Global Display Solutions Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07017740 (England and Wales)

Financial Statements

for the Year Ended 31 December 2022

for

Global Display Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Cariolato

R E Swetman

SECRETARY:

R P Blamey

REGISTERED OFFICE:

Unit 6 Cobham Centre

Westmead Industrial Estate

Westlea

Swindon

SN5 7UJ

REGISTERED NUMBER:

07017740 (England and Wales)

FIXED ASSETS

Tangible assets

5

37,247

10,492

CURRENT ASSETS

Stocks

226,653

253,129

Debtors

6

3,086,127

1,902,670

Cash at bank and in hand

455,479

335,552

3,768,259

2,491,351

CREDITORS

Amounts falling due within one year

7

2,609,919

1,619,670

NET CURRENT ASSETS

1,158,340

871,681

TOTAL ASSETS LESS CURRENT LIABILITIES

1,195,587

882,173

CAPITAL AND RESERVES

Called up share capital

500,000

500,000

Retained earnings

695,587

382,173

SHAREHOLDERS' FUNDS

1,195,587

882,173

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 April 2023 and were signed on its behalf by:

R E Swetman - Director

1.	STATUTORY INFORMATION

Global Display Solutions 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for customer returns, rebates or other similar allowances and is net of value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction can be measured reliably.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of the contract is measured by comparing costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Revenue earned from the sales of goods is recognised on the day the goods are delivered to or collected by customers. Commission income is recognised in the period in which the related sales are made.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and Machinery

- 50% on straight line basis

Fixtures and Fittings

- 100% on straight line basis, 25% on straight line basis

Computer Equipment

- 33% on straight line basis

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Provision is made for any foreseeable losses where appropriate. No element of profit is included in valuation of work in progress.

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.

Research and development

Expenditure on research and product development activity is written off to the profit and loss account in the period in which it occurs. Material purchases, labour and associated overheads of £473,055 (2021: £390,274) have been incurred during the year.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 12 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2022

17,680

40,712

29,724

88,116

Additions

29,321

1,701

4,946

35,968

Disposals

-

(240

)

(3,264

)

(3,504

)

At 31 December 2022

47,001

42,173

31,406

120,580

DEPRECIATION

At 1 January 2022

14,868

37,917

24,839

77,624

Charge for year

2,933

1,395

4,885

9,213

Eliminated on disposal

-

(240

)

(3,264

)

(3,504

)

At 31 December 2022

17,801

39,072

26,460

83,333

NET BOOK VALUE

At 31 December 2022

29,200

3,101

4,946

37,247

At 31 December 2021

2,812

2,795

4,885

10,492

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

2,216,968

1,357,731

Amounts owed by group undertakings

590,065

446,576

Other debtors

2,837

6,907

Tax

-

36,033

Deferred tax asset

247,257

29,311

Prepayments

29,000

26,112

3,086,127

1,902,670

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

238,137

168,661

Amounts owed to group undertakings

1,771,287

1,109,963

Social security and other taxes

17,059

12,798

VAT

282,353

151,496

Other creditors

4,866

1,880

Accruals and deferred income

296,217

174,872

2,609,919

1,619,670

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

39,436

45,227

Between one and five years

99,462

99,562

138,898

144,789

9.	SECURED DEBTS

The company's bank has a fixed and floating charge over the company's assets in relation to a guarantee provided by the bank in respect of the payment of certain outstanding trade debtor balances.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Black (Senior Statutory Auditor)

for and on behalf of Sumer Audit

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

No related party transactions took place with non-wholly owned subsidiaries within the group of which the company is a member:

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is GDS Holding S.r.l a company registered in Italy. This company is the smallest group for which consolidated financial statements are drawn up of which the company is a member.

A copy of the consolidated financial statements can be obtained from GDS Holding S.r.l at via Tezze 20, Cornedo Vicentino (Vicenza), Italy.