242,495
CAPITAL AND RESERVES
Called up share capital 12 2 2
Profit and Loss Account 238,268 242,493
SHAREHOLDERS' FUNDS 238,270 242,495
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For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gabriel Scullion
Director
18/06/2025
The notes on pages 3 to 9 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
GS Agri Systems Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI629257 . The registered office is 34 Mullanahoe Road, Ardboe, Dungannon, Tyrone, BT71 5AT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's policies (see note 2.3).
The following principal accounting policies have been applied:
2.2. Going Concern Disclosure
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Significant judgements and estimations
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2.4. 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.
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2.5. 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 15% - reducing balance
Motor Vehicles 25% - reducing balance
Computer Equipment 15% - reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset and is credited or charged to the profit and loss.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS I 02 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
...CONTINUED
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2.8. Financial Instruments - continued
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cashflows at the asset(s) original ieffective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount haad the impairment not been recognised. The impairment reversal is recognised in the profit and loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans. loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within on year are not amortised.
Debt instruments are subsequently carried at amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, tbey are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cashflow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewardds are retained after the transfer of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
2.9. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.11. Pensions
The company operates a defined pension contribution scheme for its employees. A defined contribution scheme is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contribuitions are recognised as an expense in profit and loss when they fall due. Amounts not paid are shown in accruals as a liaibility in the balance sheet. The assets of the scheme are held separately from the Company in independently administered funds.
2.12. Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.
2.13. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquistion and that are readily convertible to known amouunts of cash with insignificant risk of change in value.
2.14. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2024 168,895 77,325 7,381 253,601
Additions 30,310 - 185 30,495
As at 28 February 2025 199,205 77,325 7,566 284,096
Depreciation
As at 1 March 2024 46,897 47,950 3,738 98,585
Provided during the period 22,846 7,343 574 30,763
As at 28 February 2025 69,743 55,293 4,312 129,348
Net Book Value
As at 28 February 2025 129,462 22,032 3,254 154,748
As at 1 March 2024 121,998 29,375 3,643 155,016
The net book value of tangible assets includes an amount of £9,741 (2024: £12,988) in respect of assets held under hire purchase agreements.
5. Stocks
2025 2024
£ £
Stock 39,327 18,966
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 38,336 78,480
Other debtors 2,416 710
Prepaid 2,000 -
Other taxes and social security 4,149 -
46,901 79,190
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7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 3,104 9,312
Trade creditors 53,149 20,052
Corporation tax 8,900 1,241
Other taxes and social security - 1,066
Accruals and deferred income 11,877 3,761
Directors' loan accounts 509 4,083
77,539 39,515
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts - 3,104
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,104 9,312
Later than one year and not later than five years - 3,104
3,104 12,416
3,104 12,416
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2025 2024
£ £
Other timing differences 29,402 29,453
11. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 March 2024 29,453 29,453
Utilised (51 ) (51)
Balance at 28 February 2025 29,402 29,402
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12. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 2 2
13. Dividends
2025 2024
£ £
On equity shares:
Final dividend paid 41,950 2,000
14. Related Party Transactions
Mr Gabriel Scullion and Mrs Adene Scullion have been identified as related parties under the definition of a related party as set out in FRS 102 section 33.2.
Included within creditors due within one year (note 12) is a balance due to the directors of £509 (2024: £4,083). The movement in the balance during the year was £3,574 (2024: £3,487). These movements consist of amounts due to the directors that have been credited to them and offset by amounts withdrawn from the company by them.
15. Ultimate Controlling Party
The company's ultimate controlling party is Mr Gabriel Scullion and Mrs Adene Scullion by virtue of their ownership of 100% of the issued share capital in the company.
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