Registration number:
Gulfbarn Limited
for the Year Ended 30 June 2023
Gulfbarn Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Gulfbarn Limited
Company Information
Directors |
A W Townhill P C Wales |
Registered office |
|
Gulfbarn Limited
(Registration number: 02129435)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
|
Creditors: Amounts falling due within one year |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Retained earnings |
(6,058) |
(5,594) |
|
Shareholders' deficit |
(6,056) |
(5,592) |
For the financial 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 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.
Approved and authorised by the
......................................... |
Gulfbarn Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 02129435.
The address of its registered office is:
These financial statements were authorised for issue by the
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 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 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.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
Going concern
The directors recognise that there is a concern over the ability of the company to continue as a going concern due to the net current liabilities of £6,056 and the insolvent balance sheet of £6,056. The directors have a reasonable expectation that the company's financial position will improve and the directors and shareholders have confirmed they will continue to support the company. The financial statements have therefore been prepared on a going concern basis.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Gulfbarn Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
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 |
Fixtures and fittings |
15% on written down value |
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.
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.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Gulfbarn Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 July 2022 |
|
|
Disposals |
( |
( |
At 30 June 2023 |
- |
- |
Depreciation |
||
At 1 July 2022 |
|
|
Eliminated on disposal |
( |
( |
At 30 June 2023 |
- |
- |
Carrying amount |
||
At 30 June 2023 |
- |
- |
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Other borrowings |
|
|
Other borrowings include unsecured amounts due to Directors.
Related party transactions |
Other transactions with Directors |
At the year end the company owed the director £5,654 (2022 - £5,227). This amount is unsecured, interest free and repayable on demand.