Ger y Gors Projects Ltd Company Accounts

GER-Y-GORS PROJECTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07345348

Ger y Gors Projects Ltd

Company Limited by Guarantee

Unaudited Financial Statements

31 August 2016

FRANCIS GRAY

Chartered accountant

Ty Madog

32 Queens Road

Aberystwyth

Ceredigion, SY23 2HN

Ger y Gors Projects Ltd

Company Limited by Guarantee

Financial Statements

Year ended 31 August 2016

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Ger y Gors Projects Ltd

Company Limited by Guarantee

Officers and Professional Advisers

The board of directors	D. Taylor
	J. Watkin
	W. Messer
	S. Miller

Registered office	Carreg Las
	Abbey Road
	Pontrhydfendigaid
	Ystrad Meurig
	Ceredigion
	SY25 6ER

Accountants	FRANCIS GRAY
	Chartered accountant
	Ty Madog
	32 Queens Road
	Aberystwyth
	Ceredigion, SY23 2HN

Bankers	National Westminster
	Station Road
	Tregaron
	Ceredigion
	SY25 6HU

Ger y Gors Projects Ltd

Company Limited by Guarantee

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ger y Gors Projects Ltd

Year ended 31 August 2016

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 August 2016, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

FRANCIS GRAY Chartered accountant

Ty Madog 32 Queens Road Aberystwyth Ceredigion, SY23 2HN

31 May 2017

Ger y Gors Projects Ltd

Company Limited by Guarantee

Statement of Financial Position

31 August 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	7		51,491	83,570

Current assets

Cash at bank and in hand	2,029		1,779

Creditors: amounts falling due within one year	8	64,657		90,639
		--------		--------
Net current liabilities			62,628	88,860
			--------	--------
Total assets less current liabilities			( 11,137)	( 5,290)
			--------	-------
Net liabilities			( 11,137)	( 5,290)
			--------	-------

Capital and reserves

Profit and loss account	( 11,137)	( 5,290)
	--------	-------
Members deficit	( 11,137)	( 5,290)
	--------	-------

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 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 August 2016 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 .

Ger y Gors Projects Ltd

Company Limited by Guarantee

Statement of Financial Position (continued)

31 August 2016

These financial statements were approved by the board of directors and authorised for issue on 31 May 2017 , and are signed on behalf of the board by:

D. Taylor

Director

Company registration number: 07345348

Ger y Gors Projects Ltd

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 August 2016

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Carreg Las, Abbey Road, Pontrhydfendigaid, Ystrad Meurig, SY25 6ER, Ceredigion.

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 the Republic of Ireland'. The July 2015 amendments to the standard have been early adopted.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2014. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

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.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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:

	Equipment	-	20% straight line

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Company limited by guarantee

Ger y Gors Projects Limited is a Company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required, not exceeding £1,to the assets of the company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member.

5. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to Nil (2015: Nil).

6. Profit before taxation

Loss before taxation is stated after charging:

	2016	2015
	£	£
Depreciation of tangible assets	26,726	27,856
	--------	--------

7. Tangible assets

	Equipment
	£
Cost
At 1 September 2015	140,240
Disposals	( 5,353)
	---------
At 31 August 2016	134,887
	---------
Depreciation
At 1 September 2015	56,670
Charge for the year	26,726
	---------
At 31 August 2016	83,396
	---------
Carrying amount
At 31 August 2016	51,491
	---------
At 31 August 2015	83,570
	---------

8. Creditors: amounts falling due within one year

	2016	2015
	£	£
Bank loans and overdrafts	–	32
Trade creditors	79	6,202
Corporation tax	1,254	–
Social security and other taxes	60	14
Other creditors	63,264	84,391
	--------	--------
	64,657	90,639
	--------	--------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	Balance brought forward and outstanding
	2016	2015
	£	£
D. Taylor	( 909)	( 1,140)
	----	-------

10. Related party transactions

The company was under the control of the directors throughout the period. No transactions with related parties were undertaken such as are required to be disclosed under the FRS 102.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2014.

No transitional adjustments were required in equity or profit or loss for the year.