Generator Support Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06506726 (England and Wales)

Abridged Unaudited Financial Statements for the Year Ended 28th February 2022

for

Generator Support Services Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs E J Love

C M Love

SECRETARY:

Mrs E J Love

REGISTERED OFFICE:

153 Mortimer Street

Herne Bay

Kent

CT56 5HA

REGISTERED NUMBER:

06506726 (England and Wales)

ACCOUNTANTS:

CWW Accountants

153 Mortimer Street

Herne Bay

Kent

CT6 5HA

FIXED ASSETS

Tangible assets

4

84,559

88,085

CURRENT ASSETS

Stocks

6,000

6,000

Debtors

116,944

174,158

Cash at bank and in hand

208,141

169,302

331,085

349,460

CREDITORS

Amounts falling due within one year

66,550

83,570

NET CURRENT ASSETS

264,535

265,890

TOTAL ASSETS LESS CURRENT LIABILITIES

349,094

353,975

CREDITORS

Amounts falling due after more than one year

5

81,167

87,395

NET ASSETS

267,927

266,580

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

267,925

266,578

SHAREHOLDERS' FUNDS

267,927

266,580

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 28th February 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th July 2022 and were signed on its behalf by:

C M Love - Director

Mrs E J Love - Director

1.	STATUTORY INFORMATION

Generator Support Services Ltd 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st March 2021

and 28th February 2022

129,645

DEPRECIATION

At 1st March 2021

41,560

Charge for year

3,526

At 28th February 2022

45,086

NET BOOK VALUE

At 28th February 2022

84,559

At 28th February 2021

88,085

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

Totals

£

COST

At 1st March 2021

and 28th February 2022

19,320

DEPRECIATION

At 1st March 2021

17,425

Charge for year

474

At 28th February 2022

17,899

NET BOOK VALUE

At 28th February 2022

1,421

At 28th February 2021

1,895

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

28.2.22

28.2.21

£

£

Repayable by instalments

Bank loans more 5 yr by instal

13,156

16,884

Bank Loan - BBL

47,500

50,000

60,656

66,884

6.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.22

28.2.21

£

£

Bank loans

86,295

92,523

The bank loan is secured by a fixed and floating charge over all of the company's assets