Company Registration No. 07901375 (England and Wales)
GSIT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
PAGES FOR FILING WITH REGISTRAR
GSIT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GSIT LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2019
31 January 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,141
9,829
Current assets
Debtors
5
124,247
58,323
Cash at bank and in hand
1,494
9,489
125,741
67,812
Creditors: amounts falling due within one year
6
(60,703)
(48,827)
Net current assets
65,038
18,985
Total assets less current liabilities
79,179
28,814
Creditors: amounts falling due after more than one year
7
(14,642)
-
Provisions for liabilities
(2,686)
(1,868)
Net assets
61,851
26,946
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
61,850
26,945
Total equity
61,851
26,946
GSIT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2019
31 January 2019
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 2 December 2019
Mr David Gibson
Director
Company Registration No. 07901375
GSIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
- 3 -
1
Accounting policies
Company information
GSIT Limited is a private company limited by shares incorporated in England and Wales. The registered office is Business Central, Union Square, Central Park, Darlington, County Durham, DL1 1GL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT.
Revenue from contracts for the provision of professional services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.
Revenue for the sale of goods is recognised upon delivery.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.6
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using effective interest rate method, less impairment.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
GSIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 3).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2018 and 31 January 2019
20,000
Amortisation and impairment
At 1 February 2018 and 31 January 2019
20,000
Carrying amount
At 31 January 2019
-
At 31 January 2018
-
GSIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2018
20,976
Additions
6,943
At 31 January 2019
27,919
Depreciation and impairment
At 1 February 2018
11,147
Depreciation charged in the year
2,631
At 31 January 2019
13,778
Carrying amount
At 31 January 2019
14,141
At 31 January 2018
9,829
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
13,596
10,302
Corporation tax recoverable
-
355
Other debtors
110,651
47,666
124,247
58,323
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
11,458
-
Trade creditors
13,913
8,670
Corporation tax
4,128
-
Other taxation and social security
19,622
39,861
Other creditors
11,582
296
60,703
48,827
GSIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 6 -
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
14,642
-
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
5,200
5,200
10
Directors' transactions
The sole director, Mr D Gibson had a loan during the year. The movements on this loan were as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr David Gibson - D Gibson
-
45,066
99,302
(48,050)
96,318
-------
-------
-------
-------
45,066
99,302
(48,050)
96,318
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