ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

GPS TOPCO LIMITED - Company Information

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Caseware UK (AP4) 2020.0.247 2020.0.247 2019-10-312019-10-31false32018-11-01Holding Company3falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09835423 2018-11-01 2019-10-31 09835423 2017-11-01 2018-10-31 09835423 2019-10-31 09835423 2018-10-31 09835423 c:Director2 2018-11-01 2019-10-31 09835423 d:CurrentFinancialInstruments 2019-10-31 09835423 d:CurrentFinancialInstruments 2018-10-31 09835423 d:CurrentFinancialInstruments d:WithinOneYear 2019-10-31 09835423 d:CurrentFinancialInstruments d:WithinOneYear 2018-10-31 09835423 d:ShareCapital 2019-10-31 09835423 d:ShareCapital 2018-10-31 09835423 d:SharePremium 2019-10-31 09835423 d:SharePremium 2018-10-31 09835423 d:RetainedEarningsAccumulatedLosses 2019-10-31 09835423 d:RetainedEarningsAccumulatedLosses 2018-10-31 09835423 c:OrdinaryShareClass1 2018-11-01 2019-10-31 09835423 c:OrdinaryShareClass1 2019-10-31 09835423 c:OrdinaryShareClass1 2018-10-31 09835423 c:OrdinaryShareClass2 2018-11-01 2019-10-31 09835423 c:OrdinaryShareClass2 2019-10-31 09835423 c:OrdinaryShareClass2 2018-10-31 09835423 c:FRS102 2018-11-01 2019-10-31 09835423 c:AuditExempt-NoAccountantsReport 2018-11-01 2019-10-31 09835423 c:FullAccounts 2018-11-01 2019-10-31 09835423 c:PrivateLimitedCompanyLtd 2018-11-01 2019-10-31 09835423 2 2018-11-01 2019-10-31 09835423 6 2018-11-01 2019-10-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 09835423












GPS TOPCO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019

REGISTERED NUMBER:09835423
GPS TOPCO LIMITED

BALANCE SHEET
AS AT 31 OCTOBER 2019

2019
2018
Note
£
£

Fixed assets
  

Investments
 4 
2
2

  
2
2

Current assets
  

Debtors: amounts falling due within one year
 5 
320,000
991,091

  
320,000
991,091

Creditors: amounts falling due within one year
 6 
(5,842)
(5,362)

Net current assets
  
 
 
314,158
 
 
985,729

Total assets less current liabilities
  
314,160
985,731

  

Net assets
  
314,160
985,731


Capital and reserves
  

Called up share capital 
 7 
30,489
30,489

Share premium account
  
274,511
274,511

Profit and loss account
  
9,160
680,731

  
314,160
985,731



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REGISTERED NUMBER:09835423
GPS TOPCO LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2019

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006 and in accordance with Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



A. Hudaly
Director

Date: 29 January 2021

The notes on pages 3 to 6 form part of these financial statements.


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GPS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019

1.


General information

GPS Topco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cannon Place, 78 Cannon Street, London, EC4N 6AF.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The following principal accounting policies have been applied:

 
2.2

Going concern

Half-way through the company's forthcoming financial year, the country entered into a national lockdown due to the Coronavirus pandemic. 
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
 

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.


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GPS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019

2.Accounting policies (continued)

 
2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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 company after deducting all of its liabilities. 
 

The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
 
Financial assets
Basic financial assets, including other debtors, intercompany balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
 
Financial liabilities
Basic financial liabilities, including other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
 

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GPS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019

2.Accounting policies (continued)


Financial instruments (continued)



Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2018 - 3).


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GPS TOPCO LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 November 2018
2



At 31 October 2019
2





5.


Debtors

2019
2018
£
£


Amounts owed by group undertakings
320,000
991,091

320,000
991,091



6.


Creditors: Amounts falling due within one year

2019
2018
£
£

Other creditors
502
502

Accruals and deferred income
5,340
4,860

5,842
5,362



7.


Share capital

2019
2018
£
£
Allotted, called up and fully paid



304,877 (2018 - 304,877) Ordinary shares of £0.10 each
30,488
30,488
1 (2018 - 1) Deferred share of £1.00
1
1

30,489

30,489

 

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