Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01falseequipmet brokerage11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10738866 2022-05-01 2023-04-30 10738866 2021-05-01 2022-04-30 10738866 2023-04-30 10738866 2022-04-30 10738866 c:Director1 2022-05-01 2023-04-30 10738866 d:PlantMachinery 2022-05-01 2023-04-30 10738866 d:PlantMachinery 2023-04-30 10738866 d:PlantMachinery 2022-04-30 10738866 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 10738866 d:CurrentFinancialInstruments 2023-04-30 10738866 d:CurrentFinancialInstruments 2022-04-30 10738866 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 10738866 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 10738866 d:ShareCapital 2023-04-30 10738866 d:ShareCapital 2022-04-30 10738866 d:RetainedEarningsAccumulatedLosses 2023-04-30 10738866 d:RetainedEarningsAccumulatedLosses 2022-04-30 10738866 c:OrdinaryShareClass1 2022-05-01 2023-04-30 10738866 c:OrdinaryShareClass1 2023-04-30 10738866 c:OrdinaryShareClass1 2022-04-30 10738866 c:FRS102 2022-05-01 2023-04-30 10738866 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 10738866 c:FullAccounts 2022-05-01 2023-04-30 10738866 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 10738866 2 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 10738866














GB GRIPS SERVICES LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

 
GB GRIPS SERVICES LTD
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 6


 
GB GRIPS SERVICES LTD
REGISTERED NUMBER:10738866

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
16,039
21,385

Current assets
  

Debtors: amounts falling due within one year
 5 
70,601
84,208

Bank and cash balances
  
200,212
171,026

  
270,813
255,234

Creditors: amounts falling due within one year
 6 
(38,832)
(27,756)

Net current assets
  
 
 
231,981
 
 
227,478

  

Net assets
  
248,020
248,863


Capital and reserves
  

Called up share capital 
 7 
1
1

Profit and loss account
  
248,019
248,862

  
248,020
248,863


Page 1

 
GB GRIPS SERVICES LTD
REGISTERED NUMBER:10738866
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G L Bennett
Director

Date: 24 November 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
GB GRIPS SERVICES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

GB Grips Services Ltd is a limited liability company registered in England and Wales with its registered office at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.

The principal activitiy of the company during the year was equipment brokerage.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied
during the period, exclusive of Value Added Tax and trade discounts.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.5

Financial instruments

The Company only enters into basic financial instrument 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 related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a
Page 3

 
GB GRIPS SERVICES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.5
Financial instruments (continued)

financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.6

Creditors

Short term creditors are measured at the transaction price.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
GB GRIPS SERVICES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Plant and machinery

£



Cost 


At 1 May 2022
26,542



At 30 April 2023

26,542



Depreciation


At 1 May 2022
5,157


Charge for the year on owned assets
5,346



At 30 April 2023

10,503



Net book value



At 30 April 2023
16,039



At 30 April 2022
21,385

Page 5

 
GB GRIPS SERVICES LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Debtors

2023
2022
£
£


Amount owed by connected company
70,000
20,000

Other debtors
601
53,819

Prepayments and accrued income
-
10,389

70,601
84,208



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Taxation
20,037
23,388

Other creditors
16,395
-

Accruals and deferred income
2,400
4,368

38,832
27,756



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1
1
1


 
Page 6