Registered number
03021497
GB Inspection Systems Limited
Filleted Abridged Accounts
31 March 2025
GB Inspection Systems Limited
Registered number: 03021497
Abridged Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 98,323 126,194
98,324 126,195
Current assets
Stocks 864,351 832,527
Debtors 262,945 168,019
Cash at bank and in hand 4,046 3,611
1,131,342 1,004,157
Creditors: amounts falling due within one year (260,850) (568,863)
Net current assets 870,492 435,294
Total assets less current liabilities 968,816 561,489
Creditors: amounts falling due after more than one year (17,584) (54,238)
Net assets 951,232 507,251
Capital and reserves
Called up share capital 100 100
Profit and loss account 951,132 507,151
Shareholders' funds 951,232 507,251
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
E L Hill
Director
Approved by the board on 17 July 2025
GB Inspection Systems Limited
Notes to the Abridged Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% and 20% reducing balance
Office equipment 33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 18 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2024 240,000
At 31 March 2025 240,000
Amortisation
At 1 April 2024 239,999
At 31 March 2025 239,999
Net book value
At 31 March 2025 1
At 31 March 2024 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Total
£
Cost
At 1 April 2024 441,102
Additions 2,191
Disposals (923)
At 31 March 2025 442,370
Depreciation
At 1 April 2024 314,908
Charge for the year 29,907
On disposals (768)
At 31 March 2025 344,047
Net book value
At 31 March 2025 98,323
At 31 March 2024 126,194
5 Related party transactions
As at 1 April 2024 the Company owed £277,084 to a company in which the directors and shareholders have an interest. During the year the Company was notified that the loan had been written off.
6 Other information
GB Inspection Systems Limited is a private company limited by shares and incorporated in England. Its registered office is:
22a Burntwood Business Park
Cobbett Road
Burntwood
Staffordshire
WS7 3GL
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