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Registration number: 08612058

GBC (Europe) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

GBC (Europe) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

GBC (Europe) Limited

Company Information

Directors

Mr L B Brown

Mrs G C Brown

Registered office

The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountants
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

GBC (Europe) Limited

(Registration number: 08612058)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

30,044

34,377

Current assets

 

Stocks

261,264

222,737

Debtors

5

691,687

690,714

Cash at bank and in hand

 

131,856

115,396

 

1,084,807

1,028,847

Creditors: Amounts falling due within one year

6

(1,033,727)

(936,786)

Net current assets

 

51,080

92,061

Total assets less current liabilities

 

81,124

126,438

Creditors: Amounts falling due after more than one year

6

(76,109)

(122,062)

Provisions for liabilities

(1,363)

(2,125)

Net assets

 

3,652

2,251

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,552

2,151

Shareholders' funds

 

3,652

2,251

For the financial year ending 31 July 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Mr L B Brown
Director

 

GBC (Europe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

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 are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Government grants

Government grants of a revenue nature are recognised when there is a reasonable assurance that conditions attaching to them have been met and the grants will be received. The accruals model has been adopted for recognition.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

 

GBC (Europe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

2

Accounting policies (continued)

Tax

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Plant and machinery

3 years straight line basis

Office conversion

amortised over 5 years

Furniture and fittings

5 years straight line basis

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

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.

Pensions

Contributions to defined contribution plans are expensed in the period to which they relate.

 

GBC (Europe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Office conversion
£

Furniture and fittings
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2022

35,132

-

21,701

56,833

Additions

-

6,500

2,509

9,009

At 31 July 2023

35,132

6,500

24,210

65,842

Depreciation

At 1 August 2022

9,256

-

13,200

22,456

Charge for the year

7,026

758

5,558

13,342

At 31 July 2023

16,282

758

18,758

35,798

Carrying amount

At 31 July 2023

18,850

5,742

5,452

30,044

At 31 July 2022

25,876

-

8,501

34,377

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

313,989

327,375

Amounts owed by related undertakings

8

33,924

65,283

Prepayments

 

25,890

22,500

Other debtors

 

317,884

275,556

 

691,687

690,714

 

GBC (Europe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

50,625

50,625

Trade creditors

 

352,226

406,250

Amounts owed to related undertakings

8

-

543

Taxation and social security

 

111,665

67,400

Accruals and deferred income

 

187,638

78,520

Other creditors

 

331,573

333,448

 

1,033,727

936,786

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

76,109

122,062

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

76,109

122,062

2023
£

2022
£

Current loans and borrowings

Bank borrowings

50,625

50,625



The borrowings of the company are secured by a fixed and floating charge over the assets of the company.

 

GBC (Europe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Related party transactions

During the year the company made interest free loans totalling £31,359 (2022 £65,283) to ZQR Limited, a company controlled by the director Mr L B Brown.

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Mr L B Brown

Loan, interest rate 2.0% - unsecured and repayable on demand

250,682

242,677

(222,533)

270,826

         
       

 

2022

At 1 August 2021
£

Advances to director
£

Repayments by director
£

At 31 July 2022
£

Mr L B Brown

Loan, interest rate 2.0% - unsecured and repayable on demand

147,425

206,035

(102,778)

250,682