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Registered number: 11000631 GSE TRUCKSTOP DEVELOPMENTS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 7 FEBRUARY 2025
GSE TRUCKSTOP DEVELOPMENTS LIMITED REGISTERED NUMBER:11000631
BALANCE SHEET AS AT 7 FEBRUARY 2025
|  | 2025 |  | 2024
Note |  |  |  |
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 4,634 |  | 7,324
|  |  | 4,634 |  | 7,324
Current assets |  |  |  |  |
Stocks |  | 3,880 |  | 22,197,205 |
Debtors: amounts falling due within one year | 5 | 19,823,088 |  | 23,561,460 |
Cash at bank and in hand | 6 | 3,320 |  | 6,302 |
|  | 19,830,288 |  | 45,764,967 |
Creditors: amounts falling due within one year | 7 | (15,111,112) |  | (37,562,720) |
Net current assets |  |  | 4,719,177 |  | 8,202,245
Total assets less current liabilities |  |  | 4,723,811 |  | 8,209,569
Net assets |  |  | £4,723,811 |  | £8,209,569
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 1 |  | 1
Profit and loss account |  |  | 4,723,810 |  | 8,209,568
|  |  | £4,723,811 |  | £8,209,569
Page 1
GSE TRUCKSTOP DEVELOPMENTS LIMITED REGISTERED NUMBER:11000631
BALANCE SHEET (CONTINUED) AS AT 7 FEBRUARY 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. 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 income and retained earnings 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:
___________________________ Mr J M Healey
Director
Date: 7 August 2026
The notes on pages 3 to 9 form part of these financial statements. Page 2
GSE TRUCKSTOP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 FEBRUARY 2025
1. | General information
GSE Truckstop Developments Limited is a private company, limited by shares, incorporated in England and Wales. The company registration number is 11000631. The registered office is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The principal place of business of the company is GSE House, Paper Lane, Willesborough, Ashford, Kent, TN24 0TS. 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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 3
GSE TRUCKSTOP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 FEBRUARY 2025 2.Accounting policies (continued)
| 2.3 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 4
GSE TRUCKSTOP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 FEBRUARY 2025 2.Accounting policies (continued)
| 2.8 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 20 - 33% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.9 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.10 | 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.
| 2.11 | 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.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.14 | Financial instruments
Page 5
GSE TRUCKSTOP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 FEBRUARY 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
| 2.15 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 6
GSE TRUCKSTOP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 FEBRUARY 2025
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 4 | 4
4. | Tangible fixed assets
|  | Plant and machinery
| Cost or valuation |
| At 8 February 2024 | 20,379
| At 7 February 2025 | 20,379
| Depreciation |
| At 8 February 2024 | 13,055
| Charge for the year on owned assets | 2,690
| At 7 February 2025 | 15,745
| Net book value |
| At 7 February 2025 | £4,634
| At 7 February 2024 | £7,324
Page 7
GSE TRUCKSTOP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 FEBRUARY 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
| Trade debtors | 108,278 | 35,820
| Other debtors | 19,714,632 | 23,195,181
| Prepayments and accrued income | 178 | 276,193
| Deferred taxation | - | 54,266
|  | £19,823,088 | £23,561,460
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
| Cash at bank and in hand | £3,320 | £6,302
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
| Other loans | - | 32,832,769
| Trade creditors | 1,020,343 | 270,390
| Corporation tax | 5,335,221 | 26,265
| Other taxation and social security | 76,145 | 171,843
| Other creditors | - | 24,651
| Accruals and deferred income | 8,679,403 | 4,236,802
|  | £15,111,112 | £37,562,720
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
| Other loans | - | 32,832,769
| Details of security provided:
Other loans are secured via a fixed and floating charge over the assets concerned. Page 8
GSE TRUCKSTOP DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 7 FEBRUARY 2025
8. | Financial instruments
|  |  |  |  | 2025 | 2024
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | £3,320 | £6,302
| Financial assets measured at fair value through profit or loss comprise cash and bank balances.
9. | Share capital
|  |  |  |  | 2025 | 2024
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 -1) Ordinary share of £1.0 | £1 | £1
10. | Related party transactions
| The Company has provided funds to companies under the control of the directors of the Company. At the balance sheet date £19,714,632 was due from these companies (2024 - £23,162,159). All balances are interest free and repayable on demand.
11. | Controlling party
There is no single controlling party. At the balance sheet date, the immediate parent undertaking is GSE Truckstop Developments (Holdings) Limited, a company incorporated in England and Wales. At the balance sheet date, the ultimate parent undertaking is GSE Truckstop Group Holdings Limited, a company incorporated in England and Wales.
Page 9