GRC World Forums Limited
GRC World Forums Limited
Registered number: 11271283
Unaudited Financial Statements
For The Year Ended
31 December 2022
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
GRC World Forums Limited
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—8 |
GRC World Forums Limited
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
11271283
For the year ending 31 December 2022 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 31 December 2022 | 31 December 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Share premium account |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (1,436,114) | (1,094,792) | |||
GRC World Forums Limited
Balance Sheet (continued)
As At
31 December 2022
On behalf of the board
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Director
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The notes on pages 3 to 8 form part of these financial statements.
GRC World Forums Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
GRC World Forums Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11271283
. The registered office is The Cottages Jones Court, Womanby Street, Cardiff, CF10 1BR.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3.
Intangible Fixed Assets and Amortisation - Other Intangible
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 five years.
Website development costs are being amortised evenly over their estimated useful life of three years.
Brand development is being amortised evenly over its estimated useful life of two years.
Website development
Expenditure on website development activities is capitalised. The expenditure capitalised includes the cost of direct labour. Other development expenditure is recognised in the income statement as an expense incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
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GRC World Forums Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
2.5.
Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
Long term financial instruments, which are provided interest free or at below market interest rates, are discounted at the prevailing market rate and the difference accounted for as a capital contribution or distribution in the equity statement.
2.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
GRC World Forums Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
2.9.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.10.
Going concern
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
The directors continue to adopt the going concern basis of accounting in preparing financial statements.
2.11.
Accrued and deferred income
Accrued income represents revenue earned but not invoiced at 31 December.
Deferred income are fees not yet earned.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 27 (2021: 31)
4.
Intangible Assets
| Other | |||
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| £ | |||
| Cost | |||
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| Additions |
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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GRC World Forums Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
5.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at
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| Additions |
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| As at
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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6.
Debtors
| 31 December 2022 | 31 December 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Corporation tax recoverable assets |
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| Due after more than one year | |||
| Other debtors |
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GRC World Forums Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
7.
Creditors: Amounts Falling Due Within One Year
| 31 December 2022 | 31 December 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| VAT |
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| Net wages | 51,057 | 75,547 | |
| Other creditors |
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| Pension liabililty |
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| Accruals and deferred income |
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| Directors' loan accounts |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 31 December 2022 | 31 December 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
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| Other creditors |
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Included in other creditors are VAT and PAYE balances due in more than one year. There is an agreement with HMRC to repay these within two years.
9.
Loans
An analysis of the maturity of loans is given below:
| 31 December 2022 | 31 December 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due within one year or on demand: | |||
| Bank loans |
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GRC World Forums Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
| 31 December 2022 | 31 December 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Amounts falling due between one and five years: | |||
| Bank loans |
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11.
Related Party Disclosures
Ideas Forums Ltd
A company under common directorship.
There is an outstanding interest free loan of £285,849 (2021: £203,512) to Ideas Forums Ltd.
This loan has been reclassified as long term debtor in the accounts.
Critical Information Group Limited
A company under common directorship.
There is an outstanding interest free loan of £135,400 (2021: £50,000) from Critical Information Group Limited.
12.
Controlling Parties
The company's ultimate controlling party is
Mr N James
by virtue of his interest in the share capital of the company.
13.
Going concern
Total liabilities exceed total assets however, the company is able to meet its liabilities as they fall due.
14. Charges
There are fixed and floating charges registered against the assets of the company.