Silverfin false 31/03/2023 01/04/2022 31/03/2023 M Thomson 06/11/2018 28 September 2023 The principal activity of the Company is that of an online retailer.

The company ceased trading on 31 March 2023.
07847677 2023-03-31 07847677 bus:Director1 2023-03-31 07847677 core:CurrentFinancialInstruments 2023-03-31 07847677 core:CurrentFinancialInstruments 2022-03-31 07847677 2022-03-31 07847677 core:ShareCapital 2023-03-31 07847677 core:ShareCapital 2022-03-31 07847677 core:RetainedEarningsAccumulatedLosses 2023-03-31 07847677 core:RetainedEarningsAccumulatedLosses 2022-03-31 07847677 bus:OrdinaryShareClass1 2023-03-31 07847677 2022-04-01 2023-03-31 07847677 bus:FullAccounts 2022-04-01 2023-03-31 07847677 bus:SmallEntities 2022-04-01 2023-03-31 07847677 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07847677 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07847677 bus:Director1 2022-04-01 2023-03-31 07847677 2021-04-01 2022-03-31 07847677 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07847677 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07847677 (England and Wales)

GABUSINESS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

GABUSINESS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

GABUSINESS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
GABUSINESS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
2023 2022
£ £
Current assets
Debtors 3 434 653,492
Cash at bank and in hand 3,510 9,519
3,944 663,011
Creditors: amounts falling due within one year 4 ( 335) ( 385,999)
Net current assets 3,609 277,012
Total assets less current liabilities 3,609 277,012
Net assets 3,609 277,012
Capital and reserves
Called-up share capital 5 2 2
Profit and loss account 3,607 277,010
Total shareholder's funds 3,609 277,012

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of GABusiness Limited (registered number: 07847677) were approved and authorised for issue by the Director. They were signed on its behalf by:

M Thomson
Director

28 September 2023

GABUSINESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
GABUSINESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GABusiness Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 57 Queen Anne Street, London, W1G 9JR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £1.

Going concern

In 2023 the directors made the decision that the Company would cease trading and that the residual trading activities be transferred to certain fellow group companies. The transfer was finalised in March 2023. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Debtors

2023 2022
£ £
Trade debtors 0 641,264
Amounts owed by Group undertakings 0 3,000
Prepayments 0 1,074
VAT recoverable 434 8,154
434 653,492

4. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings 0 369,854
Other creditors 335 16,145
335 385,999

5. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

6. Ultimate controlling party

Parent Company:

Raion Ltd
The ultimate parent undertaking is Raion Ltd which is incorporated in Jersey