Gabbitas Limited 31/12/2020 iXBRL

Gabbitas Limited 31/12/2020 iXBRL

GABBITAS LIMITED - Company Information

Print Friendly Version

26 31/12/2020 2020-12-31 false false false false true false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2019-09-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 02920466 2019-09-01 2020-12-31 02920466 2020-12-31 02920466 2019-08-31 02920466 2018-09-01 2019-08-31 02920466 2019-08-31 02920466 2018-08-31 02920466 bus:RegisteredOffice 2019-09-01 2020-12-31 02920466 bus:OrdinaryShareClass1 2019-09-01 2020-12-31 02920466 bus:LeadAgentIfApplicable 2019-09-01 2020-12-31 02920466 bus:Director1 2019-09-01 2020-12-31 02920466 bus:Director2 2019-09-01 2020-12-31 02920466 bus:Director3 2019-09-01 2020-12-31 02920466 bus:Director4 2019-09-01 2020-12-31 02920466 bus:Director5 2019-09-01 2020-12-31 02920466 core:FurnitureFittingsToolsEquipment 2019-08-31 02920466 core:FurnitureFittingsToolsEquipment 2020-12-31 02920466 core:WithinOneYear 2020-12-31 02920466 core:WithinOneYear 2019-08-31 02920466 core:RetainedEarningsAccumulatedLosses 2018-09-01 2019-08-31 02920466 core:UKTax 2019-09-01 2020-12-31 02920466 core:FurnitureFittingsToolsEquipment 2019-09-01 2020-12-31 02920466 core:ShareCapital 2020-12-31 02920466 core:ShareCapital 2019-08-31 02920466 core:CapitalRedemptionReserve 2020-12-31 02920466 core:CapitalRedemptionReserve 2019-08-31 02920466 core:RetainedEarningsAccumulatedLosses 2020-12-31 02920466 core:RetainedEarningsAccumulatedLosses 2019-08-31 02920466 core:ShareCapital 2018-08-31 02920466 core:CapitalRedemptionReserve 2018-08-31 02920466 core:RetainedEarningsAccumulatedLosses 2018-08-31 02920466 bus:OrdinaryShareClass1 core:ShareCapital 2020-12-31 02920466 bus:OrdinaryShareClass1 core:ShareCapital 2019-08-31 02920466 core:RetainedEarningsAccumulatedLosses 2019-09-01 2020-12-31 02920466 core:CostValuation core:Non-currentFinancialInstruments 2020-12-31 02920466 core:Non-currentFinancialInstruments 2020-12-31 02920466 core:Non-currentFinancialInstruments 2019-08-31 02920466 core:AcceleratedTaxDepreciationDeferredTax 2020-12-31 02920466 core:AcceleratedTaxDepreciationDeferredTax 2019-08-31 02920466 core:FurnitureFittingsToolsEquipment 2019-08-31 02920466 bus:SmallEntities 2019-09-01 2020-12-31 02920466 bus:Audited 2019-09-01 2020-12-31 02920466 bus:FullAccounts 2019-09-01 2020-12-31 02920466 bus:SmallCompaniesRegimeForAccounts 2019-09-01 2020-12-31 02920466 bus:PrivateLimitedCompanyLtd 2019-09-01 2020-12-31 02920466 core:AmortisationDeferredTax 2019-08-31
Company registration number: 02920466
Gabbitas Limited
Financial statements
For the period ended
31 December 2020
Gabbitas Limited
Contents
Directors and other information
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Gabbitas Limited
Directors and other information
Directors Mr Calvin Ho (Appointed 9 June 2020)
Mr Man B Lee (Appointed 1 November 2020)
Ms Vanessa Miner (Resigned 9 June 2020)
Ms Jaqueline Oughton (Resigned 9 June 2020)
Ms Xiaohui S Liao (Appointed 11 July 2021)
Company number 02920466
Registered office 2nd Floor
107 Charterhouse Street
London
EC1M 6HW
Auditor Accounting Tang Limited
8 Farm Avenue
London
SW16 2UT
Bankers Santander UK
Bridle Road
Bootle
Merseyside
L30 4GB
Gabbitas Limited
Directors report
Period ended 31 December 2020
The directors present their report and the financial statements of the company for the period ended 31 December 2020.
