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Registration number: 09829167

Gundog Group Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2022

 

Gundog Group Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 9

 

Gundog Group Ltd

(Registration number: 09829167)
Abridged Balance Sheet as at 31 December 2022

Note

2022

2021

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

19,724

 

24,775

Investment property

 

3,371,996

 

3,065,000

Investments

5

 

-

 

100

   

3,391,720

 

3,089,875

Current assets

   

 

Debtors

2,250

 

1,302

 

Cash at bank and in hand

 

11,655

 

18,338

 

 

13,905

 

19,640

 

Prepayments and accrued income

 

3,598

 

4,035

 

Creditors: Amounts falling due within one year

(870,620)

 

(898,307)

 

Net current liabilities

   

(853,117)

 

(874,632)

Total assets less current liabilities

   

2,538,603

 

2,215,243

Creditors: Amounts falling due after more than one year

6.1

 

(1,782,036)

 

(1,758,703)

Provisions for liabilities

 

(197,699)

 

(92,845)

Accruals and deferred income

   

(5,784)

 

(4,173)

Net assets

   

553,084

 

359,522

Capital and reserves

   

 

Called up share capital

7

2

 

2

 

Revaluation reserve

849,779

 

542,783

 

Profit and loss account

(296,697)

 

(183,263)

 

Shareholders' funds

   

553,084

 

359,522

 

Gundog Group Ltd

(Registration number: 09829167)
Abridged Balance Sheet as at 31 December 2022

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 September 2023 and signed on its behalf by:
 


Mr A Hayden
Director


Mrs N Hayden
Director

 

Gundog Group Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

With effect from 6 August 2021, the name of the company was changed from Shoobers Group Ltd to Gundog Group Ltd.

The address of its registered office is:
53 Sterte Road
Poole
Dorset
BH15 2AB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Gundog Group Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Furniture and fittings

25% reducing balance

Office equipment

33% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Gundog Group Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Gundog Group Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

Gundog Group Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

59,793

12,784

72,577

Additions

325

1,080

1,405

Disposals

(425)

-

(425)

At 31 December 2022

59,693

13,864

73,557

Depreciation

At 1 January 2022

41,261

6,541

47,802

Charge for the year

4,648

1,682

6,330

Eliminated on disposal

(299)

-

(299)

At 31 December 2022

45,610

8,223

53,833

Carrying amount

At 31 December 2022

14,083

5,641

19,724

At 31 December 2021

18,532

6,243

24,775

Investment properties

2022
£

At 1 January

3,065,000

Additions

306,996

At 31 December

3,371,996

There has been no valuation of investment property by an independent valuer.

 

Gundog Group Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

5

Investments

Total
£

Cost or valuation

At 1 January 2022

100

Disposals

(100)

At 31 December 2022

-

Carrying amount

At 31 December 2022

-

At 31 December 2021

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Citizen4 Property Ltd

32 Sea View Road, Poole, Dorset, BH12 3JY

England

Ordinary

0%

100%

Subsidiary undertakings

Citizen4 Property Ltd

The principal activity of Citizen4 Property Ltd is dormant. The company was dissolved during the year..

6

Creditors

Creditors: amounts falling due after more than one year

Creditors include bank loans of £1,544,988 (2021 - £1,713,043) which are secured against the company's investment properties and by directors' personal guarantees.

 

Gundog Group Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

306,996

306,996

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

373,764

373,764

Property, plant and equipment
2022
£

Total amount of revalued assets

3,371,996

Amount of revaluation brought forward

542,783

Amount of revaluation for the year

306,996

Total carrying amount of assets had they not been revalued

2,522,217

Deferred tax has been provided for on the potential unrealised gain on the revalued carrying amount of investment properties.

9

Related party transactions

Other transactions with directors

The directors have a joint loan account with the company. At the balance sheet date, the amount due to the directors amounted to £856,315 (2021 - £891,904). The loan is repayable on demand and loan interest totalling £10,000 was paid to the directors on 5 April 2022.