Company Registration No. 08120840 (England and Wales)
GROSS DOMESTIC PRODUCT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
GROSS DOMESTIC PRODUCT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GROSS DOMESTIC PRODUCT LIMITED
BALANCE SHEET
AS AT 30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
2
46,311
50,785
Current assets
Debtors
3
10,575
15,566
Cash at bank and in hand
62,201
111,145
72,776
126,711
Creditors: amounts falling due within one year
4
(9,687)
(64,984)
Net current assets
63,089
61,727
Total assets less current liabilities
109,400
112,512
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
109,300
112,412
Total equity
109,400
112,512
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 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 10 March 2020 and are signed on its behalf by:
................
...................
Jennifer Holdsworth
Olivia Wright
Director
Director
Company Registration No. 08120840
GROSS DOMESTIC PRODUCT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 2 -
1
Accounting policies
Company information
Gross Domestic Product Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
International House, 2-4 Maddox Street, London, W1S 1QP.
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
pound
.
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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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:
Leasehold Improvements
25% Straight Line
Plant and Equipment
20% Reducing Balance
Fixtures and Fittings
15% Reducing Balance
Computer Equipment
25% Reducing Balance
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
.
GROSS DOMESTIC PRODUCT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
2
Tangible fixed assets
Leasehold Improvements
Plant and Equipment
Fixtures and Fittings
Computer Equipment
Total
£
£
£
£
£
Cost
At 1 July 2018
40,282
11,380
349
1,469
53,480
Additions
5,646
3,902
-
508
10,056
At 30 June 2019
45,928
15,282
349
1,977
63,536
Depreciation and impairment
At 1 July 2018
-
2,276
52
367
2,695
Depreciation charged in the year
11,482
2,601
45
402
14,530
At 30 June 2019
11,482
4,877
97
769
17,225
Carrying amount
At 30 June 2019
34,446
10,405
252
1,208
46,311
At 30 June 2018
40,282
9,104
297
1,102
50,785
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
10,575
15,566
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
-
13,571
Taxation and social security
6,687
48,863
Other creditors
3,000
2,550
9,687
64,984
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 of £1 each
100
100