GD Associates (Nottingham) Ltd Company Accounts

GD ASSOCIATES (NOTTINGHAM) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07940642

GD Associates (Nottingham) Ltd

Filleted Unaudited Financial Statements

For the year ended

31 March 2017

GD Associates (Nottingham) Ltd

Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

The following pages do not form part of the financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	9

GD Associates (Nottingham) Ltd

Officers and Professional Advisers

The board of directors	Mr G J Douglas
	Mrs N Douglas

Registered office	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Accountants	Swandec
	Chartered accountant
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	HSBC (Midland)
	8 Guildhall Street
	Lincoln
	LN1 1TT

GD Associates (Nottingham) Ltd

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	4	3,750	4,250
Tangible assets	5	1,572	1,362
		-------	-------
		5,322	5,612

Current assets

Stocks		350	350
Debtors	6	18,638	14,531
Cash at bank and in hand		15,236	13,289
		--------	--------
		34,224	28,170

Creditors: amounts falling due within one year	7	20,311		18,338
		--------		--------
Net current assets			13,913	9,832
			--------	--------
Total assets less current liabilities			19,235	15,444

Provisions

Taxation including deferred tax	314	272
	--------	--------
Net assets	18,921	15,172
	--------	--------

Capital and reserves

Called up share capital	8	2	2
Profit and loss account		18,919	15,170
		--------	--------
Members funds		18,921	15,172
		--------	--------

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 income statement has not been delivered.

For the year ending 31 March 2017 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 .

GD Associates (Nottingham) Ltd

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 13 August 2017 , and are signed on behalf of the board by:

Mr G J Douglas

Director

Company registration number: 07940642

GD Associates (Nottingham) Ltd

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.

2. 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 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced for work carried out and goods supplied during the year.

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

	Office equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

4. Intangible assets

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	5,000
	-------
Amortisation
At 1 April 2016	750
Charge for the year	500
	-------
At 31 March 2017	1,250
	-------
Carrying amount
At 31 March 2017	3,750
	-------
At 31 March 2016	4,250
	-------

5. Tangible assets

	Office Equipment	Total
	£	£
Cost
At 1 April 2016	2,515	2,515
Additions	804	804
Disposals	( 125)	( 125)
	-------	-------
At 31 March 2017	3,194	3,194
	-------	-------
Depreciation
At 1 April 2016	1,153	1,153
Charge for the year	524	524
Disposals	( 55)	( 55)
	-------	-------
At 31 March 2017	1,622	1,622
	-------	-------
Carrying amount
At 31 March 2017	1,572	1,572
	-------	-------
At 31 March 2016	1,362	1,362
	-------	-------

6. Debtors

	2017	2016
	£	£
Trade debtors	18,638	14,531
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	1,533	182
Corporation tax	5,921	5,802
Social security and other taxes	6,234	5,731
Other creditors	6,623	6,623
	--------	--------
	20,311	18,338
	--------	--------

8. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

9. Directors' advances, credits and guarantees

Within other creditors is an amount owed to the directors, as at the year end date the balance was £6,623 (2016: £6,623). The above transactions took place at arms length and for full commercial value.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

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

No adjustments were required to the income statement or balance sheet during the transition to FRS102(1A).

GD Associates (Nottingham) Ltd

Management Information

Year ended 31 March 2017

The following pages do not form part of the financial statements.

GD Associates (Nottingham) Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of GD Associates (Nottingham) Ltd

Year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GD Associates (Nottingham) Ltd for the year ended 31 March 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of GD Associates (Nottingham) Ltd, as a body, in accordance with the terms of our engagement letter dated 13 September 2016. Our work has been undertaken solely to prepare for your approval the financial statements of GD Associates (Nottingham) Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GD Associates (Nottingham) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that GD Associates (Nottingham) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GD Associates (Nottingham) Ltd. You consider that GD Associates (Nottingham) Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of GD Associates (Nottingham) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Swandec Chartered accountant

550 Valley Road Basford Nottingham NG5 1JJ

13 August 2017