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REGISTERED NUMBER: SC532935 (Scotland)












Unaudited Financial Statements

for the Year Ended 30 June 2021

for

The Gothenburg Experiment Ltd

The Gothenburg Experiment Ltd (Registered number: SC532935)






Contents of the Financial Statements
for the Year Ended 30 June 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Gothenburg Experiment Ltd

Company Information
for the Year Ended 30 June 2021







DIRECTORS: Miss L C Hine
S J Marshall





REGISTERED OFFICE: Unit 2
The Bowhouse
St Monans
Fife
KY10 2FB





REGISTERED NUMBER: SC532935 (Scotland)





ACCOUNTANTS: Henderson Black & Co
Chartered Accountants
28 Rodger Street
Anstruther
Fife
KY10 3DU

The Gothenburg Experiment Ltd (Registered number: SC532935)

Balance Sheet
30 June 2021

30.6.21 30.6.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,682 2,407

CURRENT ASSETS
Debtors 5 145,524 82,773
Cash at bank 1,677 52,749
147,201 135,522
CREDITORS
Amounts falling due within one year 6 89,926 67,580
NET CURRENT ASSETS 57,275 67,942
TOTAL ASSETS LESS CURRENT
LIABILITIES

58,957

70,349

CREDITORS
Amounts falling due after more than one
year

7

(27,239

)

(34,201

)

PROVISIONS FOR LIABILITIES (320 ) (457 )
NET ASSETS 31,398 35,691

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 31,396 35,689
31,398 35,691

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Gothenburg Experiment Ltd (Registered number: SC532935)

Balance Sheet - continued
30 June 2021


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 Board of Directors and authorised for issue on 14 September 2022 and were signed on its behalf by:





Miss L C Hine - Director


The Gothenburg Experiment Ltd (Registered number: SC532935)

Notes to the Financial Statements
for the Year Ended 30 June 2021

1. STATUTORY INFORMATION

The Gothenburg Experiment Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are to be relevant. Actual results may differ from these estimates. In preparing these financial statements, the directors have made the following judgements:

Accruals
The directors estimates the requirements for accruals using post year end information. This identifies costs that are expected to be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost
Computer equipment - 25% on cost

Government grants
Grants relating to capital expenditure are treated as deferred income and released to the profit and loss account to match with the depreciation charge of the related asset. Grants relating to revenue expenditure are released to the profit and loss account in the period the related expenditure is incurred.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.


The Gothenburg Experiment Ltd (Registered number: SC532935)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less, recognised at transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

The Gothenburg Experiment Ltd (Registered number: SC532935)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2020
and 30 June 2021 3,487 2,145 5,632
DEPRECIATION
At 1 July 2020 1,576 1,649 3,225
Charge for year 523 202 725
At 30 June 2021 2,099 1,851 3,950
NET BOOK VALUE
At 30 June 2021 1,388 294 1,682
At 30 June 2020 1,911 496 2,407

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.21 30.6.20
£    £   
Trade debtors 6,951 4,723
Other debtors 138,573 78,050
145,524 82,773

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.21 30.6.20
£    £   
Bank loans and overdrafts 6,963 1,935
Taxation and social security 28,975 26,499
Other creditors 53,988 39,146
89,926 67,580

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.6.21 30.6.20
£    £   
Bank loans 27,239 34,201