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Unaudited Financial Statements |
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for the Year Ended 31 October 2017 |
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for |
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GBA Designs Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 October 2017 |
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for |
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GBA Designs Limited |
GBA Designs Limited (Registered number: 04931341) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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GBA Designs Limited |
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Company Information |
for the Year Ended 31 October 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Bank Chambers |
61 High Street |
Cranbrook |
Kent |
TN17 3EG |
GBA Designs Limited (Registered number: 04931341) |
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Balance Sheet |
31 October 2017 |
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31.10.17 | 31.10.16 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
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Investments | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges her 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. |
GBA Designs Limited (Registered number: 04931341) |
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Balance Sheet - continued |
31 October 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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GBA Designs Limited (Registered number: 04931341) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2017 |
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1. | STATUTORY INFORMATION |
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GBA Designs Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Office equipment | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
GBA Designs Limited (Registered number: 04931341) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The accounts have been prepared on a going concern basis on confirmation from the director that the |
company has her full support and the director loan account balance will not be repaid in the foreseeable future. |
The director has also confirmed that the company has sufficient cash flow to meet all liabilities as they fall due. |
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Current asset investments |
The company has holdings in listed investments held for trading purposes. In the past, under Statutory |
Instrument 2008/409, the directors decided to carry these investments at historical cost value unless they |
considered that any constituent investment had suffered a permanent diminution in value. Profit recognised in |
the year represented the difference between sale proceeds and the original cost of the investment. |
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With the adoption of FRS102 Section 1A, the investments are recorded at market value. The movement in |
market value in the year is reflected in the income statement. |
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The opening movement from cost to market value has been recorded as a reserve movement in 2017 as set |
out in the First Year Adoption note. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Office |
equipment |
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COST |
At 1 November 2016 |
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Disposals | ( |
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At 31 October 2017 |
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DEPRECIATION |
At 1 November 2016 |
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Eliminated on disposal | ( |
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At 31 October 2017 |
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NET BOOK VALUE |
At 31 October 2017 |
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At 31 October 2016 |
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GBA Designs Limited (Registered number: 04931341) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Other debtors |
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6. | CURRENT ASSET INVESTMENTS |
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The cost of traded investments at 31 October 2017 was £20,000 (2016: £20,000). The market value of the |
traded investments at 31 October 2017 was £34,216 (2016: £25,689). |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Other creditors |
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9. | PROVISIONS FOR LIABILITIES |
31.10.17 | 31.10.16 |
£ | £ |
Deferred taxation | 1,515 | - |
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Deferred |
tax |
£ |
Deferred tax on unrealised |
investment gains | 1,515 |
Balance at 31 October 2017 |
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GBA Designs Limited (Registered number: 04931341) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 November 2016 |
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Profit for the year |
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Dividends | ( |
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Opening movement on investment | 5,689 |
At 31 October 2017 |
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11. | FIRST YEAR ADOPTION |
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The company has adopted the new accounting requirements of FRS102 with effect from 1 November 2017. |
There are no adjustments required to the opening balance sheet position at 1 November 2016. |
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The company has adopted FRS 102 (1A) with effect from 1 November 2016. No adjustments are required to |
its comparatives as a result of the change in accounting standard. |
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The company has restated its current asset investments from cost to market value as required under section |
11.14(d) of FRS102 (1A). |
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However, the company has also taken advantage of paragraph 35.10(u) of FRS102 so that it does not need to |
restate comparative information to comply with the fair value measurement requirements of Section 11 Basic |
Financial Instruments of FRS102. The company has decided not to present its comparative information in |
accordance with the fair value measurement requirements for the publicly traded investments in the |
comparative information. Therefore, the comparative figures for publicly traded investments are stated at cost. |
The increase in the opening cost to reach market value at 31 October 2016 of £5,689 is recorded as other |
comprehensive income and is reflected as a movement on reserves in the year with the unrealised increase |
between the opening and closing market value of £8,527 in 2017 reflected through the current year's income |
statement. |