Gabbitas Limited 31/12/2022 iXBRL

Gabbitas Limited 31/12/2022 iXBRL

GABBITAS LIMITED - Company Information

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Company registration number: 02920466
Gabbitas Limited
Unaudited filleted financial statements
31 December 2022
Gabbitas Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Gabbitas Limited
Directors and other information
Directors Mr Calvin Ho
Mr Man B Lee
Ms Xiaohui S Liao
Company number 02920466
Registered office 28 Grosvenor Street
London
England
W1K 4QR
Bankers Santander UK
Bridle Road
Bootle
Merseyside
L30 4GB
Gabbitas Limited
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 4,008 503
Investments 6 104,300 104,300
_______ _______
108,308 104,803
Current assets
Debtors 7 287,945 219,138
Cash at bank and in hand 584,979 697,729
_______ _______
872,924 916,867
Creditors: amounts falling due
within one year 8 ( 850,159) ( 929,070)
_______ _______
Net current assets/(liabilities) 22,765 ( 12,203)
_______ _______
Total assets less current liabilities 131,073 92,600
_______ _______
Net assets 131,073 92,600
_______ _______
Capital and reserves
Called up share capital 9 60,000 60,000
Capital redemption reserve 90,000 90,000
Profit and loss account ( 18,927) ( 57,400)
_______ _______
Shareholders funds 131,073 92,600
_______ _______
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.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:
Mr Calvin Ho
Director
Company registration number: 02920466
Gabbitas Limited
Statement of changes in equity
Year ended 31 December 2022
Called up share capital Capital redemption reserve Profit and loss account Total
£ £ £ £
At 1 January 2021 60,000 90,000 ( 116,423) 33,577
Profit for the year 59,023 59,023
_______ _______ _______ _______
Total comprehensive income for the year - - 59,023 59,023
_______ _______ _______ _______
At 31 December 2021 and 1 January 2022 60,000 90,000 ( 57,400) 92,600
Profit for the year 38,473 38,473
_______ _______ _______ _______
Total comprehensive income for the year - - 38,473 38,473
_______ _______ _______ _______
At 31 December 2022 60,000 90,000 ( 18,927) 131,073
_______ _______ _______ _______
Gabbitas Limited
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 28 Grosvenor Street, London, England, W1K 4QR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 company meets its day to day working capital requirements through the continued support of itsshareholders for the foreseeable future, and at least 12 months from the date of signing of thesefinancial statements. On this basis the director considers that it is appropriate to prepare the financialstatements on the going concern basis.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 3 to 5 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are 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 company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2021: 25 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2022 317,338 317,338
Additions 4,850 4,850
_______ _______
At 31 December 2022 322,188 322,188
_______ _______
Depreciation
At 1 January 2022 316,835 316,835
Charge for the year 1,345 1,345
_______ _______
At 31 December 2022 318,180 318,180
_______ _______
Carrying amount
At 31 December 2022 4,008 4,008
_______ _______
At 31 December 2021 503 503
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2022 and 31 December 2022 104,300 104,300
_______ _______
Impairment
At 1 January 2022 and 31 December 2022 - -
_______ _______
Carrying amount
At 31 December 2022 104,300 104,300
_______ _______
At 31 December 2021 104,300 104,300
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 52,275 19,581
Other debtors 235,670 199,557
_______ _______
287,945 219,138
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 54,306 31,665
Corporation tax - 11,428
Social security and other taxes 35,239 67,334
Other creditors 760,614 818,643
_______ _______
850,159 929,070
_______ _______
9. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 60,000 60,000 60,000 60,000
_______ _______ _______ _______
10. Controlling party
The company's parent undertaking is Gabbitas Educational Consultants Limited, a company incorporated in England and Wales.The ultimate controlling party is Calvin Ho by virtue of his shareholding.