GFB Racing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07205182 (England and Wales)

GFB RACING LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2018

Page

Company Information

1

Report of the Accountants

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

J H B Griffiths

REGISTERED OFFICE:

42 Leigh Road

Hale

Altrincham

Cheshire

WA15 9BD

REGISTERED NUMBER:

07205182 (England and Wales)

ACCOUNTANTS:

Keith Willis Associates Limited

Gothic House

Barker Gate

Nottingham

Nottinghamshire

NG1 1JU

The following reproduces the text of the report prepared for the director 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 Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2018 set out on pages four to seven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Keith Willis Associates Limited

Gothic House

Barker Gate

Nottingham

Nottinghamshire

NG1 1JU

6 December 2018

FIXED ASSETS

Intangible assets

4

95,665

55,877

Tangible assets

5

800

67

96,465

55,944

CURRENT ASSETS

Cash at bank

2,394

13,531

CREDITORS

Amounts falling due within one year

6

166,643

129,575

NET CURRENT LIABILITIES

(164,249

)

(116,044

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(67,784

)

(60,100

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

7

(67,785

)

(60,101

)

SHAREHOLDERS' FUNDS

(67,784

)

(60,100

)

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 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 Income Statement has not been delivered.

The financial statements were approved by the director on 6 December 2018 and were signed by:

J H B Griffiths - Director

1.	STATUTORY INFORMATION

GFB Racing 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net stake receipts from on-course betting activities.

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.

Patents and licences are being amortised evenly over their estimated useful life of 10 years.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost

Taxation

Taxation for the year 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2017

85,418

Additions

53,700

At 31 March 2018

139,118

AMORTISATION

At 1 April 2017

29,541

Charge for year

13,912

At 31 March 2018

43,453

NET BOOK VALUE

At 31 March 2018

95,665

At 31 March 2017

55,877

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2017

11,287

Additions

1,000

At 31 March 2018

12,287

DEPRECIATION

At 1 April 2017

11,220

Charge for year

267

At 31 March 2018

11,487

NET BOOK VALUE

At 31 March 2018

800

At 31 March 2017

67

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts owed to participating interests

164,950

128,275

Other creditors

1,693

1,300

166,643

129,575

7.

RESERVES

Retained

earnings

£

At 1 April 2017

(60,101

)

Deficit for the year

(7,684

)

At 31 March 2018

(67,785

)