REGISTERED NUMBER: 13532657 (England and Wales)

Audited Financial Statements for the Year Ended 31 December 2024

for

GSL Watford Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr K Ahmed

Mr S I Ahmed

Mr H U Choudhry

Mr M Islam

REGISTERED OFFICE:

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

REGISTERED NUMBER:

13532657 (England and Wales)

SENIOR STATUTORY AUDITOR:

Suraj Shah

AUDITORS:

BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

FIXED ASSETS

Tangible assets

4

1,155

2,816

CURRENT ASSETS

Debtors

5

276,962

207,523

Cash at bank and in hand

6

109,842

264,717

386,804

472,240

CREDITORS

Amounts falling due within one year

7

(372,872

)

(466,953

)

NET CURRENT ASSETS

13,932

5,287

TOTAL ASSETS LESS CURRENT LIABILITIES

15,087

8,103

CAPITAL AND RESERVES

Called up share capital

8

20

20

Retained earnings

9

15,067

8,083

SHAREHOLDERS' FUNDS

15,087

8,103

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

Mr K Ahmed - Director

1.	STATUTORY INFORMATION

GSL Watford Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Significant judgements and estimates

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of the 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 estimates 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the provision of service is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the terms of the contract.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Computer equipment - 33% on cost

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand. These are considered basic financial assets and are held to meet short-term cash commitments. The company does not hold any short-term deposits or overdraft facilities as at the reporting date. All cash balances are readily available and are not subject to any restrictions.

Going concern

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 foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

and 31 December 2024

5,033

DEPRECIATION

At 1 January 2024

2,217

Charge for year

1,661

At 31 December 2024

3,878

NET BOOK VALUE

At 31 December 2024

1,155

At 31 December 2023

2,816

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by group undertakings

232,934

183,518

Rent deposit

5,607

5,607

Prepayments and accrued income

38,421

18,398

276,962

207,523

6.	CASH AT BANK AND IN HAND

31.12.24

31.12.23

£

£

Bank account

109,822

264,697

Cash in hand

20

20

109,842

264,717

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

3,624

3,253

Tax

106,168

135,375

Social security and other taxes

38,437

16,539

VAT

91,818

79,156

Other creditors

85,000

210,000

Accrued expenses

47,825

22,630

372,872

466,953

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

102

Ordinary A

0.10

10

10

98

Ordinary B

0.10

10

10

20

20

9.

RESERVES

Retained

earnings

£

At 1 January 2024

8,083

Profit for the year

316,984

Dividends

(310,000

)

At 31 December 2024

15,067

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Suraj Shah (Senior Statutory Auditor)

for and on behalf of BBK Partnership

11.	RELATED PARTY DISCLOSURES

During the year, the company entered into transactions with its parent company, Guardian Selection Limited, which is considered a related party by virtue of its controlling shareholding.

As at the reporting date, the company had an outstanding debtor balance of £232,934 (2023: £183,518) due from Guardian Selection Limited, which is included within trade debtors.

During the year, the company paid dividends of £93,000 (2023: £132,900) to Guardian Selection Limited and £217,000 (2023: £310,100) to M&H Associates Limited.

The directors of the company are shareholders of the parent company as describe below. All related party transactions were conducted on an arm’s length basis and in the normal course of business.

12.	ULTIMATE CONTROLLING PARTY

The parent company is Guardian Selection Ltd whose registered office is at 1 Beauchamp Court, 10 Victors Way, Barnet, Hertfordshire, England, EN5 5TZ.