Gee Kay Farrar Limited Filleted accounts for Companies House (small and micro)

GEE KAY FARRAR LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04668987

Gee Kay Farrar Limited

t/a Gee Kay Farrar

Filleted Unaudited Financial Statements

31 March 2019

Gee Kay Farrar Limited

t/a Gee Kay Farrar

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5		57,500	62,500

Current assets

Debtors	6	1,200	5,695
Cash at bank and in hand		1,370	184
		-------	-------
		2,570	5,879

Creditors: amounts falling due within one year	7	12,547		18,852
		--------		--------
Net current liabilities			9,977	12,973
			--------	--------
Total assets less current liabilities			47,523	49,527

Creditors: amounts falling due after more than one year	8	45,938	47,942
		--------	--------
Net assets		1,585	1,585
		--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	585	585
	-------	-------
Shareholder funds	1,585	1,585
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Gee Kay Farrar Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 30 April 2019 , and are signed on behalf of the board by:

Mr Saeed Iqbal Gillani
Director

Company registration number: 04668987

Gee Kay Farrar Limited

t/a Gee Kay Farrar

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Suite 18, 176 Station Road, Harrow, Middlesex, HA1 2AE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Deferred tax:

Origination and reversal of timing differences	–	208
	----	----
Tax on profit	–	208
	----	----

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2018 and 31 March 2019	100,000
	---------
Amortisation
At 1 April 2018	37,500
Charge for the year	5,000
	---------
At 31 March 2019	42,500
	---------
Carrying amount
At 31 March 2019	57,500
	---------
At 31 March 2018	62,500
	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	210	–
Other debtors	990	5,695
	-------	-------
	1,200	5,695
	-------	-------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	–	155
Amounts owed to group undertakings and undertakings in which the company has a participating interest	12,547	18,697
	--------	--------
	12,547	18,852
	--------	--------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	45,938	46,129
Other creditors	–	1,813
	--------	--------
	45,938	47,942
	--------	--------

9. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr Saeed Iqbal Gillani	( 1,813)	1,813	–
	-------	-------	----

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr Saeed Iqbal Gillani	( 9,746)	7,933	( 1,813)
	-------	-------	-------

10. Related party transactions

The company was under the control of the board of directors of it's ultimate parent company. The parent company levies a management fee on arms-length transaction basis of the time spent by it's directors on performing and managing the affairs of the company.

11. Controlling party

The company is a wholly owned subsidiary of Gee Kay Farrar Group Limited, company incorporated in England.