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Registered Number: 09855368
England and Wales

 

 

 

GB LABS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 816,306    832,004 
816,306    832,004 
Current assets      
Stocks 125,426    189,829 
Debtors 1,208,471    697,867 
Cash at bank and in hand 41,857    97,633 
1,375,754    985,329 
Creditors: amount falling due within one year (1,004,947)   (1,225,962)
Net current assets 370,807    (240,633)
 
Total assets less current liabilities 1,187,113    591,371 
Creditors: amount falling due after more than one year (372,854)   (504,020)
Provisions for liabilities (11,066)   34,641 
Net assets 803,193    121,992 
 

Capital and reserves
     
Called up share capital 1,000    1,000 
Reserves 5 142,411    142,411 
Profit and loss account 659,782    (21,419)
Shareholders' funds 803,193    121,992 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 23 September 2024 and were signed on its behalf by:


-------------------------------
Mr D E W Harland
Director
1
General Information
GB Labs Limited is a private company, limited by shares, registered in England and Wales, registration number 09855368, registration address Unit 1, Orpheus House Calleva Park Aldermaston, Reading, Berkshire, RG7 8TA.


1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover represents net invoiced sales of goods, excluding Value Added Tax.  Income is recognised when the goods are dispatched.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.
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.
Intangible assets
Intangible assets represent the acquisition of business of a connected company.
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful life. The cost of the net assets acquired  in the business combination are being written off over a period of 5 years.
If there is an indication that there has been a significant change in amortisation or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:


Freehold Property - 1% on cost
Improvements to Property - 15% reducing balance
Fixtures & Fittings - 25% reducing balance
Computer Equipment - 25% reducing balance


At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.


If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 14 (2022 : 20).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 January 2023 91,219    91,219 
Additions  
Disposals  
At 31 December 2023 91,219    91,219 
Amortisation
At 01 January 2023 91,219    91,219 
Charge for year  
On disposals  
At 31 December 2023 91,219    91,219 
Net book values
At 31 December 2023  
At 31 December 2022  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Computer Equipment   Improvements to property   Total
  £   £   £   £   £
At 01 January 2023 800,000    14,647    84,581    71,443    970,671 
Additions     4,082    596    4,678 
Disposals        
At 31 December 2023 800,000    14,647    88,663    72,039    975,349 
Depreciation
At 01 January 2023 29,023    10,592    58,211    40,841    138,667 
Charge for year 8,000    1,014    6,715    4,647    20,376 
On disposals        
At 31 December 2023 37,023    11,606    64,926    45,488    159,043 
Net book values
Closing balance as at 31 December 2023 762,977    3,041    23,737    26,551    816,306 
Opening balance as at 01 January 2023 770,977    4,055    26,370    30,602    832,004 


5.

Advances and Credits



D E W Harland
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: The loan is interest free with no fixed date for repayment.

Current year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
D E W Harland 2,607 673 326 2,954 
26076730326002954
Previous year (2022)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
D E W Harland 113 25,590 23,096 2,607 
11325590023096002607
6.

Debtors: amounts falling due within one year

.   2023
£
  2022
£
Trade Debtors 913,874  233,937 
Amounts Owed by Group Undertakings 5,020 
Prepayments & Accrued Income 283,078  238,572 
Other Debtors 539  200,163 
Tax 3,006  3,006 
Directors' Current Accounts 2,954  2,607 
VAT 19,582 
1,208,471  697,867 

7.

Creditors: amounts falling due within one year

.   2023
£
  2022
£
Trade Creditors 135,934  176,214 
Bank Loans & Overdrafts (Secured) 142,445  189,603 
Amounts Owed to Group Undertakings 200,183  354,904 
Corporation Tax 102,099 
PAYE & Social Security 25,961  87,960 
Accrued Expenses 298,656  280,324 
Factoring Account 64,289 
Other Creditors 97,877  72,668 
VAT 1,792 
1,004,947  1,225,962 

8.

Creditors: amounts falling due after more than one year

.   2023
£
  2022
£
Bank Loans & Overdrafts (Secured) 372,854  504,020 
372,854  504,020 

9.

Loans

An analysis of the maturity of loans is given below:
Amounts falling due within one year or on demand:   2023
£
  2022
£
Bank overdrafts 21,850  62,946 
Bank loans 120,595  126,657 
Factoring account 64,289 
142,445  253,892 


10.

Amounts falling due between one and two years:

.   2023
£
  2022
£
Bank loans - 1-2 years 120,551  124,063 

11.

Amounts falling due in more than five years:

.   2023
£
  2022
£
Bank loans more than 5 years by instalments 169,354  167,796 

12.

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
.   2023
£
  2022
£
Within one year 9,227  801 
Between one and five years 6,071 
15,298  801 

13.

Secured debts

The following secured debts are included within creditors:

.   2023
£
  2022
£
Lloyds factoring account 64,289 
Lloyds mortgage account 493,448  630,677 
493,448  694,966 


There are currently 7 fixed and floating charges registered in favour of Lloyds Bank Plc and Lloyds Bank Commercial Finance Ltd over the properties and undertakings of the company.

The amounts falling due in more than 5 years relate to loans repayable as follows:

Over the period to 2027 at a rate of interest of 3.35% over the Bank of England base rate.
Over the period to 2024 at a rate of interest of 3.05% over the Bank of England base rate.
Over the period to 2024 at a rate of interest of 6.6% over the Bank of England base rate.

14.

Related Party Disclosures:


During the year the directors were also directors of Video Rescue Ltd, GB Labs (USA) Ltd, GB Labs Support Ltd and GB Labs (Holdings) Ltd.


During the year the following transactions took place with the above companies:
Supply of goods and services - £686,966 (2022: 216,645)
Management fees invoiced - £275,903 (2022: £71,543)

At the balance sheet date the company was owed £5,020 (2022: £111,780 owed to) by GB Labs Holdings Ltd.  This is  included in amounts owed by group undertakings.

At the balance sheet date the company owed £200,183 (2022: £243,124 Cr) to GB Labs Support Ltd and  this amount is included in amounts owed to group undertakings.
£56,721  (2022: £62,536 Cr ) was owed to Video Rescue Ltd and £14,976 (2022: £199,794 owed by) was owed to GB Labs Corp . These amounts are included in other creditors.

The directors are of the opinion that the above transactions were carried out under normal market conditions.



15.

Ultimate Controlling Party

The controlling party is GB Labs (Holdings) Ltd.

The ultimate control party is D E W Harland.

The registered address and principal place of business of the parent company is the same as the company's registered address.
2