Gigantica Carp Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 06697025 (England and Wales)
Gigantica Carp Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Gigantica Carp Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
2,661
2,661
Current assets
Debtors
5
77,355
9,151
Cash at bank and in hand
23,274
111,792
100,629
120,943
Creditors: amounts falling due within one year
6
(257,033)
(299,840)
Net current liabilities
(156,404)
(178,897)
Net liabilities
(153,743)
(176,236)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(153,744)
(176,237)
Total equity
(153,743)
(176,236)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial 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.
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.
The financial statements were approved and signed by the director and authorised for issue on 20 September 2024
D Fairbrass
Director
Company Registration No. 06697025
Gigantica Carp Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
Gigantica Carp Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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 in accordance with the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the balance sheet date, the company has net liabilities of £153,743 (2022: £176,236) due to outstanding loans from the director and from other companies under the control of Mr D Fairbrass. The director has confirmed that these amounts will not be called for payment, and the liabilities of the company will be paid as they fall due and additional funding will be available if required.
At the time of approving the financial statements, the directors have a reasonable expectation that, with the continued support provided as set out above, the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least twelve months following the approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks.
Gigantica Carp Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
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 profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
2,661
Carrying amount
At 31 December 2023
2,661
At 31 December 2022
2,661
Gigantica Carp Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Gigantica Carp SARL
France
The provision of recreational fishing lakes and the sale of refreshments, bait and other related goods
Ordinary
100
The aggregate capital and reserves and the result for the year to 31 December 2023 of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Gigantica Carp SARL
36,654
(73,121)
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
68,812
Other debtors
8,543
9,151
77,355
9,151
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
51,352
9,910
Other creditors
105,886
188,032
Accruals and deferred income
99,795
101,898
257,033
299,840
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
Gigantica Carp Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
8
Financial commitments, guarantees and contingent liabilities
There is a cross guarantee, in favour of the bank, between Korda Developments Limited, Tackle Guru Limited, Gigantica Carp Limited, Embryo Angling Habitats Limited and Carpfest Limited. The facility in use at the year end was £nil (2022: £nil).
9
Related party transactions
During the year the company made sales of £68,812 (2022: £71,217) from Gigantica Carp SARL, a company incorporated in France. Gigantica Carp SARL is a subsidiary company. At the balance sheet date the company was owed £68,812 from Gigantica Carp Sarl (2022: £57,146 owed to Gigantica Carp SARL).
During the year the company made purchases of £42,716 (2022: £44,258) from Korda Developments Limited, a company related by virtue of significant influence. At the balance sheet date, the company owed £150,554 (2022: £109,508) to Korda Developments Limited.
At the balance sheet date, the company owed £105,886 (2022: £130,886) to the director.