ACCOUNTS - Final Accounts

Registered number: 13048929

GENERAL SYSTEMS VEHICLE LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

GENERAL SYSTEMS VEHICLE LIMITED

REGISTERED NUMBER: 13048929

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Fixed assets
Intangible assets	4		704,682		1,057,023
Investments	5		1		1
			704,683		1,057,024
Current assets
Debtors: amounts falling due within one year	6	3,085		3,041
Cash at bank and in hand	7	5,596		36,763
		8,681		39,804
Creditors: amounts falling due within one year	8	(491,452)		(168,789)
Net current liabilities			(482,771)		(128,985)
Total assets less current liabilities			221,912		928,039

Net assets			221,912		928,039

Capital and reserves
Called up share capital	10	10
Share premium account	1,150,000	1,150,000
Profit and loss account	(928,098)	(221,971)
	221,912	928,039

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GENERAL SYSTEMS VEHICLE LIMITED

REGISTERED NUMBER: 13048929

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

S D Jelley

Director

Date: 23 September 2025

The notes on pages 3 to 9 form part of these financial statements.

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GENERAL SYSTEMS VEHICLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

General Systems Vehicle Limited is a private company, limited by shares, registered in England and
Wales, with registration number 13048929.
The registered office is Unit 35 Wimbledon Business Centre, Riverside Road, London, United Kingdom, SW17 0BA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations

∙the requirements of IFRS 7 Financial Instruments: Disclosures

∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:

- paragraph 118(e) of IAS 38 Intangible Assets;

∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements

∙the requirements of IAS 7 Statement of Cash Flows

∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

This information is included in the consolidated financial statements of Dimension UK Holdco Limited as at 31st December 2024 and these financial statements may be obtained from Companies House.

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GENERAL SYSTEMS VEHICLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Going concern

The financial statements have been prepared on the going concern basis which assumes that the Company will be able to continue in operation for the foreseeable future.
The management has performed a detailed assessment which included looking at the cash flow positions, financial projections, potential future regulatory changes etc. As a result of their assessment and also based on the Company's current liquidity position, the directors are satisified that the going concern basis of preparation is appropriate for the financial statements for the year ended 31 December 2024.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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GENERAL SYSTEMS VEHICLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Revenue recognition

Revenue is recognised in accordance with relevant accounting standards, IFRS 15. Revenue can be recognised when the following critera is met:
• Identification of the Contract: A contract must exist that creates enforceable rights and obligations between Dimension and the client.
• Performance Obligations: Distinct performance obligations within the project contract must be identified. These can include milestones, deliverables, or phases of the project.
• Transaction Price: The transaction price, which is the total amount of consideration expected to be received for the project, must be determined.
• Allocation of Transaction Price: The transaction price should be allocated to the identified performance obligations based on their relative standalone selling prices.
• Satisfaction of Performance Obligations: Revenue will be recognised when (or as) performance obligations are satisfied by transferring control of a good or service to the client. This can occur at specific milestones or upon completion of the project.
This policy applies to all project-based activities conducted by Dimension, including contracts for services, deliverables, and other project-related revenue streams.
Timing of Revenue Recognition
Percentage of Completion Method: For long-term projects, revenue will generally be recognised using the percentage of completion method, reflecting the extent of progress toward completion based on costs incurred relative to total estimated costs.
Completed Contract Method: For short-term projects completed within a month or where the outcome is uncertain, revenue may be recognised upon project completion.

2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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GENERAL SYSTEMS VEHICLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

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 acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

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GENERAL SYSTEMS VEHICLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Intangible assets

		Computer software
		£
	Cost
	At 1 January 2024	1,057,023
	At 31 December 2024	1,057,023
	Amortisation
	Charge for the year on owned assets	352,341
	At 31 December 2024	352,341
	Net book value
	At 31 December 2024	704,682
	At 31 December 2023	1,057,023

5.	Fixed asset investments

		Investments in associates
		£
	Cost or valuation
	At 1 January 2024	1
	At 31 December 2024	1

	Net book value
	At 31 December 2024	1
	At 31 December 2023	1

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GENERAL SYSTEMS VEHICLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	3,085	3,041
	3,085	3,041

7.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	5,596	36,763
	5,596	36,763

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	-	(45)
Other taxation and social security	187	187
Other creditors	483,015	160,397
Accruals and deferred income	8,250	8,250
	491,452	168,789

9.	Related party transactions
	The company has taken advantage of the exemption under FRS 101 from disclosing transactions with other group entities.

10.	Controlling party

At the date of approval of the financial statements, the direct parent of the Company is Dimension UK Bidco Limited and the ultimate controlling party of the Company is Dimension Group Parent LLC, a US based Company.

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GENERAL SYSTEMS VEHICLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 23 September 2025 by Daniel Walters (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

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