GSP Capital Limited - Period Ending 2020-03-31

GSP Capital Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

GSP Capital Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	4	4,583	7,083
Investments	5	1,177,448	1,177,448
		1,182,031	1,184,531
Current assets
Debtors	6	4,989	37,645
Cash at bank and in hand		4,849	3,414
		9,838	41,059
Creditors: Amounts falling due within one year	7	(1,790,130)	(1,776,776)
Net current liabilities		(1,780,292)	(1,735,717)
Net liabilities		(598,261)	(551,186)
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		(598,361)	(551,286)
Total equity		(598,261)	(551,186)

GSP Capital Limited

Balance Sheet

31 March 2020

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 18 March 2021
 

......................................... Mr G Farha Director

Company Registration Number: 08291852

GSP Capital Limited

Notes to the Financial Statements

Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
96 Kensington High Street
London
W8 4EY

These financial statements were authorised for issue by the director on 18 March 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's director.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Software	25% straight line

GSP Capital Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

GSP Capital Limited

Notes to the Financial Statements

Year Ended 31 March 2020

4	Intangible assets

	Software £	Total £
Cost or valuation
At 1 April 2019	10,000	10,000
At 31 March 2020	10,000	10,000
Amortisation
At 1 April 2019	2,917	2,917
Amortisation charge	2,500	2,500
At 31 March 2020	5,417	5,417
Carrying amount
At 31 March 2020	4,583	4,583
At 31 March 2019	7,083	7,083

5	Investments

	2020 £	2019 £
Unlisted investments	1,177,448	1,177,448

Unlisted investments	£
Cost
At 1 April 2019	1,177,448
Provision
Carrying amount
At 31 March 2020	1,177,448
At 31 March 2019	1,177,448

6

Debtors

	2020 £	2019 £
Other debtors	4,989	37,645
	4,989	37,645

GSP Capital Limited

Notes to the Financial Statements

Year Ended 31 March 2020

7

Creditors

Creditors: amounts falling due within one year

	2020 £	2019  £
Due within one year
Other creditors	1,786,290	1,772,936
Accrued expenses	3,840	3,840
	1,790,130	1,776,776

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100