GSP Capital Limited - Period Ending 2018-03-31

GSP Capital Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 08291852

GSP Capital Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

GSP Capital Limited

Balance Sheet

31 March 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	3	9,583	-
Investments	4	824,239	695,694
		833,822	695,694
Current assets
Debtors	5	42,093	31,080
Cash at bank and in hand		2,963	3,290
		45,056	34,370
Creditors: Amounts falling due within one year	6	(1,350,901)	(877,613)
Net current liabilities		(1,305,845)	(843,243)
Net liabilities		(472,023)	(147,549)
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		(472,123)	(147,649)
Total equity		(472,023)	(147,549)

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

Page 1

GSP Capital Limited

Balance Sheet

31 March 2018

For the financial 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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 22 December 2018
 

......................................... Mr G Farha Director

Company Registration Number: 08291852

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

Page 2

GSP Capital Limited

Notes to the Financial Statements

Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
96 Kensington High street
London
W8 4EY

These financial statements were authorised for issue by the director on 22 December 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's directors.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Page 3

GSP Capital Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Software	25% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

 

Page 4

GSP Capital Limited

Notes to the Financial Statements

Year Ended 31 March 2018

3	Intangible assets

	Software £	Total £
Cost or valuation
Additions	10,000	10,000
At 31 March 2018	10,000	10,000
Amortisation
Amortisation charge	417	417
At 31 March 2018	417	417
Carrying amount
At 31 March 2018	9,583	9,583

4	Investments

	2018 £	2017 £
Unlisted investments	824,239	695,694

Unlisted investments	£
Cost
At 1 April 2017	695,695
Additions	419,984
Revaluation	(291,440)
At 31 March 2018	824,239
Provision
Carrying amount
At 31 March 2018	824,239
At 31 March 2017	695,694

Page 5

GSP Capital Limited

Notes to the Financial Statements

Year Ended 31 March 2018

5

Debtors

	2018  £	2017  £
Other debtors	42,093	31,080
	42,093	31,080

6

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	7	-	395
Other creditors		1,347,301	874,818
Accrued expenses		3,600	2,400
		1,350,901	877,613

7	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	-	395

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Page 6