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REGISTERED NUMBER: 09231990 (England and Wales)















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: J Gore





Registered office: New Derwent House
69-73 Theobalds Road
London
WC1X 8TA





Registered number: 09231990 (England and Wales)






GBM EXPORT LIMITED (REGISTERED NUMBER: 09231990)

Balance Sheet
31 December 2021

2021 2020
Notes £ £ £ £
Fixed assets
Investments 4 1,533,556 1,692,224

Current assets
Debtors 5 54,175 43,996
Cash at bank 1,861,150 2,245,741
1,915,325 2,289,737
Creditors
Amounts falling due within one year 6 3,205,965 3,793,152
Net current liabilities (1,290,640 ) (1,503,415 )
Total assets less current liabilities 242,916 188,809

Capital and reserves
Called up share capital 8 1 1
Retained earnings 242,915 188,808
Shareholders' funds 242,916 188,809

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 8 July 2022 and were signed by:





J Gore - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 261,732 261,732
Loans to group undertakings 261,725 261,725
Other investments not loans 1,010,099 1,168,767
1,533,556 1,692,224

Additional information is as follows:
Shares in
group Listed Unlisted
undertakings investments investments Totals
£ £ £ £
Cost or valuation
At 1 January 2021 261,732 182,552 986,215 1,430,499
Additions - - 151,098 151,098
Disposals - (65,641 ) - (65,641 )
Revaluations - (6,881 ) - (6,881 )
Dividends received - - (237,244 ) (237,244 )
At 31 December 2021 261,732 110,030 900,069 1,271,831
Net book value
At 31 December 2021 261,732 110,030 900,069 1,271,831
At 31 December 2020 261,732 182,552 986,215 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 261,725

5. Debtors: amounts falling due within one year
2021 2020
£ £
Other debtors 54,175 43,996

6. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 1 -
Tax 8,685 -
Director's current account 3,193,079 3,788,952
Accrued expenses 4,200 4,200
3,205,965 3,793,152

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: £ £
1 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.