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

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

GAINSMORE LTD - Company Information

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REGISTERED NUMBER: 06224420 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st December 2020

for

Gainsmore Limited
Gainsmore Limited (Registered number: 06224420)






Contents of the Financial Statements
for the year ended 31st December 2020




Page

Balance Sheet 1

Notes to the Financial Statements 3


Gainsmore Limited (Registered number: 06224420)


Balance Sheet
31st December 2020

31.12.20 31.12.19
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 13,051 14,302
13,051 14,302

CURRENT ASSETS
Debtors 6 862,995 797,788
Cash at bank and in hand 17,451 110,437
880,446 908,225
CREDITORS
Amounts falling due within one year 7 869,600 912,082
NET CURRENT ASSETS/(LIABILITIES) 10,846 (3,857 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
23,897
10,445

PROVISIONS FOR LIABILITIES 2,452 2,668
NET ASSETS 21,445 7,777

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 8 21,345 7,677
SHAREHOLDERS' FUNDS 21,445 7,777

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2020 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 notes form part of these financial statements

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Gainsmore Limited (Registered number: 06224420)


Balance Sheet - continued
31st December 2020


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 director and authorised for issue on 28th April 2021 and were signed by:





R P Walkington - Director


The notes form part of these financial statements

Page 2
Gainsmore Limited (Registered number: 06224420)


Notes to the Financial Statements
for the year ended 31st December 2020

1. STATUTORY INFORMATION

Gainsmore Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06224420

Registered office: 17 - 18 London Road
Neath
West Glamorgan
South Wales
SA11 1LE

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.

Turnover
Turnover relates to commissions received from members of the buying group net of VAT and trade discounts. Turnover is relatively small compared to trade debtors and creditors, this is because the company buys and sells the goods on behalf of their clients and the income the company receives is the commission on these transactions.

Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 fittings - 20% on reducing balance
Computer equip - 25% on reducing balance

Government grants
Government grants are treated as income at the same time they are received.

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.


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Gainsmore Limited (Registered number: 06224420)


Notes to the Financial Statements - continued
for the year ended 31st December 2020

2. ACCOUNTING POLICIES - continued
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.

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.

Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2020
and 31st December 2020 174,000
AMORTISATION
At 1st January 2020
and 31st December 2020 174,000
NET BOOK VALUE
At 31st December 2020 -
At 31st December 2019 -

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Gainsmore Limited (Registered number: 06224420)


Notes to the Financial Statements - continued
for the year ended 31st December 2020

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equip Totals
£    £    £   
COST
At 1st January 2020 6,858 47,892 54,750
Additions - 3,053 3,053
At 31st December 2020 6,858 50,945 57,803
DEPRECIATION
At 1st January 2020 6,163 34,285 40,448
Charge for year 139 4,165 4,304
At 31st December 2020 6,302 38,450 44,752
NET BOOK VALUE
At 31st December 2020 556 12,495 13,051
At 31st December 2019 695 13,607 14,302

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Trade debtors 847,970 773,799
Amounts owed by group undertakings 3,675 12,025
Other debtors 11,350 11,964
862,995 797,788

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.20 31.12.19
£    £   
Trade creditors 835,054 889,390
Taxation and social security 17,161 11,211
Other creditors 17,385 11,481
869,600 912,082

8. RESERVES

Profit and loss account:- This reserve records retained earnings and accumulated losses.

9. ULTIMATE PARENT COMPANY

Independent Buyer.Net Limited is regarded by the director as being the company's ultimate parent company.

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Gainsmore Limited (Registered number: 06224420)


Notes to the Financial Statements - continued
for the year ended 31st December 2020

10. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed an amount of £3,675 from Independent Buyer.Net Limited (2019 £12,025).

During the year the company was charged £14,835 in management fees by Independent Buyer.Net Limited.

11. CONTROL

The company is under the control of Independent Buyer.net Limited, a company in which R P Walkington is a director and major shareholder.

Page 6