Company registration number 07453462 (England and Wales)
GB Card & Partners Limited
Financial Statements
For the year ended
30 November 2023
Pages for filing with registrar
GB Card & Partners Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
GB Card & Partners Limited
Statement Of Financial Position
As at 30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,307
15,974
Investments
5
278,526
198,007
292,833
213,981
Current assets
Debtors
6
603,123
966,462
Cash at bank and in hand
291,722
68,576
894,845
1,035,038
Creditors: amounts falling due within one year
7
(330,482)
(244,251)
Net current assets
564,363
790,787
Total assets less current liabilities
857,196
1,004,768
Creditors: amounts falling due after more than one year
8
(15,816)
(25,622)
Net assets
841,380
979,146
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
841,280
979,046
Total equity
841,380
979,146
The notes on pages 3 to 7 form part of these financial statements.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GB Card & Partners Limited
Statement Of Financial Position (Continued)
As at 30 November 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 July 2024
G.B. Card
Director
Company registration number 07453462 (England and Wales)
GB Card & Partners Limited
Notes To The Financial Statements
For the year ended 30 November 2023
- 3 -
1
General information
GB Card & Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.
2
Accounting policies
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2
Revenue recognition
The turnover shown in the profit and loss account represents fees receivable in respect of consultancy services during the period, exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
The figure for amounts recoverable on contracts is included in debtors due within one year.
2.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% straight line
Equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.4
Fixed asset investments
Short term investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Investments in listed share portfolios are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
GB Card & Partners Limited
Notes To The Financial Statements (Continued)
For the year ended 30 November 2023
2
Accounting policies
(Continued)
- 4 -
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
2.7
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
2.8
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2.9
Retirement benefits
Contributions to defined contribution plans are recognised as an expense in the period in which the related services is provided.
2.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the statement of income and retained earnings.
GB Card & Partners Limited
Notes To The Financial Statements (Continued)
For the year ended 30 November 2023
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
15
4
Tangible fixed assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 December 2022
9,617
47,504
57,121
Additions
8,800
8,800
Disposals
(6,189)
(6,189)
At 30 November 2023
9,617
50,115
59,732
Depreciation and impairment
At 1 December 2022
7,540
33,607
41,147
Depreciation charged in the year
762
9,705
10,467
Eliminated in respect of disposals
(6,189)
(6,189)
At 30 November 2023
8,302
37,123
45,425
Carrying amount
At 30 November 2023
1,315
12,992
14,307
At 30 November 2022
2,077
13,897
15,974
GB Card & Partners Limited
Notes To The Financial Statements (Continued)
For the year ended 30 November 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
278,526
198,007
Movements in fixed asset investments
Unlisted investments
Investment portfolio
Total
£
£
£
Cost or valuation
At 1 December 2022
15,000
198,007
213,007
Additions
-
94,658
94,658
Valuation changes
-
(14,139)
(14,139)
At 30 November 2023
15,000
278,526
293,526
Impairment
At 1 December 2022 & 30 November 2023
15,000
-
15,000
Carrying amount
At 30 November 2023
-
278,526
278,526
At 30 November 2022
-
198,007
198,007
Unlisted investments includes shares in a company that were considered to be fully impaired during 2022. The shares are still owned by the company, and the director continues to value these shares at £nil at the year end (2022: £nil).
The investment portfolio includes investments in listed shares and cash balances. At the year end the market value of the investment portfolio was £278,526 (2022: £198,007) and included cash and cash deposits worth worth £96,872 (£91,365).
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
212,863
455,590
Other debtors
390,260
510,872
603,123
966,462
GB Card & Partners Limited
Notes To The Financial Statements (Continued)
For the year ended 30 November 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,648
10,748
Trade creditors
104,697
133,948
Corporation tax
5,549
Other taxation and social security
115,443
82,958
Other creditors
94,145
16,597
330,482
244,251
RBS Invoice Finance Limited has a fixed and floating charge over the company's assets.
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,816
25,622
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
39,050
5,625
10
Director's transactions
At the year end, the director owed the company £123,549 (2022: £139,112). The loan is shown within other debtors and is interest free and repayable on demand.
During the year amounts advanced to the director totalled £125,437 (2022: £94,256) and repayments made by the director totalled £141,000 (2022: £95,000).
Dividends totalling £141,000 (2022: £95,000) were paid in the year in respect of shares held by the company's director.