GDS Records Ltd - Accounts to registrar (filleted) - small 18.2

GDS Records Ltd - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 12732627 (England and Wales)









Unaudited Financial Statements

for the Period 9 July 2020 to 31 July 2021

for

GDS RECORDS LTD

GDS RECORDS LTD (REGISTERED NUMBER: 12732627)






Contents of the Financial Statements
for the Period 9 July 2020 to 31 July 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GDS RECORDS LTD

Company Information
for the Period 9 July 2020 to 31 July 2021







DIRECTORS: D J Odunwo
J Roddison





SECRETARY: J Roddison





REGISTERED OFFICE: The Old Workshop
1 Ecclesall Road South
Sheffield
South Yorkshire
S11 9PA





REGISTERED NUMBER: 12732627 (England and Wales)





ACCOUNTANTS: Brown McLeod Limited
Chartered Accountants
The Old Workshop
1 Ecclesall Road South
Sheffield
South Yorkshire
S11 9PA

GDS RECORDS LTD (REGISTERED NUMBER: 12732627)

Balance Sheet
31 July 2021

Notes £    £   
FIXED ASSETS
Intangible assets 4 14,619
Tangible assets 5 4,680
Investments 6 48,000
67,299

CURRENT ASSETS
Debtors 7 29,030
Cash at bank 236,664
265,694
CREDITORS
Amounts falling due within one year 8 166,792
NET CURRENT ASSETS 98,902
TOTAL ASSETS LESS CURRENT
LIABILITIES

166,201

CAPITAL AND RESERVES
Called up share capital 1
Retained earnings 166,200
SHAREHOLDERS' FUNDS 166,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 July 2021 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 19 October 2021 and were signed on its behalf by:




D J Odunwo - Director


GDS RECORDS LTD (REGISTERED NUMBER: 12732627)

Notes to the Financial Statements
for the Period 9 July 2020 to 31 July 2021

1. STATUTORY INFORMATION

GDS Records 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, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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 - 25% on cost and 20% on reducing balance

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

GDS RECORDS LTD (REGISTERED NUMBER: 12732627)

Notes to the Financial Statements - continued
for the Period 9 July 2020 to 31 July 2021

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
Additions 10,000 7,355 17,355
At 31 July 2021 10,000 7,355 17,355
AMORTISATION
Charge for period 2,000 736 2,736
At 31 July 2021 2,000 736 2,736
NET BOOK VALUE
At 31 July 2021 8,000 6,619 14,619

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 6,000
At 31 July 2021 6,000
DEPRECIATION
Charge for period 1,320
At 31 July 2021 1,320
NET BOOK VALUE
At 31 July 2021 4,680

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 48,000
At 31 July 2021 48,000
NET BOOK VALUE
At 31 July 2021 48,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other debtors 29,030

GDS RECORDS LTD (REGISTERED NUMBER: 12732627)

Notes to the Financial Statements - continued
for the Period 9 July 2020 to 31 July 2021

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 1,198
Taxation and social security 65,690
Other creditors 99,904
166,792

9. RELATED PARTY DISCLOSURES

During the period, total dividends of £112,000 were paid to the directors .

10. ULTIMATE CONTROLLING PARTY

The controlling party is D J Odunwo.