GVFM Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07300478 (England and Wales)

GVFM Limited

Financial Statements for the Year Ended 30th September 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Dransfield

J E Shepherd

S J Stead

Ms M Tudor Parry

SECRETARY:

S J Stead

REGISTERED OFFICE:

Dransfield House

2 Fox Valley Way

Fox Valley

Sheffield

South Yorkshire

S36 2AB

REGISTERED NUMBER:

07300478 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

FIXED ASSETS

Tangible assets

4

1,242

1,788

CURRENT ASSETS

Debtors

5

221,168

130,824

Cash at bank

6

3,873,372

2,963,611

4,094,540

3,094,435

CREDITORS

Amounts falling due within one year

7

3,912,052

2,944,449

NET CURRENT ASSETS

182,488

149,986

TOTAL ASSETS LESS CURRENT LIABILITIES

183,730

151,774

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

183,630

151,674

SHAREHOLDERS' FUNDS

183,730

151,774

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 12th June 2020 and were signed on its behalf by:

M Dransfield - Director

1.	STATUTORY INFORMATION

GVFM 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including

Section 1A "Small Entities" of Financial Reporting Standard 102 the Financial Reporting Standard Applicable in

the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been

prepared on a going concern basis under the historical cost convention, modified to include certain items at fair

value.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts. The policies adopted for the recognition of turnover are as follows:

When the outcome of a transaction can be estimated reliably, turnover from management and letting fees is

recognised by reference to stage of completion at the balance sheet date. Stage of completion is measured on

an accruals basis.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery etc - 25% on reducing balance

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured as the amount expected to be paid or recovered using the tax

rates and laws have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences, with certain

exceptions. Timing differences are differences between taxable profits and total comprehensive income as

stated in the financial statements that arise from the inclusion of income and expense in tax assessments in

periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws, that have been enacted or substantively enacted by the

balance sheet date, that are expected to apply to the reversal of timing differences. Deferred tax on revalued

non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances

that apply to the sale of the asset.

Interest and other income

Interest income is recognised using the effective interest method.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income

in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash

generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its

recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued

amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st October 2018

11,664

Disposals

(559

)

At 30th September 2019

11,105

DEPRECIATION

At 1st October 2018

9,876

Charge for year

546

Eliminated on disposal

(559

)

At 30th September 2019

9,863

NET BOOK VALUE

At 30th September 2019

1,242

At 30th September 2018

1,788

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

221,168

130,824

6.	CASH AT BANK

2019

2018

£

£

Office accounts

140,393

190,223

Client accounts

3,732,979

2,773,388

3,873,372

2,963,611

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

672

628

Amounts owed to group undertakings

7,600

-

Taxation and social security

110,021

108,088

Other creditors

3,793,759

2,835,733

3,912,052

2,944,449

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1st October 2018

151,674

Profit for the year

431,956

Dividends

(400,000

)

At 30th September 2019

183,630

Retained earnings

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

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

The Report of the Auditors was unqualified.

Ian Lamb FCA CF (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

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.

12.	POST BALANCE SHEET EVENTS

The virus known as Covid-19 has spread worldwide leading to various restrictions on movement and businesses

being imposed.

Many of the company's customers operate rental properties within the retail sector has which has been badly

affected. Whilst this will necessarily affect the company's results for the current period the precise effect is

commercially sensitive and for that reason no further disclosure is made. Furthermore, it is difficult to say with

any certainty the period for which the company will be adversely affected.

As a consequence of the above the company has put several measures in place to mitigate the risks to the

business caused by Covid-19, including making cost savings. It has not been necessary to apply for any of the

governments supported loan schemes.

13.	CONTROL RELATIONSHIPS