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Registration number: 08616173


GBICS.com Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

GBICS.com Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

GBICS.com Limited

Company Information

Directors

James A Burgess

Giles R Harris

Nicholas Packer

Registered office

4 Global Business Park
Wilkinson Road
Cirencester
Gloucestershire
GL7 1YZ

Solicitors

Tanners Solicitors LLP
Lancaster House
Thomas Street
Cirencester
GL7 2AX

Bankers

Clydesdale Bank
20 Merrion Way
Leeds
LS2 8NZ

Accountants

Hazlewoods LLP
Chartered Accountants
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

GBICS.com Limited

(Registration number: 08616173)
Balance Sheet as at 30 November 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

6

14,680

19,071

Current assets

 

Stocks

7

167,994

136,443

Debtors

8

897,667

565,311

Cash at bank and in hand

 

41,375

27,008

 

1,107,036

728,762

Creditors: Amounts falling due within one year

9

(672,193)

(431,599)

Net current assets

 

434,843

297,163

Total assets less current liabilities

 

449,523

316,234

Creditors: Amounts falling due after more than one year

9

(111,023)

(178,759)

Provisions for liabilities

4

(3,098)

(4,315)

Net assets

 

335,402

133,160

Capital and reserves

 

Called up share capital

125

100

Profit and loss account

335,277

133,060

Total equity

 

335,402

133,160

For the financial year ending 30 November 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 


James A Burgess
Director

 

GBICS.com Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

 

1

General information

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

The address of its registered office is:
4 Global Business Park
Wilkinson Road
Cirencester
Gloucestershire
GL7 1YZ

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

GBICS.com Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Corporation tax

The corporation tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the UK, where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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, fittings and equipment

50% of cost per annum

Website costs

20%/50% of cost per annum

Intangible assets

Trademarks are shown at historical cost. Where they have a finite useful life they are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

20% per annum

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

GBICS.com Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial Instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
 

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
 

 

GBICS.com Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets:
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets:
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

3,351

Short term timing differences

(253)

3,098

2022

Liability
£

Fixed asset timing differences

4,379

Short term timing differences

(64)

4,315

 

GBICS.com Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

 

5

Intangible assets

Trademarks
 £

Cost

At 1 December 2022 and 30 November 2023

2,044

Amortisation

At 1 December 2022 and 30 November 2023

2,044

Carrying amount

At 30 November 2023

-

At 30 November 2022

-

 

6

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 December 2022

124,944

Additions

12,457

At 30 November 2023

137,401

Depreciation

At 1 December 2022

105,873

Charge for the year

16,848

At 30 November 2023

122,721

Carrying amount

At 30 November 2023

14,680

At 30 November 2022

19,071

 

7

Stocks

2023
£

2022
£

Raw materials and consumables

167,994

136,443

 

8

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

352,358

152,745

Directors' loan accounts

12

419,705

324,699

Other debtors

 

85,571

53,761

Prepayments

 

15,520

10,093

Amounts owed by related parties

12

24,513

24,013

   

897,667

565,311

 

GBICS.com Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

 

9

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

10

74,055

70,903

Trade creditors

 

176,580

106,399

Amounts due to related parties

12

815

36,339

Social security and other taxes

 

88,729

66,960

Other creditors

 

90,052

30,342

Accrued expenses

 

44,632

14,618

Corporation tax liability

197,330

106,038

 

672,193

431,599

Due after one year

 

Loans and borrowings

10

111,023

178,759

Other creditors due within one year includes confidential invoice discounting arrangement of £76,799 (2022 - £14,812) on which security has been given by the company.

 

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

17,271

15,700

Bank overdrafts

6,320

9,568

Other borrowings

50,464

45,635

74,055

70,903

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

64,915

82,187

Other borrowings

46,108

96,572

111,023

178,759

Bank borrowings
Bank borrowings at 30 November 2023 total £82,186 (2022 - £97,887). The amount payable within one year in respect of bank borrowings is £17,271 (2022 - £15,700) and the amount payable in over one year is £64,915 (2022 - £82,187).

Other borrowings
Other borrowings at 30 November 2023 total £96,572 (2022 - £142,207). The amount payable within one year in respect of other borrowings is £50,464 (2022 - £45,635) and the amount payable in over one year is £46,108 (2022 - £96,572).

 

GBICS.com Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

 

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary 'A' shares of £0.10 each

1,000

100.00

1,000

100.00

Ordinary 'B' shares of £0.10 each

125

12.50

-

-

Ordinary 'C' shares of £0.10 each

125

12.50

-

-

 

1,250

125

1,000

100

New shares allotted

During the year 125 Ordinary 'B' shares having an aggregate nominal value of £13 were allotted for an aggregate consideration of .

During the year 125 Ordinary 'C' shares having an aggregate nominal value of £13 were allotted for an aggregate consideration of .

 

12

Related party transactions

Transactions with directors
As at 30 November 2023, the directors of the company had interest free loans and owed the company a total of £419,705 (2022 - £324,699).

Summary of transactions with other related parties

Netgun Solutions Limited
(a company controlled by James A Burgess)
During the year, the company paid to Netgun Solutions Limited amounts totalling £45,036 (2022 - £25,065) and received amounts totalling £9,512 (2022 - £5,806). At the balance sheet date the amount due to Netgun Solutions Limited was £815 (2022 - £36,339).

JBP Investments Limited
(a company controlled by James A Burgess)
During the year, the company made purchases of £30,000 (2022 - £30,000) from JBP Investments Limited. At the balance sheet date the amount due from JBP Investments Limited was £24,513 (2022 - £24,013).