GD Web Offset Ltd - Accounts to registrar (filleted) - small 18.2

GD Web Offset Ltd - Accounts to registrar (filleted) - small 18.2

DEARNE RESIDENTIAL LTD - Company Information

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REGISTERED NUMBER: 10571272 (England and Wales)















Unaudited Financial Statements

for the Period 18 January 2017 to 31 March 2018

for

GD Web Offset Ltd
Thornton Springer LLP
Chartered Accountants
67 Westow Street
Upper Norwood
London
SE19 3RW








GD Web Offset Ltd (Registered number: 10571272)






Contents of the Financial Statements
for the Period 18 January 2017 to 31 March 2018




Page

Company Information 1

Balance Sheet 3

Notes to the Financial Statements 5


GD Web Offset Ltd

Company Information
for the Period 18 January 2017 to 31 March 2018







DIRECTOR: P Mursell





REGISTERED OFFICE: 67 Westow Street
Upper Norwood
London
SE19 3RW





REGISTERED NUMBER: 10571272 (England and Wales)





ACCOUNTANTS: Thornton Springer LLP
Chartered Accountants
67 Westow Street
Upper Norwood
London
SE19 3RW
Page 1
GD Web Offset Ltd (Registered number: 10571272)

Strategic Report
for the Period 18 January 2017 to 31 March 2018

The director presents his strategic report for the period 18 January 2017 to 31 March 2018.

REVIEW OF BUSINESS
This was the first year of the Company trading after acquiring assets and business of Garnett Dickinson Print Ltd and
GD Direct Solutions Ltd.The Company incurred significant difficulties in the first year of trading as expected and the
company suffered non-recurring additional costs. However despite these obstacles I am pleased to report that the
Company made a pre-tax profit of £207,568
There is a dispute between a related company Aspenlink Ltd, which is controlled by Mr. J.I. Spring who was a director
of GD Web Offset Ltd.
Aspenlink Ltd was responsible for paper supply and accounting records of the business during the year.
I regret to say the accounting records has been less than perfect. But I feel that financial results reasonably reflect the
performance for the year. I am hopeful that the Company's dispute will be amicably resolved during the current financial
year.The Company in the current financial year has introduced significant cost reductions which I anticipate will be
reflected in higher profits in the year to 31 March 2019.

PRINCIPAL RISKS AND UNCERTAINTIES
The company activities expose it to a number of financial risks including credit risk and liquidity risk.

Credit risk
The company's principal financial assets are cash and trade debtors.

Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future
developments the company has access to short term and long term debt finance.

The key liquidity risk affecting the company is the ability to maintain their finance lease commitments to ensure their
income streams continue to flow.

Despite the value of the finance being significant, the finance is obtained from companies with high credit ratings
assigned by international credit rating agencies. Therefore, there is no significant concern over obtaining further finance.

ON BEHALF OF THE BOARD:





P Mursell - Director


30 November 2018

Page 2
GD Web Offset Ltd (Registered number: 10571272)

Balance Sheet
31 March 2018

Notes £   
FIXED ASSETS
Intangible assets 5 640,327
Tangible assets 6 1,826,156
2,466,483

CURRENT ASSETS
Stocks 458,000
Debtors 7 2,094,631
Cash at bank and in hand 2,626
2,555,257
CREDITORS
Amounts falling due within one year 8 (3,695,849 )
NET CURRENT LIABILITIES (1,140,592 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,325,891

CREDITORS
Amounts falling due after more than one
year
9
(1,118,189
)
NET ASSETS 207,702

CAPITAL AND RESERVES
Called up share capital 134
Retained earnings 207,568
SHAREHOLDERS' FUNDS 207,702

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

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

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The notes form part of these financial statements

Page 3 continued...
GD Web Offset Ltd (Registered number: 10571272)

Balance Sheet - continued
31 March 2018



The financial statements were approved by the director on 30 November 2018 and were signed by:





P Mursell - Director


The notes form part of these financial statements

Page 4
GD Web Offset Ltd (Registered number: 10571272)

Notes to the Financial Statements
for the Period 18 January 2017 to 31 March 2018

1. STATUTORY INFORMATION

GD Web Offset Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33% on cost and 10-20% per annum on straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.

Page 5 continued...
GD Web Offset Ltd (Registered number: 10571272)

Notes to the Financial Statements - continued
for the Period 18 January 2017 to 31 March 2018

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases
are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element
of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 121 .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 711,474
At 31 March 2018 711,474
AMORTISATION
Charge for period 71,147
At 31 March 2018 71,147
NET BOOK VALUE
At 31 March 2018 640,327

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 2,027,903
At 31 March 2018 2,027,903
DEPRECIATION
Charge for period 201,747
At 31 March 2018 201,747
NET BOOK VALUE
At 31 March 2018 1,826,156

Page 6 continued...
GD Web Offset Ltd (Registered number: 10571272)

Notes to the Financial Statements - continued
for the Period 18 January 2017 to 31 March 2018

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 1,573,893
At 31 March 2018 1,573,893
DEPRECIATION
Charge for period 157,389
At 31 March 2018 157,389
NET BOOK VALUE
At 31 March 2018 1,416,504

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 1,991,279
Other debtors 103,352
2,094,631

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Hire purchase contracts 267,593
Trade creditors 2,641,466
Taxation and social security 92,090
Other creditors 694,700
3,695,849

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Hire purchase contracts 1,118,189

10. POST BALANCE SHEET EVENTS

The company incurred an explosion in the factory which destroyed web offset press.
An insurance claim was made and has been settled to the company's satisfaction.

Page 7