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Registered number: 09568118
GNBL Group Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Hub Accountants Limited
Chartered Accountants
Innovation House
Wincombe Lane
Shaftesbury
Dorset
SP7 8FG
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Accountant's Report
Chartered Accountant's report to the director on the preparation of the unaudited statutory accounts of GNBL Group Ltd for the year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of GNBL Group Ltd for the year ended 30 April 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of GNBL Group Ltd , as a body, in accordance with the terms of our engagement letter dated 10 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of GNBL Group Ltd and state those matters that we have agreed to state to the director of GNBL Group Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GNBL Group Ltd and its director, as a body, for our work or for this report.
It is your duty to ensure that GNBL Group Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of GNBL Group Ltd . You consider that GNBL Group Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of GNBL Group Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
11th September 2024
Hub Accountants Limited
Chartered Accountants
Innovation House
Wincombe Lane
Shaftesbury
Dorset
SP7 8FG
Page 1
Page 2
Balance Sheet
Registered number: 09568118
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,791 3,582
Tangible Assets 5 962,682 381,107
964,473 384,689
CURRENT ASSETS
Debtors 6 910,680 360,588
Cash at bank and in hand 186,721 189,122
1,097,401 549,710
Creditors: Amounts Falling Due Within One Year 7 (794,133 ) (429,482 )
NET CURRENT ASSETS (LIABILITIES) 303,268 120,228
TOTAL ASSETS LESS CURRENT LIABILITIES 1,267,741 504,917
Creditors: Amounts Falling Due After More Than One Year 8 (357,781 ) (308,791 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (180,475 ) (46,882 )
NET ASSETS 729,485 149,244
CAPITAL AND RESERVES
Called up share capital 10 10 10
Profit and Loss Account 729,475 149,234
SHAREHOLDERS' FUNDS 729,485 149,244
Page 2
Page 3
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stefan Shopov
Director
11th September 2024
The notes on pages 4 to 8 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
GNBL Group Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09568118 . The registered office is Unit 13 West Melbury, Melbury, Shaftesbury, Dorset, SP7 0AF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
Expenditure on software development is being amortised over a period of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 3 Years straight line
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
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4. Intangible Assets
Development Costs
£
Cost
As at 1 May 2023 8,954
As at 30 April 2024 8,954
Amortisation
As at 1 May 2023 5,372
Provided during the period 1,791
As at 30 April 2024 7,163
Net Book Value
As at 30 April 2024 1,791
As at 1 May 2023 3,582
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 333,311 202,246 1,504 5,991 543,052
Additions 319,709 550,592 - 3,758 874,059
Disposals - (35,500 ) - - (35,500 )
As at 30 April 2024 653,020 717,338 1,504 9,749 1,381,611
Depreciation
As at 1 May 2023 90,911 64,483 658 5,893 161,945
Provided during the period 140,527 130,427 211 1,350 272,515
Disposals - (15,531 ) - - (15,531 )
As at 30 April 2024 231,438 179,379 869 7,243 418,929
Net Book Value
As at 30 April 2024 421,582 537,959 635 2,506 962,682
As at 1 May 2023 242,400 137,763 846 98 381,107
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 788,468 271,353
Prepayments and accrued income 36,736 12,864
Deferred tax current asset - 47,556
VAT 83,467 28,815
Amounts owed by associates 2,009 -
910,680 360,588
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 136,348 68,565
Trade creditors 155,315 161,868
Bank loans and overdrafts 10,000 9,996
Corporation tax 102,779 -
Other taxes and social security 125,180 33,000
Other creditors 9,395 33,813
Other funding loan 31,199 28,284
Accruals and deferred income 59,756 1,908
Director's loan account 404 530
Amounts owed to associates 163,757 91,518
794,133 429,482
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 273,741 191,048
Bank loans 11,663 21,667
Other long term funding 72,377 96,076
357,781 308,791
9. Secured Creditors
Of the creditors the following amounts are secured on the assets to which they relate.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 410,089 259,613
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10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
11. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 204,800 51,000
12. Related Party Transactions
During the year the company repaid funds of £868 from GNBL S.R.L, a partly owned subsidiary, and at the year end owed £46,527 (2023: owed £47,395).
The company also transferred funds to GNBL GmbH of £4,341 and at the year end was owed £2,009 (2023: owed £2,332).
The company traded with GNBL Bulgaria, a company in which the director has an interest. In the year it purchased goods and services amounting to £2,293,150 (2023: £48,711) and at the year end it owed £117,229 (2023: £41,791).
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