Directors
The directors who served the company during the period were as follows:
Mr Calvin Ho (Appointed 9 June 2020)
Mr Man B Lee (Appointed 1 November 2020)
Ms Vanessa Miner (Resigned 9 June 2020)
Ms Jaqueline Oughton (Resigned 9 June 2020)
Directors responsibilities statement
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 18 March 2022 and signed on behalf of the board by:
Mr Calvin Ho
Director
Gabbitas Limited
Independent auditor's report to the members of
Gabbitas Limited
Period ended 31 December 2020
Qualified opinion
We have audited the financial statements of Gabbitas Limited (the 'company') for the period ended 31 December 2020 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
During the period the company was the subject of an acquisition. We were not appointed as auditor until after 31 December 2020 and we were unable to obtain sufficient evidence of the transactions undertaken by the company prior to its acquisition. Consequently we were unable to determine whether any adjustments to the amounts were necessary.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to obtain sufficient evidence of some of the transactions undertaken by the company throughout the reporting period. We have concluded that where the other information refers to the results for the period, it may be materially misstated for the same reason.
Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
- the information given in the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. Arising solely from the limitation on the scope of our work relating to some of the transactions prior to the company's acquisition, referred to above:We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:o adequate accounting records have not been kept, ando the financial statements are not in agreement with the accounting records; ando we have not received all the information and explanations we require for our audit We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
William Tang (Senior Statutory Auditor)
For and on behalf of
Accounting Tang Limited
Chartered Certified Accountant and Senior Statutory Auditor
8 Farm Avenue
London
SW16 2UT
18 March 2022
Gabbitas Limited
Statement of comprehensive income
Period ended 31 December 2020
Period Year
ended ended
31/12/20 31/08/19
Note £ £
Turnover 2,969,057 2,123,658
Cost of sales ( 1,059,851) ( 1,170,569)
_______ _______
Gross profit 1,909,206 953,089
Administrative expenses ( 1,680,187) ( 1,132,875)
Other operating income 48,667 -
_______ _______
Operating profit/(loss) 277,686 ( 179,786)
Other interest receivable and similar income 101 58
Interest payable and similar expenses ( 7,990) ( 134,316)
_______ _______
Profit/(loss) before taxation 5 269,797 ( 314,044)
Tax on profit/(loss) 6 ( 9,757) ( 62,419)
_______ _______
Profit/(loss) for the financial period 260,040 ( 376,463)
_______ _______
All the activities of the company are from continuing operations.
Gabbitas Limited
Statement of financial position
31 December 2020
31/12/20 31/08/19
Note £ £ £ £
Fixed assets
Tangible assets 7 4,501 112,548
Investments 8 104,300 104,300
_______ _______
108,801 216,848
Current assets
Debtors 9 112,486 678,275
Cash at bank and in hand 1,037,497 193,184
_______ _______
1,149,983 871,459
Creditors: amounts falling due
within one year 10 ( 1,225,207) ( 3,965,653)
_______ _______
Net current liabilities ( 75,224) ( 3,094,194)
_______ _______
Total assets less current liabilities 33,577 ( 2,877,346)
_______ _______
Net assets/(liabilities) 33,577 ( 2,877,346)
_______ _______
Capital and reserves
Called up share capital 12 60,000 60,000
Capital redemption reserve 90,000 90,000
Profit and loss account ( 116,423) ( 3,027,346)
_______ _______
Shareholders funds/(deficit) 33,577 ( 2,877,346)
_______ _______
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 18 March 2022 , and are signed on behalf of the board by:
Mr Calvin Ho
Director
Company registration number: 02920466
Gabbitas Limited
Statement of changes in equity
Period ended 31 December 2020
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 September 2018 60,000 90,000 ( 2,650,883) ( 2,500,883)
Profit/(loss) for the period ( 376,463) ( 376,463)
_______ _______ _______ _______
Total comprehensive income for the period - - ( 376,463) ( 376,463)
_______ _______ _______ _______
At 31 August 2019 and 1 September 2019 60,000 90,000 ( 3,027,346) ( 2,877,346)
Profit/(loss) for the period 260,040 260,040
Capital contribution 2,650,883 2,650,883
_______ _______ _______ _______
At 31 December 2020 60,000 90,000 ( 116,423) 33,577
_______ _______ _______ _______
Gabbitas Limited
Notes to the financial statements
Period ended 31 December 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 2nd Floor, 107 Charterhouse Street, London, EC1M 6HW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 3 to 5 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 26 (2019: 26 ).
