| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Global Display Solutions Limited |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Global Display Solutions Limited |
| Global Display Solutions Limited (Registered number: 07017740) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Global Display Solutions Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Global Display Solutions Limited (Registered number: 07017740) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Global Display Solutions Limited (Registered number: 07017740) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Global Display Solutions Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Going concern |
| The directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook and has sufficient resources and financial support from its parent company to continue to operate as a going concern. The directors have a reasonable expectation that the company will be able to continue in operation and meet its liabilities in the coming twelve months. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. |
| Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
| - the company has transferred to the buyer the significant risks and rewards of ownership of the goods; |
| - the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold; |
| - the amount of revenue can be measured reliably; |
| - it is probable that the economic benefits associated with the transaction can be measured reliably. |
| Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of the contract is measured by comparing 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. |
| Revenue earned from the sales of goods is recognised on the day the goods are delivered to or collected by customers. Commission income is recognised in the period in which the related sales are made. |
| 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 provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Plant and Machinery | - 50% on straight line basis |
| Fixtures and Fittings | - 100% on straight line basis, 25% on straight line basis |
| Computer Equipment | - 33% on straight line basis |
| Depreciation is charged from when asset is bought into use. |
| Global Display Solutions Limited (Registered number: 07017740) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Stocks |
| 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 items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Provision is made for any foreseeable losses where appropriate. No element of profit is included in valuation of work in progress. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| 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. |
| Research and development |
| Expenditure on research and product development activity is written off to the profit and loss account in the period in which it occurs. Total research and development costs of £215,228 (2023: £220,333) have been incurred during the year. |
| Foreign currencies |
| 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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Global Display Solutions Limited (Registered number: 07017740) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Impairments | - | (33,901 | ) | - | (33,901 | ) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Impairments | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 6. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Deferred tax asset |
| Prepayments |
| Amounts falling due after more than one year: |
| Prepayments and accrued income |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | - | 131,152 |
| Other creditors |
| Accruals and deferred income |
| Global Display Solutions Limited (Registered number: 07017740) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 9. | SECURED DEBTS |
| The company's bank has a fixed and floating charge over the company's assets in relation to a guarantee provided by the bank in respect of the payment of certain outstanding trade debtor balances. |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| No related party transactions took place with non-wholly owned subsidiaries within the group of which the company is a member: |
| 12. | ULTIMATE CONTROLLING PARTY |
| The ultimate parent company is GDS Holding S.r.l a company registered in Italy. This company is the smallest group for which consolidated financial statements are drawn up of which the company is a member. |
| A copy of the consolidated financial statements can be obtained from GDS Holding S.r.l at via Tezze 20, Cornedo Vicentino (Vicenza), Italy. |