REGISTERED NUMBER: 13728073 (England and Wales)

GSFA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

DIRECTOR:

G E R L Stoneman

REGISTERED OFFICE:

Millhouse

32-38 East Street

Rochford

Essex

SS4 1DB

REGISTERED NUMBER:

13728073 (England and Wales)

ACCOUNTANTS:

Venthams Limited

Chartered Accountants

Summit House

12 Red Lion Square

London

WC1R 4QH

FIXED ASSETS

Intangible assets

4

50,400

58,800

Tangible assets

5

5,834

7,151

56,234

65,951

CURRENT ASSETS

Debtors

6

128,027

104,658

Cash at bank

9,723

53,597

137,750

158,255

CREDITORS

Amounts falling due within one year

7

171,648

131,374

NET CURRENT (LIABILITIES)/ASSETS

(33,898

)

26,881

TOTAL ASSETS LESS CURRENT LIABILITIES

22,336

92,832

CREDITORS

Amounts falling due after more than one year

8

21,615

26,997

NET ASSETS

721

65,835

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

621

65,735

721

65,835

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 October 2026 and were signed by:

G E R L Stoneman - Director

1.	STATUTORY INFORMATION

GSFA 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.

The principal activity of the company continued to be that of an art gallery and art consultancy.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% Straight line

Computer equipment

-

33.3% straight line

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.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2024

and 30 November 2025

84,000

AMORTISATION

At 1 December 2024

25,200

Charge for year

8,400

At 30 November 2025

33,600

NET BOOK VALUE

At 30 November 2025

50,400

At 30 November 2024

58,800

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 December 2024

3,903

6,750

10,653

Additions

-

1,838

1,838

Disposals

-

(1,482

)

(1,482

)

At 30 November 2025

3,903

7,106

11,009

DEPRECIATION

At 1 December 2024

801

2,701

3,502

Charge for year

780

2,237

3,017

Eliminated on disposal

-

(1,344

)

(1,344

)

At 30 November 2025

1,581

3,594

5,175

NET BOOK VALUE

At 30 November 2025

2,322

3,512

5,834

At 30 November 2024

3,102

4,049

7,151

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Computer

equipment

£

COST

At 1 December 2024

1,482

Additions

1,838

Disposals

(1,482

)

At 30 November 2025

1,838

DEPRECIATION

At 1 December 2024

896

Charge for year

499

Eliminated on disposal

(1,344

)

At 30 November 2025

51

NET BOOK VALUE

At 30 November 2025

1,787

At 30 November 2024

586

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

128,027

104,658

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

5,459

4,856

Hire purchase contracts

919

148

Trade creditors

3,934

3,900

Taxation and social security

110,337

106,918

Other creditors

50,999

15,552

171,648

131,374

The amounts due in respect of hire purchase contracts is secured on the underlying asset to which it relates.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

20,772

26,997

Hire purchase contracts

843

-

21,615

26,997

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2025 and 30 November 2024:

2025

2024

£

£

G E R L Stoneman

Balance outstanding at start of year

103,058

68,206

Amounts repaid

(103,058

)

(68,206

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

126,427

103,058

This amount has been repaid in full within 9 months of the balance sheet date.