Guykat Solutions Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07100069 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

GUYKAT SOLUTIONS LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G McEvoy

REGISTERED OFFICE:

Faraday Wharf,

Holt Street

Birmingham

West Midlands

B7 4BB

REGISTERED NUMBER:

07100069 (England and Wales)

BANKERS:

HSBC Bank Plc

465 Bethnal Green Road

London

E2 9QW

FIXED ASSETS

Tangible assets

4

108,746

84,413

Investments

5

770

-

109,516

84,413

CURRENT ASSETS

Debtors

569,456

384,477

Investments

952

151,990

Cash at bank and in hand

1,382,843

656,287

1,953,251

1,192,754

CREDITORS

Amounts falling due within one year

927,939

442,945

NET CURRENT ASSETS

1,025,312

749,809

TOTAL ASSETS LESS CURRENT LIABILITIES

1,134,828

834,222

PROVISIONS FOR LIABILITIES

20,662

16,038

NET ASSETS

1,114,166

818,184

CAPITAL AND RESERVES

Called up share capital

7

1,000

1,000

Retained earnings

1,113,166

817,184

SHAREHOLDERS' FUNDS

1,114,166

818,184

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 June 2020 and were signed by:

G McEvoy - Director

1.	STATUTORY INFORMATION

Guykat Solutions Ltd 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

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

The financial statements are presented in sterling which is the functional currency and is rounded to the nearest

£1.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

remain unchanged from the prior year.

Preparation of consolidated financial statements

The financial statements contain information about Guykat Solutions Ltd as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section

399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

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.

Turnover

Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal

course of business. Revenue is recognised in respect of service contracts when the company obtains the right to

consideration.

Tangible fixed assets

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

Fixtures and equipment

-

Straight line over 3 years, Straight line over 5 years and 2 years straight line

Motor vehicles

-

Over 5 years

Computer equipment

-

Straight line over 3 years and 2 years straight line

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

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.

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.

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.

Investments

Unlisted investments are held at fair value. Any aggregate surplus or deficit arising from changes in fair value is

recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2018 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2019

144,314

Additions

70,596

Disposals

(2,383

)

At 31 December 2019

212,527

DEPRECIATION

At 1 January 2019

59,901

Charge for year

46,263

Eliminated on disposal

(2,383

)

At 31 December 2019

103,781

NET BOOK VALUE

At 31 December 2019

108,746

At 31 December 2018

84,413

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

Additions

770

At 31 December 2019

770

NET BOOK VALUE

At 31 December 2019

770

Investments in Funding Circle amounting to £952 (2018 - £151,990) are also recognised within current assets.

6.	LEASING AGREEMENTS

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

2019

2018

as restated

£

£

Within one year

50,680

-

Between one and five years

101,360

-

152,040

-

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

as restated

£

£

1,000

Ordinary

£1

1,000

1,000

8.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of certain employees. The scheme and

its assets are held by independent managers. The pension charge represents contributions due from the company

and amounted to £6,175 (2018 - £3,557). Balance outstanding at the period end amounted to £2,690 (2018 -

£1,685).

9.	PRIOR YEAR ADJUSTMENTS

A prior year adjustment has been made to reflect the deferred tax liability relating to the assets held by the

company.This has resulted in a decrease in the profit reserves of £16,038 at 31 December 2018. The debit made

to the income statement to recognise the movement on the balance over the year has resulted in a decrease to

reported profits of £15,044.