GBSL Dorking Limited Filleted accounts for Companies House (small and micro)

GBSL DORKING LIMITED - Company Information

0 false false false false false false false false false true false false false false false false No description of principal activity 2021-01-01 Sage Accounts Production Advanced 2020 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 10264578 2021-01-01 2021-12-31 10264578 2021-12-31 10264578 2020-12-31 10264578 2020-12-31 10264578 core:LandBuildings core:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 10264578 core:PlantMachinery 2021-01-01 2021-12-31 10264578 bus:Director1 2021-01-01 2021-12-31 10264578 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-31 10264578 core:PlantMachinery 2020-12-31 10264578 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 10264578 core:PlantMachinery 2021-12-31 10264578 core:WithinOneYear 2021-12-31 10264578 core:WithinOneYear 2020-12-31 10264578 core:AfterOneYear 2021-12-31 10264578 core:AfterOneYear 2020-12-31 10264578 core:ShareCapital 2021-12-31 10264578 core:ShareCapital 2020-12-31 10264578 core:RetainedEarningsAccumulatedLosses 2021-12-31 10264578 core:RetainedEarningsAccumulatedLosses 2020-12-31 10264578 core:BetweenOneFiveYears 2021-12-31 10264578 core:BetweenOneFiveYears 2020-12-31 10264578 core:MoreThanFiveYears 2021-12-31 10264578 core:MoreThanFiveYears 2020-12-31 10264578 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-31 10264578 core:PlantMachinery 2020-12-31 10264578 bus:SmallEntities 2021-01-01 2021-12-31 10264578 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 10264578 bus:FullAccounts 2021-01-01 2021-12-31 10264578 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 10264578 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 10264578 core:ParentEntities 2021-01-01 2021-12-31 10264578 core:ParentEntities 2021-12-31 10264578 core:ParentEntities 2020-12-31 10264578 core:UltimateParent 2021-01-01 2021-12-31 10264578 core:UltimateParent 2021-12-31 10264578 core:UltimateParent 2020-12-31

COMPANY REGISTRATION NUMBER: 10264578

GBSL Dorking Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2021

GBSL Dorking Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		1,648,966	1,599,892

Current assets

Debtors	6	300,260	226,212
Cash at bank and in hand		42,266	184,755
		---------	---------
		342,526	410,967

Creditors: amounts falling due within one year	7	2,093,270		2,323,554
		------------		------------
Net current liabilities			1,750,744	1,912,587
			------------	------------
Total assets less current liabilities			( 101,778)	( 312,695)

Creditors: amounts falling due after more than one year	8	112,500	47,500
		---------	---------
Net liabilities		( 214,278)	( 360,195)
		---------	---------

Capital and reserves

Called up share capital	10	10
Profit and loss account	( 214,288)	( 360,205)
	---------	---------
Shareholders deficit	( 214,278)	( 360,195)
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 10 May 2022 , and are signed on behalf of the board by:

Mr A P Blumfield

Director

Company registration number: 10264578

GBSL Dorking Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Two Hedges, Frome Road, Norton St. Philip, Bath, Somerset, BA2 7PF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis they continue to adopt the going concern basis of accounting in preparing these financial statements.

Revenue recognition

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.

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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Buildings	-	5% straight line
Plant and machinery	-	5% straight line

Depreciation on grid battery equipment will commence once the site is complete.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, 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. Basic financial liabilities, which include trade and other creditors, 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. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

4. Tax on profit/(loss)

The company has unused trade losses of £1,448,798 (2020: £1,421,044). There is no expiry date on these losses. The company has an unrecognised deferred tax asset, mainly in respect of these tax losses, of £40,823 (2020: £61,148).

5. Tangible assets

	Buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2021	24,902	1,660,725	1,685,627
Additions	–	134,644	134,644
	--------	------------	------------
At 31 December 2021	24,902	1,795,369	1,820,271
	--------	------------	------------
Depreciation
At 1 January 2021	2,699	83,036	85,735
Charge for the year	1,246	84,324	85,570
	--------	------------	------------
At 31 December 2021	3,945	167,360	171,305
	--------	------------	------------
Carrying amount
At 31 December 2021	20,957	1,628,009	1,648,966
	--------	------------	------------
At 31 December 2020	22,203	1,577,689	1,599,892
	--------	------------	------------

6. Debtors

	2021	2020
	£	£
Trade debtors	38,423	38,787
Other debtors	261,837	187,425
	---------	---------
	300,260	226,212
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	37,500	2,500
Trade creditors	24,315	193,537
Amounts owed to group undertakings	1,985,129	1,986,637
Social security and other taxes	7,649	103,581
Other creditors	38,677	37,299
	------------	------------
	2,093,270	2,323,554
	------------	------------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	112,500	47,500
	---------	--------

9. Going concern

At the 31 December 2021, the company's liabilities exceeded its assets by £218,002 (2020: £360,195). £1,730,521 (2020: £1,886,637) is owed to Grid Battery Storage Finance Company Limited, which is the parent company of GBSL Dorking Limited . In addition, £254,608 (2020: £100,000) is owed to Grid Battery Storage Limited, which is the ultimate parent company of GBSL Dorking Limited . Neither the parent company nor ultimate parent company will seek repayment of this loan to the detriment of other creditors. As the company continues to have the support of its parent company and ultimate parent company, the accounts have been prepared on a going concern basis.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	30,000	30,000
Later than 1 year and not later than 5 years	120,000	120,000
Later than 5 years	622,500	652,500
	---------	---------
	772,500	802,500
	---------	---------

11. Charges on assets

The acquisition of the company’s assets is funded through a loan from the parent company, Grid Battery Storage Finance Company Limited. A loan to the parent company of £1,900,000 (2020: £1,900,000) from GCP Asset Backed Income (UK) Limited is secured by a fixed and floating charge against the assets of GBSL Dorking Limited .

12. Related party transactions

Included in other creditors is £ 1,730,521 (2020: £ 1,886,637 ) due to Grid Battery Storage Finance Company Limited . Grid Battery Storage Finance Capital Limited is the parent company and holds the issued share capital of GBSL Dorking Limited. This loan is interest free and is repayable on demand. Included in other creditors is £ 254,608 (2020: £ 100,000 ) due to Grid Battery Storage Limited . Grid Battery Storage Limited is the parent company of Grid Battery Storage Finance Company Limited which is the parent company of GBSL Dorking Limited. This loan is interest free and has no fixed terms of repayment.