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COMPANY REGISTRATION NUMBER: 02719194
GBC Design Ltd
Filleted Unaudited Abridged Financial Statements
30 June 2023
GBC Design Ltd
Abridged Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
10,072
11,849
Current assets
Debtors
90
Cash at bank and in hand
9,942
25,331
-------
--------
9,942
25,421
Creditors: amounts falling due within one year
8,506
8,029
-------
--------
Net current assets
1,436
17,392
--------
--------
Total assets less current liabilities
11,508
29,241
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
11,408
29,141
--------
--------
Shareholders funds
11,508
29,241
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
GBC Design Ltd
Abridged Statement of Financial Position (continued)
30 June 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 7 February 2024 , and are signed on behalf of the board by:
Mr R Byrne
Director
Company registration number: 02719194
GBC Design Ltd
Notes to the Abridged Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 178 Woodside Ave. South, Coventry, CV3 6BG.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
15% reducing balance
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
£
Cost
At 1 July 2022 and 30 June 2023
21,947
--------
Depreciation
At 1 July 2022
10,098
Charge for the year
1,777
--------
At 30 June 2023
11,875
--------
Carrying amount
At 30 June 2023
10,072
--------
At 30 June 2022
11,849
--------
6. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr R Byrne
( 5,778)
170
( 5,608)
-------
----
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr R Byrne
( 4,664)
( 1,114)
( 5,778)
-------
-------
-------
7. Related party transactions
The company was under the control of Mr R Byrne throughout the current and previous year. Mr R Byrne is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.