REGISTERED NUMBER: |
GBM EXPORT LIMITED |
Financial Statements |
for the Year Ended 31 December 2021 |
REGISTERED NUMBER: |
GBM EXPORT LIMITED |
Financial Statements |
for the Year Ended 31 December 2021 |
GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |
Contents of the Financial Statements |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GBM EXPORT LIMITED |
Company Information |
for the year ended 31 December 2021 |
Director: |
Registered office: |
Registered number: |
GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |
Balance Sheet |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
Shareholders' funds |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |
Notes to the Financial Statements |
for the year ended 31 December 2021 |
1. | Statutory information |
GBM Export Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The presentation currency is £ sterling. |
Significant judgements and estimates |
In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimated and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Critical judgements in applying the Company's accounting policies |
The critical judgement that the director has made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. |
(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment assets, the director has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no inductors or impairments identified during the current financial year. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
(ii) Recoverability of receivables |
The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the aging of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments. |
Financial assets - classified as basic financial instruments |
(i) Cash and cash equivalents |
This includes cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
(iii) Equity investments |
Equity investments comprise ordinary shares, for which a reliable fair value cannot be measured reliably. Any equity investments held are initially recognised at cost, which is the transaction price excluding transaction costs. |
If the shares are publicly traded or their fair value can otherwise be measured reliably, the investment shall be measured at fair value with changes in fair value recognised in profit or loss; and all other such investments shall be measured at cost less impairment. |
(iv) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the director has continued to adopt the going concern basis of accounting in preparing these financial statements. |
GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
3. | Employees and directors |
The average number of employees during the year was NIL (2020 - NIL). |
4. | Fixed asset investments |
2021 | 2020 |
£ | £ |
Shares in group undertakings |
Loans to group undertakings |
Other investments not loans |
Additional information is as follows: |
Shares in |
group | Listed | Unlisted |
undertakings | investments | investments | Totals |
£ | £ | £ | £ |
Cost or valuation |
At 1 January 2021 | 1,430,499 |
Additions | 151,098 |
Disposals | ( |
) | (65,641 | ) |
Revaluations | ( |
) | (6,881 | ) |
Dividends received | - | - | (237,244 | ) | (237,244 | ) |
At 31 December 2021 | 1,271,831 |
Net book value |
At 31 December 2021 | 1,271,831 |
At 31 December 2020 | 1,430,499 |
Cost or valuation at 31 December 2021 is represented by: |
Shares in |
group | Listed | Unlisted |
undertakings | investments | investments | Totals |
£ | £ | £ | £ |
Valuation in 2017 | - | 17,084 | - | 17,084 |
Valuation in 2018 | - | 771 | - | 771 |
Valuation in 2019 | - | (3,941 | ) | - | (3,941 | ) |
Valuation in 2020 | - | 14,292 | (28,349 | ) | (14,057 | ) |
Valuation in 2021 | - | (6,881 | ) | (86,146 | ) | (93,027 | ) |
Cost | 261,732 | 88,705 | 1,014,564 | 1,365,001 |
261,732 | 110,030 | 900,069 | 1,271,831 |
GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
4. | Fixed asset investments - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Sterwen LLC |
Registered office: |
Nature of business: Investment Company |
% |
Class of shares: | holding |
Ordinary | 100 |
2020 | 2019 |
$ | $ |
Aggregate capital and reserves | 258,952 | 258,952 |
Loss for the year | (18,404 | ) | (17,646 | ) |
The figures for the aggregate capital and reserves and profit for the year are stated in US dollars. |
Loans to |
group |
undertakings |
£ |
At 1 January 2021 |
and 31 December 2021 |
5. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade creditors |
Tax |
Director's current account | 3,193,079 | 3,788,952 |
Accrued expenses |
7. | Financial instruments |
The company's financial instruments are all basic financial instruments. These include investments, cash at bank, trade debtors, trade creditors and loans. The following balances are the company's financial instruments and are all carried on the amortised cost basis: |
2021 | 2020 |
£ | £ |
Fixed asset investments | 1,533,556 | 1,692,224 |
Current assets | 2,026,025 | 2,278,839 |
Current liabilities | 3,397,281 | 3,793,152 |
GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2021 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | Ordinary | 1 | 1 |
9. | Other financial commitments |
The company subscribed to the FPCI Pechel Industries IV fund on 18th November 2014. The company's total commitment to the fund is €625,000 i.e. 6,250 A shares of an initial value of €100 each. The sum of total drawdown is €544,466 (2020: €516,598) |
The company invested in Flexam Tangible assets in 2017. The company's overall commitment to the fund is €200,000. The total drawdown is €199,794 (2020: €175,600). |
During the year, the company invested in Flexam side fund RAIF 5. The company's overall commitment to the fund is €200,000. The total drawdown is €200,000. |
During the year, the company invested in ODDO BHF secondaries fund. The company's overall commitment to the fund is €250,000. The total drawdown is €172,500 (2020: €120,000) |
10. | Related party disclosures |
Included in creditors, is the sum of £3,193,079 (2020: £3,788,950) which the company received from the director Mr J Gore. |
11. | Ultimate controlling party |
The controlling party is J Gore. |