Gary James McQueen Digital Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 13517450 (England and Wales)

GARY JAMES MCQUEEN DIGITAL LTD

Financial Statements

for the Period 19 July 2021 to 31 July 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

Directors:

D B Kessler

G J Huyler-Mcqueen

I A Magar

Registered office:

79 Maygrove Road

London

NW6 2EG

Registered number:

13517450 (England and Wales)

Current assets

Debtors

4

22,041

Cash at bank

8,739

30,780

Creditors

Amounts falling due within one year

5

8,875

Net current assets

21,905

Total assets less current liabilities

21,905

Creditors

Amounts falling due after more than one year

6

1,502

Net assets

20,403

Capital and reserves

Called up share capital

7

100

Retained earnings

20,303

Shareholders' funds

20,403

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2022.

The members have not required the Company to obtain an audit of its financial statements for the period ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2022 and were signed on its behalf by:

D B Kessler - Director

1.	Statutory information

Gary James Mcqueen Digital Limited, is a private company, limited by shares registered in England and Wales. The Company's registered office and registered number 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 presentational currency of the financial statements is the Pound Sterling (£).

Amounts in these financial statements are rounding to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents amounts receivable for services provided in the year and is stated net of VAT recognised on the accruals basis of accounting.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.

(i) Financial assets

Basic financial assets, including other debtors and amounts due from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated future cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Income Statement.

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 ownership of the asset are transferred to another party or (c) 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.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, accruals and loans from related parties, are initially recognised at transaction price, unless that 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off teh recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the period 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 period 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.

Going concern

These financial statements have been prepared on a going concern basis.

The current economic conditions, present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities.

In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

3.	Employees and directors

The average number of employees during the period was NIL.

4.

Debtors: amounts falling due within one year

£

Other debtors

22,041

5.

Creditors: amounts falling due within one year

£

Tax

4,762

Directors' loan accounts

613

Accrued expenses

3,500

8,875

6.

Creditors: amounts falling due after more than one year

£

Trade creditors

1,502

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

10,000

Ordinary

£0.01

100

8.	Related party disclosures

Included within debtors due within one year are amounts owed by private companies totalling £22,041 of which one of the directors has significant influence.

During the period, the Company made sales of £10,000 to a company which the directors have significant influence over.

The amounts are unsecured and interest free, with no repayment terms.

9.	Ultimate controlling party

The Company is under joint control of Gary James Mcqueen and Ilana Audrey Magar.