Ger-Y-Gors Projects Ltd Filleted accounts for Companies House (small and micro)

GER-Y-GORS PROJECTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07345348

Ger-Y-Gors Projects Ltd

Company Limited by Guarantee

Filleted Unaudited Financial Statements

31 August 2019

Ger-Y-Gors Projects Ltd

Company Limited by Guarantee

Directors' Report

Year ended 31 August 2019

The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2019 .

Directors

The directors who served the company during the year were as follows:

D Taylor
J Watkin
W Messer
S Miller

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 30 July 2020 and signed on behalf of the board by:

D Taylor

Director

Registered office:

34 Maeshendre

WaunFawr

Aberystwyth

SY23 3PR

Ger-Y-Gors Projects Ltd

Company Limited by Guarantee

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ger-Y-Gors Projects Ltd

Year ended 31 August 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ger-Y-Gors Projects Ltd for the year ended 31 August 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Ger-Y-Gors Projects Ltd, as a body, in accordance with the terms of our engagement letter dated 31 May 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Ger-Y-Gors Projects Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ger-Y-Gors Projects Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ger-Y-Gors Projects Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ger-Y-Gors Projects Ltd. You consider that Ger-Y-Gors Projects Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Ger-Y-Gors Projects Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

FRANCIS GRAY Chartered accountants

Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN

30 July 2020

Ger-Y-Gors Projects Ltd

Company Limited by Guarantee

Statement of Financial Position

31 August 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		227	303

Current assets

Debtors	6	–	46
Cash at bank and in hand		5,445	3,499
		-------	-------
		5,445	3,545

Creditors: amounts falling due within one year	7	7,952		12,636
		-------		--------
Net current liabilities			2,507	9,091
			-------	-------
Total assets less current liabilities			( 2,280)	( 8,788)

Creditors: amounts falling due after more than one year	8	19,661	23,302
		--------	--------
Net liabilities		( 21,941)	( 32,090)
		--------	--------

Capital and reserves

Profit and loss account	( 21,941)	( 32,090)
	--------	--------
Members deficit	( 21,941)	( 32,090)
	--------	--------

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 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Ger-Y-Gors Projects Ltd

Company Limited by Guarantee

Statement of Financial Position (continued)

31 August 2019

These financial statements were approved by the board of directors and authorised for issue on 30 July 2020 , and are signed on behalf of the board by:

D Taylor

Director

Company registration number: 07345348

Ger-Y-Gors Projects Ltd

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 August 2019

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 34 Maeshendre, WaunFawr, Aberystwyth, SY23 3PR.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% straight line

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Company limited by guarantee

Ger y Gors Projects Limited is a Company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required, not exceeding £1,to the assets of the company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member.

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 September 2018 and 31 August 2019	134,887	134,887
	---------	---------
Depreciation
At 1 September 2018	134,584	134,584
Charge for the year	76	76
	---------	---------
At 31 August 2019	134,660	134,660
	---------	---------
Carrying amount
At 31 August 2019	227	227
	---------	---------
At 31 August 2018	303	303
	---------	---------

6. Debtors

	2019	2018
	£	£
Other debtors	–	46
	----	----

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	599	127
Social security and other taxes	61	–
Other creditors	7,292	12,509
	-------	--------
	7,952	12,636
	-------	--------

Creditors due in less than one year are made up as follows:

	2019	2018
	£	£
Director's loan	238	358
Accruals	500	500
Deferred income < 1 year	6,554	11,651
	-------	--------
Total	7,292	12,509
	-------	--------

Deferred income is discussed further in note 9 to the accounts 'Creditors due in more than 1 year'.

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

	2019	2018
	£	£
Other creditors	19,661	23,302
	--------	--------

The balances due in more than one year, relate to deferred grant income. The total deferred grant income is made up as follows:

	2019	2018
	£	£
Deferred grant income < year	6,554	11,651
Deferred grant income > year	19,661	23,302
	--------	--------
Total	26,215	34,953
	--------	--------

The deferred grant relates to grant monies received specifically to assist in the purchase and instalation of the broadcasting mast included in fixed assets. Both the capital asset and the associated grant are being written off over the 5 year estimated life of the asset.

9. Directors' advances, credits and guarantees

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

	Balance brought forward and outstanding
	2019	2018
	£	£
D Taylor	( 358)	( 358)
	----	----

10. Related party transactions

The company was under the control of the directors throughout the period. No transactions with related parties were undertaken such as are required to be disclosed under the FRS 102.