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

REGISTERED NUMBER: 04344325 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

GUTSY LIMITED

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

7

DIRECTORS:

P O'Brien

M A Beeching

REGISTERED OFFICE:

3 Bath Mews

Bath Parade

Cheltenham

Gloucestershire

GL53 7HL

REGISTERED NUMBER:

04344325 (England and Wales)

ACCOUNTANTS:

Smith Heath Limited

3 Bath Mews

Bath Parade

Cheltenham

Gloucestershire

GL53 7HL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gutsy Limited for the year ended 31 December 2020 which comprise the Statement of Income and Retained Earnings, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Gutsy Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gutsy Limited and state those matters that we have agreed to state to the Board of Directors of Gutsy Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gutsy Limited 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 loss of Gutsy Limited. You consider that Gutsy Limited 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 Gutsy Limited. 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.

Smith Heath Limited

3 Bath Mews

Bath Parade

Cheltenham

Gloucestershire

GL53 7HL

30 September 2021

FIXED ASSETS

Tangible assets

4

50,728

52,678

CURRENT ASSETS

Debtors

5

14,446

607

Cash at bank

22

10

14,468

617

CREDITORS

Amounts falling due within one year

6

37,434

49,787

NET CURRENT LIABILITIES

(22,966

)

(49,170

)

TOTAL ASSETS LESS CURRENT LIABILITIES

27,762

3,508

CREDITORS

Amounts falling due after more than one year

7

(44,167

)

-

PROVISIONS FOR LIABILITIES

(882

)

(1,183

)

NET (LIABILITIES)/ASSETS

(17,287

)

2,325

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

(17,290

)

2,322

SHAREHOLDERS' FUNDS

(17,287

)

2,325

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2021 and were signed on its behalf by:

P O'Brien - Director

1.	STATUTORY INFORMATION

Gutsy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address 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.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in existence for the foreseeable future. The validity of this assumption depends on the continued financial support of the directors who intend to support the company for the foreseeable future. The financial statements do not include any adjustments that would be necessary if this support was withdrawn.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2020

42,109

43,198

11,072

40,070

136,449

Additions

-

-

-

707

707

At 31 December 2020

42,109

43,198

11,072

40,777

137,156

DEPRECIATION

At 1 January 2020

-

38,494

10,382

34,895

83,771

Charge for year

-

1,176

172

1,309

2,657

At 31 December 2020

-

39,670

10,554

36,204

86,428

NET BOOK VALUE

At 31 December 2020

42,109

3,528

518

4,573

50,728

At 31 December 2019

42,109

4,704

690

5,175

52,678

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

14,446

607

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

20,373

20,694

Trade creditors

-

1,826

Taxation and social security

11,145

16,119

Other creditors

5,916

11,148

37,434

49,787

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

44,167

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

4,167

-