Company registration number 01513016 (England and Wales)
GSF (LONDON) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GSF (LONDON) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
GSF (LONDON) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
49,429
49,326
Current assets
Debtors
5
1,350,648
1,355,970
Cash at bank and in hand
-
0
218
1,350,648
1,356,188
Creditors: amounts falling due within one year
6
(1,084,196)
(1,329,281)
Net current assets
266,452
26,907
Total assets less current liabilities
315,881
76,233
Provisions for liabilities
(8,564)
(7,701)
Net assets
307,317
68,532
Capital and reserves
Called up share capital
20,000
20,000
Share premium account
18,000
18,000
Profit and loss reserves
269,317
30,532
Total equity
307,317
68,532
GSF (LONDON) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 5 September 2025 and are signed on its behalf by:
Mr Christophe Cognee
Director
Company registration number 01513016 (England and Wales)
GSF (LONDON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
20,000
18,000
765,887
803,887
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
264,645
264,645
Dividends
-
-
(1,000,000)
(1,000,000)
Balance at 31 December 2023
20,000
18,000
30,532
68,532
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
238,785
238,785
Balance at 31 December 2024
20,000
18,000
269,317
307,317
GSF (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

GSF (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3-4 Connett House, 1 Teesdale Street, London, United Kingdom, E2 6GF.

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 are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
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:

Plant and machinery
Straight line over 3 years
Fixtures, fittings & equipment
20% on cost and straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The depreciation charge in the balance sheet and profit and loss are not equal due to the recharges between group companies in the year.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

GSF (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only enters into basic financial instrument transactions.

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.

Classification of 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

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 paymen ts discounted at a market rate of interest.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The 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.

GSF (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

Unrelieved tax losses and other 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.

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,625
12,906
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
273
258
GSF (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2024
102,612
15,289
117,901
Additions
27,272
2,678
29,950
At 31 December 2024
129,884
17,967
147,851
Depreciation and impairment
At 1 January 2024
58,440
10,135
68,575
Depreciation charged in the year
26,570
3,277
29,847
At 31 December 2024
85,010
13,412
98,422
Carrying amount
At 31 December 2024
44,874
4,555
49,429
At 31 December 2023
44,172
5,154
49,326

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,181,510
1,294,811
Amounts owed by group undertakings
109,401
-
0
Other debtors
59,737
61,159
1,350,648
1,355,970
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
59,868
64,630
Amounts owed to group undertakings
69,656
318,052
Corporation tax
46,337
36,003
Other taxation and social security
362,882
341,361
Other creditors
545,453
569,235
1,084,196
1,329,281
GSF (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Angela Trainor
Statutory Auditor:
HJS Accountants Limited
Date of audit report:
12 September 2025
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
804,232
642,987
9
Related party transactions

The company is party to a cross guarantee incorporating a fixed and floating charge, as security for the bank borrowings of both its holding company and its fellow subsidiaries: GSF Sandylight Limited, GSF GB Limited and London Independent Holdings Limited.

The company has taken advantage of the FRS 102 exemption to not disclose related party transactions with wholly owned group entities.

10
Parent company

The company's immediate parent company is GSF GB Limited, which holds 100% of the ordinary share capital.

The company's ultimate parent company is Trévise Holdings Coöperatief UA which is registered in The Netherlands, the accounts of which are available from Schiphol Boulevard 365, 1118 BJ Schiphol,The Netherlands. Trévise Holdings Coöperatief UA is the smallest and largest group to consolidate the results of the company.

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