Company Registration No. 05995748 (England and Wales)
GB BOOKKEEPING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
GB BOOKKEEPING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GB BOOKKEEPING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
201
504
Current assets
Debtors
5
10,110
6,618
Cash at bank and in hand
1,871
3,859
11,981
10,477
Creditors: amounts falling due within one year
6
(10,470)
(10,178)
Net current assets
1,511
299
Total assets less current liabilities
1,712
803
Provisions for liabilities
(40)
(101)
Net assets
1,672
702
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,671
701
Total equity
1,672
702
GB BOOKKEEPING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has 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.
The financial statements were approved by the board of directors and authorised for issue on 18 December 2017 and are signed on its behalf by:
G B Baguley
Director
Company Registration No. 05995748
GB BOOKKEEPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
GB Bookkeeping Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
14 Park Row, Nottingham, NG1 6GR.
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.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of GB Bookkeeping Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Reporting period
The current reporting period represents the 12 months to 31 March 2017. The comparative reporting period represents the 16 months from 1 December 2014 to 31 March 2016.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
for
services provided in the normal course of business
.
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:
Fixtures, fittings & equipment
20% Straight line / 33% Straight line
1.5
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).
GB BOOKKEEPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs
. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price
. Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less.
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.
1.9
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.
GB BOOKKEEPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2016 and 31 March 2017
10,000
Amortisation and impairment
At 1 April 2016 and 31 March 2017
10,000
Carrying amount
At 31 March 2017
-
At 31 March 2016
-
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016 and 31 March 2017
2,977
Depreciation and impairment
At 1 April 2016
2,473
Depreciation charged in the year
303
At 31 March 2017
2,776
Carrying amount
At 31 March 2017
201
At 31 March 2016
504
GB BOOKKEEPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
10,110
5,820
Other debtors
-
798
10,110
6,618
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
295
991
Corporation tax
9,075
8,412
Other taxation and social security
-
25
Other creditors
1,100
750
10,470
10,178
7
Directors' transactions
Dividends totalling £34,930 (2016 - £38,550) were paid in the year in respect of shares held by the company's directors.
Transactions in the year
granted by the company to its director
are aggregated
in the table below
:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan from company
-
798
1,032
(1,830)
-
798
1,032
(1,830)
-