Company registration number 10264578 (England and Wales)
GBSL DORKING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
GBSL DORKING LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
GBSL DORKING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
2,040,480
2,048,695
Current assets
Trade and other receivables
4
136,144
300,260
Cash and cash equivalents
267,643
42,266
403,787
342,526
Current liabilities
5
(52,333)
(2,101,763)
Net current assets/(liabilities)
351,454
(1,759,237)
Total assets less current liabilities
2,391,934
289,458
Non-current liabilities
5
(2,633,987)
(537,987)
Net liabilities
(242,053)
(248,529)
Equity
Called up share capital
9
10
10
Retained earnings
(242,063)
(248,539)
Total equity
(242,053)
(248,529)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
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 27 September 2023 and are signed on its behalf by:
A Ciruelos
Director
Company registration number 10264578
GBSL DORKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
GBSL Dorking Limited is a private company limited by shares incorporated in England and Wales. The registered office is 58 Marylebone High Street, London, United Kingdom, W1U 5HT. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.
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, except for the revaluation of . The principal accounting policies adopted are set out below.
As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
comparative narrative information;
related party disclosures for transactions with the parent or wholly owned members of the group.
Where required, equivalent disclosures are given in the group accounts of Q-Energy Holdco UK Limited. The group accounts of Q-Energy Holdco UK Limited are available to the public and can be obtained from Companies House online.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The company recognises revenue from the following major sources:
GBSL DORKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
National Grid services revenue
Revenue from the supply of electricity is recognised on a monthly basis, when the power is sold to the grid.
1.4
Property, plant and equipment
Property, plant and equipment 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:
Buildings
5% straight line
Leasehold land and buildings
over the term of the lease
Plant and machinery
5% straight line
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 recognised in the income statement.
1.5
Impairment of tangible and intangible assets
At each reporting 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.
1.6
Cash and cash equivalents
Cash and cash equivalents 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.
1.7
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Impairment of financial assets
Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
GBSL DORKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.8
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
GBSL DORKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
2
Employees
Period to 31 December
2022
2021
Number
Number
Total
4
3
Property, plant and equipment
Buildings
Leasehold land and buildings
Plant and machinery
Total
£
£
£
£
Cost
At 1 January 2022
24,902
465,703
1,795,369
2,285,974
Additions
101,817
101,817
At 31 December 2022
24,902
465,703
1,897,186
2,387,791
Accumulated depreciation and impairment
At 1 January 2022
3,945
65,974
167,360
237,279
Charge for the year
1,245
15,523
93,264
110,032
At 31 December 2022
5,190
81,497
260,624
347,311
Carrying amount
At 31 December 2022
19,712
384,206
1,636,562
2,040,480
At 31 December 2021
20,957
399,729
1,628,009
2,048,695
4
Trade and other receivables
2022
2021
£
£
Trade receivables
3,151
38,423
VAT recoverable
10,297
-
Other receivables
25,200
261,837
Prepayments and accrued income
97,496
136,144
300,260
GBSL DORKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Liabilities
Current
Non-current
2022
2021
2022
2021
Notes
£
£
£
£
Borrowings
6
37,500
112,500
Trade and other payables
7
43,405
2,048,121
2,217,428
Taxation and social security
-
7,649
-
-
Lease liabilities
8
8,928
8,493
416,559
425,487
52,333
2,101,763
2,633,987
537,987
6
Borrowings
Current
Non-current
2022
2021
2022
2021
£
£
£
£
Borrowings held at amortised cost:
Bank loans
-
37,500
-
112,500
7
Trade and other payables
Current
Non-current
2022
2021
2022
2021
£
£
£
£
Trade payables
2,864
24,315
Amount owed to parent undertaking
1,985,129
2,217,428
Accruals and deferred income
40,541
38,677
43,405
2,048,121
2,217,428
-
8
Lease liabilities
2022
2021
Maturity analysis
£
£
Within one year
8,928
8,494
In two to five years
40,522
38,549
In over five years
376,037
386,937
Total undiscounted liabilities
425,487
433,980
GBSL DORKING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
8
Lease liabilities
(Continued)
- 7 -
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2022
2021
£
£
Current liabilities
8,928
8,493
Non-current liabilities
416,559
425,487
425,487
433,980
Other leasing information is included in note .
9
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
10
10
10
10
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:2023-09-28
The auditor's report was unqualified.
The senior statutory auditor was David Lawrence BSc (Hons) FCA and the auditor was Azets Audit Services.
11
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2021
2021
Notes
£
£
Equity as previously reported
(360,195)
(214,278)
Adjustments to prior year
Right of use assets
(26,808)
(34,251)
Equity as adjusted
(387,003)
(248,529)
Analysis of the effect upon equity
Retained earnings
(26,808)
-