Company registration number SC709726 (Scotland)
GC LIVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
GC LIVE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
GC LIVE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
Notes
£
£
Fixed assets
Tangible assets
3
2,444
Investments
4
26,535
28,979
Current assets
Cash at bank and in hand
533,690
Creditors: amounts falling due within one year
5
(151,161)
Net current assets
382,529
Total assets less current liabilities
411,508
Provisions for liabilities
(611)
Net assets
410,897
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
410,797
Total equity
410,897

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 period ended 31 March 2022 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.

The members have not required the company to obtain an audit of its financial statements for the period 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 13 September 2022 and are signed on its behalf by:
Mr G Crow
Director
Company Registration No. SC709726
GC LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information

GC Live Limited is a private company limited by shares incorporated in Scotland. The registered office is Hopetoun Sawmill, Hopetoun Estates, Edinburgh, EH30 9SL.

1.1
Reporting period

The period covered by these financial statements is the period 17 September 2021 to 31 March 2022.

1.2
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 amounts 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for fireworks and pyrotechnic displays and events in the normal course of business, excluding value added tax.

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:

Computers
Straight line 33.33%

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.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

GC LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
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.

1.8
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Debtors with no stated interest rate or receivable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.

All interest bearing loans and borrowings which are basic financial instruments are initially recorded at the present value of cash payable. After initial recognition they are measured at amortised cost.
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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.

GC LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
Number
Total
2
GC LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021
-
0
Additions
2,749
At 31 March 2022
2,749
Depreciation and impairment
At 1 April 2021
-
0
Depreciation charged in the period
305
At 31 March 2022
305
Carrying amount
At 31 March 2022
2,444
4
Fixed asset investments
2022
£
Other investments other than loans
26,535
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2021
-
Additions
26,535
At 31 March 2022
26,535
Carrying amount
At 31 March 2022
26,535
5
Creditors: amounts falling due within one year
2022
£
Corporation tax
126,230
Other taxation and social security
20,505
Other creditors
4,426
151,161
GC LIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 6 -
6
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A shares of 1p each
7,500
75
Ordinary B shares of 1p each
2,497
25
Ordinary C shares of 1p each
1
-
Ordinary D shares of 1p each
1
-
Ordinary E shares of 1p each
1
-
10,000
100

On incorporation, 100 £1 Ordinary shares were issued.

 

On 31 March 2022, the company subdivided the Ordinary share class to 10,000 1p shares and reclassified these as Ordinary A/B/C/D/E shares as above.

7
Related party transactions

The directors are of the opinion that all related party transactions are conducted under normal market conditions and on an arm's length basis and therefore do not need to be disclosed under FRS 102 section 1A appendix C.

2022-03-312021-04-01false13 September 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityMr G CrowMrs F CrowSC7097262021-04-012022-03-31SC7097262022-03-31SC709726core:OtherPropertyPlantEquipment2022-03-31SC709726core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31SC709726core:CurrentFinancialInstruments2022-03-31SC709726core:ShareCapital2022-03-31SC709726core:RetainedEarningsAccumulatedLosses2022-03-31SC709726core:ShareCapitalOrdinaryShares2022-03-31SC709726bus:Director12021-04-012022-03-31SC709726core:ComputerEquipment2021-04-012022-03-31SC709726core:OtherPropertyPlantEquipment2021-03-31SC709726core:OtherPropertyPlantEquipment2021-04-012022-03-31SC709726bus:OrdinaryShareClass12021-04-012022-03-31SC709726bus:OrdinaryShareClass22021-04-012022-03-31SC709726bus:OrdinaryShareClass32021-04-012022-03-31SC709726bus:OrdinaryShareClass42021-04-012022-03-31SC709726bus:OrdinaryShareClass52021-04-012022-03-31SC709726bus:OrdinaryShareClass12022-03-31SC709726bus:OrdinaryShareClass22022-03-31SC709726bus:OrdinaryShareClass32022-03-31SC709726bus:OrdinaryShareClass42022-03-31SC709726bus:OrdinaryShareClass52022-03-31SC709726bus:PrivateLimitedCompanyLtd2021-04-012022-03-31SC709726bus:SmallCompaniesRegimeForAccounts2021-04-012022-03-31SC709726bus:FRS1022021-04-012022-03-31SC709726bus:AuditExemptWithAccountantsReport2021-04-012022-03-31SC709726bus:Director22021-04-012022-03-31SC709726bus:FullAccounts2021-04-012022-03-31xbrli:purexbrli:sharesiso4217:GBP