Registration number: SC136694

GPS (Europe) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

GPS (Europe) Limited

Company Information

Directors

Mr Harry Mendelssohn Mrs Esther Mendelssohn

Company secretary

Mrs Esther Mendelssohn

Registered office

C/O Blackadders Llp 40 Torphicen Street EDINBURGH EH3 8JB

Accountants

JS Accounting Services Ltd 13-15 Morningside Drive Edinburgh EH10 5LZ

GPS (Europe) Limited

(Registration number: SC136694)
Balance Sheet as at 30 April 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	46,658	58,322
Current assets
Stocks	5	272,200	307,540
Debtors	6	556,368	457,322
Cash at bank and in hand		328,837	349,523
		1,157,405	1,114,385
Creditors: Amounts falling due within one year	7	(241,953)	(182,584)
Net current assets		915,452	931,801
Net assets		962,110	990,123
Capital and reserves
Called up share capital		1,000	1,000
Capital redemption reserve		(16,102)	(16,102)
Retained earnings		977,212	1,005,225
Shareholders' funds		962,110	990,123

For the financial year ending 30 April 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 October 2026 and signed on its behalf by:
 

......................................... Mr Harry Mendelssohn Director

GPS (Europe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

GPS (Europe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	33% on cost, 25% on reducing balance and 20% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2025 - 6).

GPS (Europe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

3	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 May 2025	75,600	75,600
At 30 April 2026	75,600	75,600
Amortisation
At 1 May 2025	75,600	75,600
At 30 April 2026	75,600	75,600
Carrying amount
At 30 April 2026	-	-

4	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2025	68,369	52,869	134,206	255,444
At 30 April 2026	68,369	52,869	134,206	255,444
Depreciation
At 1 May 2025	68,369	52,635	76,118	197,122
Charge for the year	-	47	11,617	11,664
At 30 April 2026	68,369	52,682	87,735	208,786
Carrying amount
At 30 April 2026	-	187	46,471	46,658
At 30 April 2025	-	8,920	49,402	58,322

5

Stocks

	2026 £	2025 £
Finished goods and goods for resale	272,200	307,540

6

Debtors

GPS (Europe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2026

Current	2026 £	2025 £
Trade debtors	291,683	225,445
Other debtors	264,685	231,877
	556,368	457,322

7

Creditors

Creditors: amounts falling due within one year

	2026 £	2025 £
Due within one year
Trade creditors	98,573	92,271
Taxation and social security	61,544	51,721
Accruals and deferred income	62,562	21,414
Other creditors	19,274	17,178
	241,953	182,584