Gap Infomedia Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03736244 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

Gap Infomedia Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

13

DIRECTORS:

P H Ramsey

C Gilbertson

REGISTERED OFFICE:

Office One, Floor one

Maxwell House

Liverpool Innovation Park

Liverpool

L7 9NJ

REGISTERED NUMBER:

03736244 (England and Wales)

ACCOUNTANTS:

Jonathan Ford & Co Limited

Chartered Accountants

Maxwell House

Liverpool Innovation Park

Liverpool

Merseyside

L7 9NJ

FIXED ASSETS

Intangible assets

5

96,880

103,800

Tangible assets

6

3,437

4,583

100,317

108,383

CURRENT ASSETS

Debtors

7

135,777

171,267

Prepayments and accrued income

560

-

136,337

171,267

CREDITORS

Amounts falling due within one year

8

277,656

268,719

NET CURRENT LIABILITIES

(141,319

)

(97,452

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(41,002

)

10,931

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Share premium

192,513

192,513

Retained earnings

(234,515

)

(182,582

)

SHAREHOLDERS' FUNDS

(41,002

)

10,931

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 11 July 2018 and were signed on its behalf by:

P H Ramsey - Director

1.	STATUTORY INFORMATION

Gap Infomedia Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The directors assert that the going concern basis is appropriate as the company's losses will

continue to be funded by other companies within the group.

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. The resulting

accounting estimates will, by definition, seldom equal the related actual results. The estimates

and assumptions that have a significant risk of causing a material adjustment to the carrying

amounts of assets and liabilities within the next financial year are addressed below

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated

useful economic lives and residual values of the assets. The useful economic lives and

residual values are re-assessed annually. They are amended when necessary to reflect current

estimates, based on technological advancement, future investments, economic utilisation and

the physical condition of the assets.

(ii) Impairment of goodwill

The company makes an estimate of the fair value of goodwill. When assessing impairment of

goodwill, management considers factors including the performance of the business operations

to which the goodwill relates.

(iii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When

assessing impairment of trade and other debtors, management considers factors including the

current credit rating of the debtor, the ageing profile of debtors and historical experience.

(iv) Deferred tax provisioning

Deferred tax is recognised on all timing differences at the reporting date. The company's

timing differences predominantly arise on the differing tax and accounting carrying values of

tangible assets. Judgement is exercised by management in determining the useful economic

lives and residual values of tangible assets which is relevant in calculating the value of

deferred tax liabilities or assets.

Turnover

Turnover excludes value added tax and represents net invoiced sales of services plus amounts

recoverable on contracts not yet invoiced less income deferrals.

Amounts recoverable on contracts are recognised according to the stage of completion of the

contracts. The stage of completion of each contract is considered individually and by

reference to the proportion of the estimated total expenditure incurred at the balance sheet

date.

Deferred income is recognised when contractual payments are received in advance of the

related expenditure being incurred.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty five years.

The directors have considered that no additional impairment would be appropriate in the year

under review.

Intangible fixed assets

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Current tax

Current tax is the amount of income tax payable in respect of taxable profit for the year or

prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or

substantively enacted by the period end.

Deferred tax

Deferred tax is recognised on all timing differences at the reporting date except for certain

exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when 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 and that are expected to apply to the reversal of the timing difference.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs

The company makes contributions into the personal pension schemes of its employees. The

contributions are recognised in the period to which they relate.

Employee benefits

Short term benefits, including holiday pay and other non-monetary benefits, are recognised as

an expense in the period in which the service is received.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are

initially recognised at transaction price, unless the arrangement constitutes a financing

transaction, where the transaction is measured at the present value of the future receipts

discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed

for objective evidence of impairment. If an asset is impaired the impairment loss is the

difference between the carrying amount and the present value of the estimated cash flows

discounted at the asset's original effective interest rate. The impairment loss is recognised in

profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the

impairment was recognised the impairment is reversed. The reversal is such that the current

carrying amount does not exceed what the carrying amount would have been had the

impairment not previously been recognised. The impairment reversal is recognised in profit or

loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the

asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the

asset are transferred to another party or (c) control of the asset has been transferred to another

party who has the practical ability to unilaterally sell the asset to an unrelated third party

without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially

recognised at transaction price, unless the arrangement constitutes a financing transaction,

where the debt instrument is measured at the present value of the future receipts discounted at

a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate

method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan

to the extent that it is probable that some or all of the facility will be drawn down. In this case,

the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is

probable that some or all of the facility will be drawn down, the fee is capitalised as a

pre-payment for liquidity services and amortised over the period of the facility to which it

relates.

Trade payables are obligations to pay for goods or services that have been acquired in the

ordinary course of business from suppliers. Accounts payable are classified as current

liabilities if payment is due within one year or less. If not, they are presented as non-current

liabilities. Trade payables are recognised initially at transaction price and subsequently

measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the

contractual obligation is discharged, cancelled or expires.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 11 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

173,000

AMORTISATION

At 1 April 2017

69,200

Charge for year

6,920

At 31 March 2018

76,120

NET BOOK VALUE

At 31 March 2018

96,880

At 31 March 2017

103,800

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2017

and 31 March 2018

12,425

50,884

63,309

DEPRECIATION

At 1 April 2017

11,164

47,562

58,726

Charge for year

315

831

1,146

At 31 March 2018

11,479

48,393

59,872

NET BOOK VALUE

At 31 March 2018

946

2,491

3,437

At 31 March 2017

1,261

3,322

4,583

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

48,321

42,155

Amounts owed by group undertakings

80,428

128,628

Other debtors

7,028

484

135,777

171,267

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

34,246

31,583

Other loans

40,000

40,000

Trade creditors

73,075

54,731

Amounts owed to group undertakings

43,369

43,369

Social security and other taxes

2,388

1,973

VAT

18,751

24,255

Other creditors

31,859

36,276

Directors' current accounts

33,968

35,690

Accrued expenses

-

842

277,656

268,719

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank overdrafts

34,246

31,583

In respect of the bank overdraft, the company's bankers hold fixed and floating charges over

the undertaking and all property and assets present and future including goodwill book debts,

uncalled capital, buildings, fixtures, fixed plant and machinery.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

31 March 2018 and 31 March 2017:

31.3.18

31.3.17

£

£

P H Ramsey

Balance outstanding at start of year

(35,690

)

(36,029

)

Amounts advanced

1,722

2,657

Amounts repaid

-

(2,318

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(33,968

)

(35,690

)

11.	RELATED PARTY DISCLOSURES

Loans repayable to the parent company at the balance sheet date amounted to £43,369 (2017:

£43,369). The loans are repayable on demand and interest is not being charged by the parent.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is CPRG Limited.

CPRG Limited is not controlled by any one individual.

The following reproduces the text of the report prepared for the directors in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act

2006, the company is only required to file a Balance Sheet. Readers are cautioned that the

Income Statement and certain other primary statements and the Report of the Directors are

not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Gap Infomedia Limited for the year ended 31 March 2018

which comprise the Income Statement, Balance Sheet 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Gap Infomedia Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gap Infomedia Limited and state those matters that we have agreed to state to the Board of Directors of Gap Infomedia Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gap Infomedia Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Gap Infomedia Limited 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 loss of Gap Infomedia Limited. You consider that Gap Infomedia Limited 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 Gap Infomedia Limited. 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.

Jonathan Ford & Co Limited

Chartered Accountants

Maxwell House

Liverpool Innovation Park

Liverpool

Merseyside

L7 9NJ

Date: .............................................