Company Registration No. 03522782 (England and Wales)
77 GLB LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
77 GLB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
77 GLB LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
26,718
34,005
Investments
5
36,000
36,000
62,718
70,005
Current assets
Debtors
6
387,821
1,182,091
Investments
8
13,494,012
15,521,943
Cash at bank and in hand
3,809,945
3,637,092
17,691,778
20,341,126
Creditors: amounts falling due within one year
8
(1,334,457)
(1,630,031)
Net current assets
16,357,321
18,711,095
Total assets less current liabilities
16,420,039
18,781,100
Provisions for liabilities
9
(239,000)
(662,200)
Net assets
16,181,039
18,118,900
Capital and reserves
Called up share capital
11
11
11
Share premium account
10,734,489
10,734,489
Profit and loss reserves
5,446,539
7,384,400
Total equity
16,181,039
18,118,900
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements are signed in order to comply with the requirements of the Companies Act, without personal verification.
The financial statements were approved by the board of directors and authorised for issue on 30 November 2020 and are signed on its behalf by:
Mr G L Brown
Director
Company Registration No. 03522782
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
77 GLB Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 19 Empire Close, Empire Industrial Park, Aldridge, Walsall, West Midlands, WS9 8UQ.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts derived from holding investments, and includes dividends received from listed companies
and
gains (realised and unrealised) made from holding listed investments
.
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:
Motor vehicles
25% straight line
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
.
1.5
Investments
Investments are included at fair value at the balance sheet date.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks
and
other short-term liquid investments with original maturities of
twelve
months or less
.
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's
balance sheet
when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Short term trade debtors are measured at transaction price, less any impairment. Loans receivable are
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost, less any impairment.
Basic financial liabilities
Short term trade creditors are measured at transaction price. Other financial liabilities
are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised
cost
.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 6 (2019 - 6).
2020
2019
Number
Number
Total
6
6
3
Taxation
2020
2019
£
£
Deferred tax
Origination and reversal of timing differences
(423,200)
96,800
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2019 and 31 March 2020
38,863
Depreciation and impairment
At 1 July 2019
4,858
Depreciation charged in the period
7,287
At 31 March 2020
12,145
Carrying amount
At 31 March 2020
26,718
At 30 June 2019
34,005
5
Fixed asset investments
2020
2019
£
£
Investments
36,000
36,000
Movements in fixed asset investments
Other investments
£
Cost or valuation
At 1 July 2019 & 31 March 2020
36,000
Carrying amount
At 31 March 2020
36,000
At 30 June 2019
36,000
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts due from related parties
332,123
1,179,694
Other debtors
55,698
2,397
387,821
1,182,091
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 6 -
7
Current asset investments
2020
2019
£
£
Other investments
13,494,012
15,521,943
8
Creditors: amounts falling due within one year
2020
2019
£
£
Other taxation and social security
1,038
1,043
Other creditors
1,333,419
1,628,988
1,334,457
1,630,031
9
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
10
239,000
662,200
10
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2020
2019
Balances:
£
£
Unrealised gains
239,000
661,800
Accelerated capital allowances
-
400
239,000
662,200
2020
Movements in the period:
£
Liability at 1 July 2019
662,200
Credit to profit or loss
(423,200)
Liability at 31 March 2020
239,000
77 GLB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 7 -
11
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
112,004 Ordinary share capital of 0.01p each
11
11
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was David Webb FCA.
The auditor was Edwards.
13
Related party transactions
The company has several related parties by virtue of common control. During the period, the company was charged management charges of £18,000 (2019 - £24,000) by these companies and charged interest of £52,692 (2019 - £70,000) to these companies. At 31 March 2020, included within debtors is an amount of £332,123 (2019 - £1,179,694) and included within current asset investments is an amount of £3,236,192 (2019 - £3,288,404) due to the company by related parties. At 31 March 2020, included within creditors is an amount of £500,000 (2019 - £500,000) due by the company to related parties.