5. Profit/loss before taxation
Profit/loss before taxation is stated after charging/(crediting):
Period Year
ended ended
31/12/20 31/08/19
£ £
Depreciation of tangible assets 75,595 41,438
Fees payable for the audit of the financial statements 7,457 12,500
_______ _______
6. Tax on profit/loss
Major components of tax expense
Period Year
ended ended
31/12/20 31/08/19
£ £
Current tax:
UK current tax expense 13,681 -
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 3,924) 62,419
_______ _______
Tax on profit/loss 9,757 62,419
_______ _______
Reconciliation of tax expense
The tax assessed on the profit/loss for the period is lower than (2019: higher than) the standard rate of corporation tax in the UK of 19.00 % (2019: 19.00%).
Period Year
ended ended
31/12/20 31/08/19
£ £
Profit/(loss) before taxation 269,797 ( 314,044)
_______ _______
Profit/(loss) multiplied by rate of tax 51,261 ( 59,668)
Effect of expenses not deductible for tax purposes 198 1,020
Effect of capital allowances and depreciation 16,605 ( 3,000)
Utilisation of tax losses ( 58,307) 124,067
_______ _______
Tax on profit/loss 9,757 62,419
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 September 2019 648,384 648,384
Additions 31,124 31,124
Disposals ( 362,170) ( 362,170)
_______ _______
At 31 December 2020 317,338 317,338
_______ _______
Depreciation
At 1 September 2019 535,836 535,836
Charge for the year 75,595 75,595
Disposals ( 298,594) ( 298,594)
_______ _______
At 31 December 2020 312,837 312,837
_______ _______
Carrying amount
At 31 December 2020 4,501 4,501
_______ _______
At 31 August 2019 112,548 112,548
_______ _______
8. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 September 2019 and 31 December 2020 104,300 104,300
_______ _______
Impairment
At 1 September 2019 and 31 December 2020 - -
_______ _______
Carrying amount
At 31 December 2020 104,300 104,300
_______ _______
At 31 August 2019 104,300 104,300
_______ _______
9. Debtors
31/12/20 31/08/19
£ £
Trade debtors 67,844 130,210
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 424,990
Other debtors 44,642 123,075
_______ _______
112,486 678,275
_______ _______
10. Creditors: amounts falling due within one year
31/12/20 31/08/19
£ £
Trade creditors 136,680 32,981
Amounts owed to group undertakings and undertakings in which the company has a participating interest 106,813 3,271,728
Social security and other taxes 144,490 59,016
Other creditors 837,224 601,928
_______ _______
1,225,207 3,965,653
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31/12/20 31/08/19
£ £
Included in debtors (note 9) 16,277 12,353
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
31/12/20 31/08/19
£ £
Decelerated capital allowances 16,277 11,617
Trading losses - 736
_______ _______
16,277 12,353
_______ _______
12. Called up share capital
Issued, called up and fully paid
31/12/20 31/08/19
No £ No £
Ordinary shares of £ 1.00 each 60,000 60,000 60,000 60,000
_______ _______ _______ _______
13. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year - 117,345
_______ _______
14. Controlling party
The company's parent undertaking is Gabbitas Educational Consultancy Limited, a company incorporated in England and Wales.The ultimate controlling party is Calvin Ho by virtue of his shareholding.