ACCOUNTS - Final Accounts preparation

Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-312018-03-31600E F G HN Parker and A Parker Gravis Capital Management LtdThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefalse2016-12-22 10536126 2016-12-21 10536126 2016-12-22 2018-03-31 10536126 2018-03-31 10536126 c:Director1 2016-12-22 2018-03-31 10536126 d:Non-currentFinancialInstruments d:ListedExchangeTraded 2018-03-31 10536126 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2018-03-31 10536126 d:CurrentFinancialInstruments 2018-03-31 10536126 d:Non-currentFinancialInstruments 2018-03-31 10536126 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 10536126 d:ShareCapital 2018-03-31 10536126 d:RetainedEarningsAccumulatedLosses 2018-03-31 10536126 c:OrdinaryShareClass1 2016-12-22 2018-03-31 10536126 c:OrdinaryShareClass1 2018-03-31 10536126 c:OrdinaryShareClass2 2016-12-22 2018-03-31 10536126 c:OrdinaryShareClass2 2018-03-31 10536126 c:OrdinaryShareClass3 2016-12-22 2018-03-31 10536126 c:OrdinaryShareClass3 2018-03-31 10536126 c:OrdinaryShareClass4 2016-12-22 2018-03-31 10536126 c:OrdinaryShareClass4 2018-03-31 10536126 c:OrdinaryShareClass5 2016-12-22 2018-03-31 10536126 c:OrdinaryShareClass5 2018-03-31 10536126 c:FRS102 2016-12-22 2018-03-31 10536126 c:AuditExempt-NoAccountantsReport 2016-12-22 2018-03-31 10536126 c:FullAccounts 2016-12-22 2018-03-31 10536126 c:PrivateLimitedCompanyLtd 2016-12-22 2018-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10536126

GEMSPAN LTD

UNAUDITED

DIRECTORS' REPORT AND
FINANCIAL STATEMENTS

FOR THE PERIOD ENDED
31 MARCH 2018


GEMSPAN LTD

DIRECTORS' REPORT

FOR THE PERIOD ENDED 31 MARCH 2018

The directors present their report and the financial statements for the period ended 31 March 2018.

Principal activity

The principal activity of the Company during the period under review was that of holding investments.
The Company was incorporated on 22 December 2016 and began trading on 6 March 2017.

Directors

The directors who served during the period were:

Mr N S Parker (appointed 22 December 2016)

Mrs A Parker (appointed 10 January 2017)

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr N S Parker

Director

Date: 21 September 2018

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GEMSPAN LTD REGISTERED NUMBER:10536126

BALANCE SHEET

AS AT 31 MARCH 2018

		2018
		£

Fixed assets
Investments	4		1,645,536
Current assets
Debtors: amounts falling due within one year	5	2,055,275
Cash at bank and in hand		27,083
		2,082,358
Creditors: amounts falling due within one year	6	(3,807,566)
Net current liabilities			(1,725,208)
Total assets less current liabilities			(79,672)

Net liabilities			(79,672)

Capital and reserves
Called up share capital	7	1,000
Profit and loss account		(80,672)
		(79,672)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr N S Parker

Director

Date: 21 September 2018

The notes on pages 3 to 6 form part of these financial statements.

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GEMSPAN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2018

1.	General information

Gemspan Ltd is a private Company, limited by shares and incorporated in England and Wales, registration number 10536126. The registered office is Munro House, Portsmouth Road, Cobham, Surrey, KT11 1PP.
The companies principal place of business is 24 Savile Row, London, W1S 2ES.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

These financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.

2.3

Dividend income

Dividend income from listed and unlisted investments is recognised when the shareholder's right to income is established.

2.4

Valuation of investments

Investments in unlisted company shares are measured at cost less accumulated impairment.
investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.5

Taxation

Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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GEMSPAN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2018

2.Accounting policies (continued)

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

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, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

Employees

The average monthly number of employees, including directors, during the period was 2.

4.	Fixed asset investments

	Listed investments	Unlisted investments	Total
	£	£	£
Cost or valuation
Additions	1,617,183	140,790	1,757,973
Revaluations	(112,437)	-	(112,437)
At 31 March 2018	1,504,746	140,790	1,645,536

Net book value
At 31 March 2018	1,504,746	140,790	1,645,536

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GEMSPAN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2018

Debtors

					2018
					£


	Other debtors	2,055,275

6.	Creditors: Amounts falling due within one year
		2018
		£

	Corporation tax	6,918
	Other creditors	3,798,218
	Accruals	2,430
		3,807,566

7.	Share capital
		2018
		£

		Allotted, called up and fully paid

		40 A shares of £1 each	40
		60 B shares of £1 each	60
		180 C shares of £1 each	180
		120 D shares of £1 each	120
		180 E shares of £1 each	180
		120 F shares of £1 each	120
		180 G shares of £1 each	180
		120 H shares of £1 each	120

			1,000

During the period the company issued shares at £1 par value. These shares were fully paid.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.

Page 5


GEMSPAN LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2018

9.	Related party transactions
	At the balance sheet date the Company owed the directors, N Parker and A Parker, £3,798,218. This balance is held within other creditors. At the balance sheet date Gravis Capital Management Ltd, a company which N Parker is a director, owed the Company £2,000,700. Both balances are interest free and repayable on demand.

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