2022-09-012023-08-312023-08-31false12800500GB OUTDOOR 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GB OUTDOOR LIMITED

Registered Number
12800500
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2023

GB OUTDOOR LIMITED
Company Information
for the year from 1 September 2022 to 31 August 2023

Director

BRANFOOT, Grant

Company Secretary

HODGINS, Suzanne

Registered Address

167-169 Great Portland Street
5th Floor
London
W1W 5PF

Place of Business

39 West Common

Lindfield

West Sussex

RH16 2AJ


Registered Number

12800500 (England and Wales)
GB OUTDOOR LIMITED
Balance Sheet as at
31 August 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets32,437-
Tangible assets538,52222,369
40,95922,369
Current assets
Debtors6943,072701,289
Cash at bank and on hand186,286318,385
1,129,3581,019,674
Creditors amounts falling due within one year7(1,158,527)(896,295)
Net current assets (liabilities)(29,169)123,379
Total assets less current liabilities11,790145,748
Creditors amounts falling due after one year8(5,302)(13,778)
Provisions for liabilities9(6,381)-
Net assets107131,970
Capital and reserves
Called up share capital11
Profit and loss account106131,969
Shareholders' funds107131,970
The financial statements were approved and authorised for issue by the Director on 30 August 2024, and are signed on its behalf by:
BRANFOOT, Grant
Director
Registered Company No. 12800500
GB OUTDOOR LIMITED
Notes to the Financial Statements
for the year ended 31 August 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery3
Fixtures and fittings7
Vehicles6
Office Equipment4
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20232022
Average number of employees during the year32
3.Intangible assets
The company acquired a license to let an advertising site.

Total

£
Cost or valuation
Additions2,500
At 31 August 232,500
Amortisation and impairment
Charge for year63
At 31 August 2363
Net book value
At 31 August 232,437
At 31 August 22-
4.Useful life of intangible assets
5 years
5.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 2226,775
Additions21,678
At 31 August 2348,453
Depreciation and impairment
At 01 September 224,406
Charge for year5,525
At 31 August 239,931
Net book value
At 31 August 2338,522
At 31 August 2222,369
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables772,787563,575
Prepayments and accrued income170,285137,714
Total943,072701,289
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables641,698408,091
Bank borrowings and overdrafts8,5778,035
Taxation and social security130,980117,461
Dividends payable14,35049,500
Other creditors49,8137,402
Accrued liabilities and deferred income313,109305,806
Total1,158,527896,295
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts5,30213,778
Total5,30213,778
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)6,381-
Total6,381-
10.Pension commitments
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £376.54 (2022 - £0) were due to the fund. They are included in other creditors.
11.Related party transactions
The director and persons connected to him advanced £62,737 (2022: £56,902) to the company at year-end. The sum is interest-free and repayable on demand. The director has significant influence over Starlite GB Outdoor Ltd, with whom the company spent £808,016 (2022: £187,198) renting advertising space, of which £262,431 (2022: £166,205) was in trade debtors at year-end.
12.Controlling party
The company is controlled by the director.
13.Prior period policy changes
The move from FRS105 to FRS102 means that the company now accounts for deferred tax, whereas it did not in prior periods. The effect of this change of accounting policy on 2022 comparatives was not material so the entire adjustment has been made in 2023, with no deferred tax adjustment made to the 2022 comparatives.
14.Description of reasons for any change in chosen formats of the financial statments
The company has reported using FRS102 1A as it no longer meets the micro size tests for use of FRS105 (2022).