Gulfbarn Limited 02129435 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is The company did not trade during the year Digita Accounts Production Advanced 6.30.9574.0 true true 02129435 2022-07-01 2023-06-30 02129435 2023-06-30 02129435 core:CurrentFinancialInstruments 2023-06-30 02129435 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 02129435 core:FurnitureFittingsToolsEquipment 2023-06-30 02129435 bus:SmallEntities 2022-07-01 2023-06-30 02129435 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 02129435 bus:FullAccounts 2022-07-01 2023-06-30 02129435 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 02129435 bus:RegisteredOffice 2022-07-01 2023-06-30 02129435 bus:Director1 2022-07-01 2023-06-30 02129435 bus:Director2 2022-07-01 2023-06-30 02129435 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02129435 core:FurnitureFittings 2022-07-01 2023-06-30 02129435 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 02129435 countries:EnglandWales 2022-07-01 2023-06-30 02129435 2022-06-30 02129435 core:FurnitureFittingsToolsEquipment 2022-06-30 02129435 2021-07-01 2022-06-30 02129435 core:CurrentFinancialInstruments 2022-06-30 02129435 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 02129435

Gulfbarn Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Gulfbarn Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Gulfbarn Limited

Company Information

Directors

A W Townhill

P C Wales

Registered office

Holderness House
Staithes Road
Hedon
East Yorkshire
HU12 8DX

 

Gulfbarn Limited

(Registration number: 02129435)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Creditors: Amounts falling due within one year

5

(6,056)

(5,592)

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 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.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

.........................................
A W Townhill
Director

 

Gulfbarn Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

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:
Holderness House
Staithes Road
Hedon
East Yorkshire
HU12 8DX

These financial statements were authorised for issue by the Board on 7 March 2024.

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 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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2022 - 2).

 

Gulfbarn Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

299

299

Disposals

(299)

(299)

At 30 June 2023

-

-

Depreciation

At 1 July 2022

299

299

Eliminated on disposal

(299)

(299)

At 30 June 2023

-

-

Carrying amount

At 30 June 2023

-

-

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6

5,654

5,227

Accruals and deferred income

 

402

365

 

6,056

5,592

6

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

5,654

5,227

Other borrowings include unsecured amounts due to Directors.

7

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.