G.B.S. Management Limited
Annual Report and Financial Statements
For the year ended 31 December 2019
Company Registration No. 02955057 (England and Wales)
G.B.S. Management Limited
Company Information
Directors
L M Brown
S J Harber
Company number
02955057
Registered office
Devonshire House
60 Goswell Road
London
EC1M 7AD
Auditor
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
G.B.S. Management Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Notes to the financial statements
8 - 9
G.B.S. Management Limited
Directors' Report
For the year ended 31 December 2019
Page 1
The directors present their annual report and financial statements for the year ended 31 December 2019.
Principal activities
The company's principal activities comprise the control, supervision and management, on behalf of the lessees, of the site known as Barbirolli Square Estate, Lower Mosley, Manchester, M2 3BG.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L M Brown
S J Harber
Auditor
In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
COVID-19
As at the date of approval of the financial statements, the directors are continuing to assess the impact of the outbreak of COVID-19 and the measures taken to contain it on the company’s activities. COVID-19 is a non-adjusting event occurring after the reporting date of 31 December 2019 and consequently no adjustment has been made to the financial statements as a result of its impact. At the date of approval of the financial statements, there was no material effect on the value of the company’s asset base. The directors do not believe that COVID will affect the ability of the company to continue its operations and meet its liabilities as they fall due. As a result, the directors have prepared the financial statements on a going concern basis.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
L M Brown
Director
27 April 2021
G.B.S. Management Limited
Directors' Responsibilities Statement
For the year ended 31 December 2019
Page 2
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
G.B.S. Management Limited
Independent Auditor's Report
To the Members of G.B.S. Management Limited
Page 3
Opinion
We have audited the financial statements of G.B.S. Management Limited
(the 'company')
for the year ended 31 December 2019 which comprise the Profit And Loss Account, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
G.B.S. Management Limited
Independent Auditor's Report (Continued)
To the Members of G.B.S. Management Limited
Page 4
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the Directors' Report
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
G.B.S. Management Limited
Independent Auditor's Report (Continued)
To the Members of G.B.S. Management Limited
Page 5
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
-
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken
for no purpose other than to draw to the attention of
the company’s members those matters we are required to
include
in an auditor's report
addressed to them.
To the fullest extent permitted by law, we do not accept or assume responsibility to
any party
other than the company and the company’s members as a body, for our work, for this report, or for the opinions we have formed.
Thomas Moore (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
30 April 2021
Chartered Accountants
Statutory Auditor
Devonshire House
60 Goswell Road
London
EC1M 7AD
G.B.S. Management Limited
Profit and loss account
For the year ended 31 December 2019
Page 6
Year
Period
ended
ended
31 December
31 December
2019
2018
£
£
Service charges receivable
82,242
80,409
Service charge expenditure
(82,316)
(80,425)
Operating loss
(74)
(16)
Interest receivable and similar income
74
16
Profit before taxation
-
-
Taxation
-
-
Profit for the financial year
G.B.S. Management Limited
Balance Sheet
As at 31 December 2019
Page 7
2019
2018
Notes
£
£
£
£
Current assets
Debtors
3
22,542
3,031
Cash at bank and in hand
153,921
185,623
176,463
188,654
Creditors: amounts falling due within one year
4
(176,363)
(188,554)
Net current assets
100
100
Capital and reserves
Called up share capital
5
100
100
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 27 April 2021 and are signed on its behalf by:
L M Brown
Director
Company Registration No. 02955057
G.B.S. Management Limited
Notes to the Financial Statements
For the year ended 31 December 2019
Page 8
1
Accounting policies
Company information
G.B.S. Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Devonshire House, 60 Goswell Road, London, United Kingdom, EC1M 7AD.
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 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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As at the date of approval of the financial statements, the directors are continuing to assess the impact of the outbreak of COVID-19 and the measures taken to contain it on the company’s activities. COVID-19 is a non-adjusting event occurring after the reporting date of 31 December 2019 and consequently no adjustment has been made to the financial statements as a result of its impact. At the date of approval of the financial statements, there was no material effect on the value of the company’s asset base. The directors do not believe that COVID will affect the ability of the company to continue its operations and meet its liabilities as they fall due. As a result, the directors have prepared the financial statements on a going concern basis.
1.3
Turnover
Service charges receivable are recognised in the financial statements concurrently with the recognition of the service charge expenditure that is being funded.
1.4
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The company's cash is held in the property manager's client account.
1.5
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the period was 0 (2018 - 0
).
G.B.S. Management Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2019
2
Employees
(Continued)
Page 9
The directors received no remuneration in respect of their services to the company for the year.
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
19,453
2,447
Other debtors
3,089
584
22,542
3,031
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
20,514
36,902
Other taxation and social security
4,339
16,729
Other creditors
151,510
134,923
176,363
188,554
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
6
Controlling party
The ultimate controlling party is Groupe BPCE, registered in France.
The group financial statements may be obtained from the Finance Director, Groupe BPCE, 30 Avenue Pierre Méndes-France, 75013 Paris, France.