GB Autoworks (Cumbria) Limited

GB AUTOWORKS (CUMBRIA) LIMITED - Company Information

2020-03-012021-02-282021-02-28false11833353GB Autoworks (Cumbria) 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Registered Number
11833353
(England and Wales)

Unaudited Financial Statements for the Year Ended
28 February 2021

GB Autoworks (Cumbria) Limited

Company Information
for the year from 1 March 2020 to 28 February 2021


Directors	Ian Philip Lawman


Registered Address	4 Mason Court Gillan Way
	Penrith 40 Business Park
	Penrith
	CA11 9GR


Registered Number	11833353 (England and Wales)

GB Autoworks (Cumbria) Limited

Statement of Financial Position
28 February 2021

	Notes	2021		2020
		£	£	£	£
Current assets
Stocks	8	5,000		4,000
Cash at bank and on hand		14,570		5
		19,570		4,005
Creditors amounts falling due within one year	10	(1,413)		(4,643)
Net current assets (liabilities)			18,157		(638)
Total assets less current liabilities			18,157		(638)
Creditors amounts falling due after one year	11		(50,000)		-
Net assets			(31,843)		(638)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(31,943)		(738)
Shareholders' funds			(31,843)		(638)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Director on 26 November 2021, and are signed on its behalf by:

Ian Philip Lawman
Director
Registered Company No. 11833353

GB Autoworks (Cumbria) Limited

Notes to the Financial Statements
for the year ended 28 February 2021

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	BASIS OF MEASUREMENT USED IN FINANCIAL STATEMENTS
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

4.	ACCOUNTING POLICIES

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Inventories policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Valuation of financial instruments policy
	The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Valuation of financial instruments policy

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

	Going concern
	The balance sheet indicates a net deficit of £31,843. However, the accounts have been prepared on a going concern basis on the grounds that the directors will continue to meet the day to day expenses of the company.

5.	CRITICAL ESTIMATES AND JUDGEMENTS
	The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

CRITICAL ESTIMATES AND JUDGEMENTS

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

6.	SOURCES OF ESTIMATION UNCERTAINTY
	Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

7.	EMPLOYEE INFORMATION

		2021		2020
	Average number of employees during the year	-		-

8.	INVENTORIES

		2021 £		2020 £
	Other inventories	5,000		4,000
	Total	5,000		4,000

9.	DEBTORS
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

DEBTORS

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

10.	CREDITORS WITHIN ONE YEAR
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	2021 £	2020 £
Other creditors	213	4,643
Accrued liabilities and deferred income	1,200	-
Total	1,413	4,643

11.	CREDITORS AFTER ONE YEAR

		2021 £		2020 £
	Bank borrowings and overdrafts	50,000		-
	Total	50,000		-