GGP Law Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08230946 (England and Wales)

GGP LAW LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Ms S E Green

Mrs K Herbert

Mrs A M Mason

REGISTERED OFFICE:

The Bee Hive

11a Victoria Square

Aberdare

CF44 7LA

REGISTERED NUMBER:

08230946 (England and Wales)

ACCOUNTANTS:

Bevan Buckland LLP

Ground Floor

Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

28,150

37,046

28,150

37,046

CURRENT ASSETS

Stocks

401,000

412,500

Debtors

6

218,986

144,100

Cash at bank and in hand

96,508

50,534

716,494

607,134

CREDITORS

Amounts falling due within one year

7

344,973

327,556

NET CURRENT ASSETS

371,521

279,578

TOTAL ASSETS LESS CURRENT LIABILITIES

399,671

316,624

CREDITORS

Amounts falling due after more than one year

8

49,574

76,614

NET ASSETS

350,097

240,010

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

350,095

240,008

SHAREHOLDERS' FUNDS

350,097

240,010

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2021 and were signed on its behalf by:

Ms S E Green - Director

1.	STATUTORY INFORMATION

GGP Law Ltd 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.

Goodwill

Goodwill is the amount paid in connection with the acquisition of businesses.

Goodwill is being amortised over 5 years from the 1st October 2014.

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.

Plant and machinery etc

-

33% on cost

Government grants

During the year the following government support was received during the ongoing pandemic:

Grant received

£

Job retention scheme

47,771

Covid support grant

50,000

There are no unfulfilled conditions attached to the above grants received.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied are recognised as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2019 - 53 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

335,000

AMORTISATION

At 1 January 2020

and 31 December 2020

335,000

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

118,091

Additions

1,534

At 31 December 2020

119,625

DEPRECIATION

At 1 January 2020

81,045

Charge for year

10,430

At 31 December 2020

91,475

NET BOOK VALUE

At 31 December 2020

28,150

At 31 December 2019

37,046

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

147,871

103,048

Other debtors

71,115

41,052

218,986

144,100

Included with other debtors is a balance owed from the directors.

2020

2019

£

£

Ms A M Jones

154

233

Mr R Owen

-

58

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

80,433

113,738

Trade creditors

4,901

12,021

Taxation and social security

198,885

89,421

Other creditors

60,754

112,376

344,973

327,556

Included with other creditors is a balance owing to the directors.

2020

2019

£

£

Mr G J George

1,326

25,794

Mrs S E Green

9,912

10,657

Mrs K Herbert

15,303

16,357

Mrs L S Shrimpton

2,062

150

Ms A M Jones

21

-

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

49,574

76,614

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 Balance Sheet. 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 GGP Law Ltd for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of GGP Law Ltd, 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 GGP Law Ltd and state those matters that we have agreed to state to the Board of Directors of GGP Law Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GGP Law Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that GGP Law Ltd 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 profit of GGP Law Ltd. You consider that GGP Law Ltd 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 GGP Law Ltd. 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.

Bevan Buckland LLP

Ground Floor

Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

29 September 2021