GD Associates (Nottingham) Ltd Company Accounts

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 2018
GD Associates (Nottingham) Ltd
Financial Statements
Year ended 31 March 2018
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 accountants 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 Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
Lloyds
42 St Peters Hill
Grantham
Lincolnshire
NG31 6QJ
GD Associates (Nottingham) Ltd
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Intangible assets
4
3,250
3,750
Tangible assets
5
1,953
1,572
-------
-------
5,203
5,322
Current assets
Stocks
350
350
Debtors
6
19,778
18,638
Cash at bank and in hand
13,959
15,236
--------
--------
34,087
34,224
Creditors: amounts falling due within one year
7
17,730
20,311
--------
--------
Net current assets
16,357
13,913
--------
--------
Total assets less current liabilities
21,560
19,235
Provisions
Taxation including deferred tax
371
314
--------
--------
Net assets
21,189
18,921
--------
--------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
21,187
18,919
--------
--------
Members funds
21,189
18,921
--------
--------
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 2018 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 2018
These financial statements were approved by the board of directors and authorised for issue on 9 November 2018 , 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 2018
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.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Defined contribution plans
The company contributes into the director's personal pension scheme. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).
4. Intangible assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
5,000
-------
Amortisation
At 1 April 2017
1,250
Charge for the year
500
-------
At 31 March 2018
1,750
-------
Carrying amount
At 31 March 2018
3,250
-------
At 31 March 2017
3,750
-------
5. Tangible assets
Office Equipment
Total
£
£
Cost
At 1 April 2017
3,194
3,194
Additions
1,033
1,033
-------
-------
At 31 March 2018
4,227
4,227
-------
-------
Depreciation
At 1 April 2017
1,622
1,622
Charge for the year
652
652
-------
-------
At 31 March 2018
2,274
2,274
-------
-------
Carrying amount
At 31 March 2018
1,953
1,953
-------
-------
At 31 March 2017
1,572
1,572
-------
-------
6. Debtors
2018
2017
£
£
Trade debtors
19,778
18,638
--------
--------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
1,738
1,533
Corporation tax
7,135
5,921
Social security and other taxes
6,433
6,234
Other creditors
2,424
6,623
--------
--------
17,730
20,311
--------
--------
8. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
9. Directors' advances, credits and guarantees
The amount owed to the directors at the statement of financial position date was £2,424 (2017: £6,623). The directors loan is interest free, unsecured and repayable on demand.
GD Associates (Nottingham) Ltd
Management Information
Year ended 31 March 2018
The following pages do not form part of the financial statements.
GD Associates (Nottingham) Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of GD Associates (Nottingham) Ltd
Year ended 31 March 2018
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 2018, 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 22 October 2018. 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 Accountants
550 Valley Road Basford Nottingham NG5 1JJ
9 November 2018