GBR1 Limited - Period Ending 2018-12-31

GBR1 Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2018

Registration number: 06443694

GBR1 Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 5

GBR1 Limited

Balance Sheet

31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	16,810	12,098
Current assets
Debtors		538	-
Cash at bank and in hand		13,554	2,244
		14,092	2,244
Creditors: Amounts falling due within one year	5	(11,102)	(4,988)
Net current assets/(liabilities)		2,990	(2,744)
Total assets less current liabilities		19,800	9,354
Provisions for liabilities		(988)	(93)
Net assets		18,812	9,261
Capital and reserves
Called up share capital		1	1
Profit and loss account		18,811	9,260
Total equity		18,812	9,261

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 1

GBR1 Limited

Balance Sheet

31 December 2018

For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 25 September 2019
 

............................. N Dempsey Director

Company Registration Number: 06443694

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 2

GBR1 Limited

Notes to the Financial Statements

Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
51 Blake Dene Road
Lilliput
Poole
Dorset
BH14 8HF

These financial statements were authorised for issue by the director on 25 September 2019.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

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.

Page 3

GBR1 Limited

Notes to the Financial Statements

Year Ended 31 December 2018

The current corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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
Office equipment	3 years straight line

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Page 4

GBR1 Limited

Notes to the Financial Statements

Year Ended 31 December 2018

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2018	18,109	11,340	29,449
Additions	575	17,853	18,428
Disposals	-	(8,500)	(8,500)
At 31 December 2018	18,684	20,693	39,377
Depreciation
At 1 January 2018	14,515	2,836	17,351
Charge for the year	2,345	4,996	7,341
Eliminated on disposal	-	(2,125)	(2,125)
At 31 December 2018	16,860	5,707	22,567
Carrying amount
At 31 December 2018	1,824	14,986	16,810
At 31 December 2017	3,594	8,504	12,098

5

Creditors

Creditors: amounts falling due within one year

	2018 £	2017  £
Due within one year
Corporation tax	9,922	3,655
Other creditors	480	633
Accrued expenses	700	700
	11,102	4,988

Page 5