Company Registration No. 02902281 (England and Wales)
GIBRALTAR (UK) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
GIBRALTAR (UK) LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
The detailed profit and loss account does not form part of the financial statements
Detailed profit and loss account
GIBRALTAR (UK) LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
387,537
341,954
Tangible assets
4
3,897,941
4,129,764
Investments
5
50,001
50,001
4,335,479
4,521,719
Current assets
Debtors
6
1,461,914
1,717,339
Cash at bank and in hand
454,329
15,072
1,916,243
1,732,411
Creditors: amounts falling due within one year
7
(3,428,401)
(2,860,592)
Net current liabilities
(1,512,158)
(1,128,181)
Total assets less current liabilities
2,823,321
3,393,538
Creditors: amounts falling due after more than one year
8
(2,108,392)
(2,804,898)
Net assets
714,929
588,640
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
713,929
587,640
Total equity
714,929
588,640
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GIBRALTAR (UK) LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2020
30 June 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 March 2021
Mr D A Haythornthwaite
Director
Company Registration No. 02902281
GIBRALTAR (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
1
Accounting policies
Company information
Gibraltar (UK) Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Croft Court, Plumpton Close, Whitehills Business Park, Blackpool, Lancashire, FY4 5PR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
Evenly over their estimated useful life of 25 years
Development costs
Evenly over thier estimated useful life of 25 years
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% on cost
Yacht Fixtures and fittings
30% on cost, 20% on cost and 10% on cost
Yacht
10% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
GIBRALTAR (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Investments in subsidiary undertakings are recognised at cost.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.9
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
GIBRALTAR (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
1
1
3
Intangible fixed assets
Patents & licences
Development costs
Total
£
£
£
Cost
At 1 July 2019
446,636
34,865
481,501
Additions
64,582
-
64,582
At 30 June 2020
511,218
34,865
546,083
Amortisation and impairment
At 1 July 2019
104,682
34,865
139,547
Amortisation charged for the year
18,999
-
18,999
At 30 June 2020
123,681
34,865
158,546
Carrying amount
At 30 June 2020
387,537
-
387,537
At 30 June 2019
341,954
-
341,954
GIBRALTAR (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Yacht
Yacht Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 July 2019
632,347
19,778
3,648,900
80,156
4,381,181
Additions
-
-
-
1,227
1,227
At 30 June 2020
632,347
19,778
3,648,900
81,383
4,382,408
Depreciation and impairment
At 1 July 2019
-
19,778
213,945
17,694
251,417
Depreciation charged in the year
-
-
213,945
19,105
233,050
At 30 June 2020
-
19,778
427,890
36,799
484,467
Carrying amount
At 30 June 2020
632,347
-
3,221,010
44,584
3,897,941
At 30 June 2019
632,347
-
3,434,955
62,462
4,129,764
Included within the net book value of £3,897,941 is £3,221,010 (2019: £3,434,955) relating to assets held under hire purchase agreements. The depreciation charged to the accounts in the year in respect of such assets amounted to £213,945 (2019: £213,945).
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
50,001
50,001
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 July 2019 & 30 June 2020
50,001
Carrying amount
At 30 June 2020
50,001
At 30 June 2019
50,001
GIBRALTAR (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 7 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
264,285
565,419
Other debtors
1,197,629
1,151,920
1,461,914
1,717,339
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
1,442,044
894,376
Trade creditors
550,843
487,228
Taxation and social security
64,224
44,188
Other creditors
1,371,290
1,434,800
3,428,401
2,860,592
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
-
579,524
Other creditors
2,108,392
2,225,374
2,108,392
2,804,898