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REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
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GS INTERIORS AND MAINTENANCE LIMITED |
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REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2017 |
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FOR |
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GS INTERIORS AND MAINTENANCE LIMITED |
GS INTERIORS AND MAINTENANCE LIMITED (REGISTERED NUMBER: 09582810) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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GS INTERIORS AND MAINTENANCE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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GS INTERIORS AND MAINTENANCE LIMITED (REGISTERED NUMBER: 09582810) |
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ABRIDGED BALANCE SHEET |
31 MAY 2017 |
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31.5.17 | 31.5.16 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 4 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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( |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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GS INTERIORS AND MAINTENANCE LIMITED (REGISTERED NUMBER: 09582810) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2017 |
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1. | STATUTORY INFORMATION |
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GS Interiors and Maintenance Limited is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in sterling which is the functional currency of the company and rounded |
to the nearest £. |
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The company adopted FRS 102 section 1A in the current year and the policies applied under the previous |
accounting framework are not materially different to FRS 102 section 1A and have not impacted on equity or |
profit or loss. |
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Significant judgements and estimates |
The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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The policies adopted for the recognition of turnover are as follows: |
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Rendering of services |
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When the outcome of a transaction can be estimated reliably, turnover from contracts is recognised by reference |
to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the |
percentage of completion method. |
GS INTERIORS AND MAINTENANCE LIMITED (REGISTERED NUMBER: 09582810) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's statement of financial position when the company |
becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there |
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis |
or to realise the asset and settle the liability simultaneously. |
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Basic financial assets |
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price |
including transaction costs and are subsequently carried at amortised cost using the effective interest method |
unless the arrangement constitutes a financing transaction, where the transaction is measured at the present |
value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable |
within one year are not amortised. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are |
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that |
investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably |
are measured at cost less impairment. |
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Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an |
active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost |
using the effective interest method, less any impairment. |
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Interest is recognised by applying the effective interest rate, except for short-term receivables when the |
recognition of interest would be immaterial. The effective interest method is a method of calculating the |
amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective |
interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt |
instrument to the net carrying amount on initial recognition. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of |
impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If |
an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of |
the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is |
recognised in profit or loss. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was |
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed |
what the carrying amount would have been, had the impairment not previously been recognised. The |
impairment reversal is recognised in profit or loss |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of |
ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the |
asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets |
of the company after deducting all of its liabilities. |
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Basic financial liabilities |
GS INTERIORS AND MAINTENANCE LIMITED (REGISTERED NUMBER: 09582810) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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2. | ACCOUNTING POLICIES - continued |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes |
a financing transaction, where the debt instrument is measured at the present value of the future receipts |
discounted at a market rate of interest. Financial liabilities classified as payable within one year are not |
amortised. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial |
instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and |
are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit |
or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a |
cash flow hedge. |
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Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair |
value through profit or loss. Debt instruments may be designated as being measured at fair value though profit |
or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance |
evaluated on a fair value basis in accordance with a documented risk management or investment strategy. |
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Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets |
of the company after deducting all of its liabilities. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
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Taxation |
The tax expense represents the sum of the tax currently payable and deferred tax. |
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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. |
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Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised |
to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other |
future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from |
goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax |
profit nor the accounting profit. |
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The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that |
it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be |
recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is |
settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it |
relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. |
Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax |
assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
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GS INTERIORS AND MAINTENANCE LIMITED (REGISTERED NUMBER: 09582810) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.17 | 31.5.16 |
value: | £ | £ |
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Ordinary | £1 | 2 | 1 |