Registered number
12372226
GM Fly Fishing International Ltd
Filleted Accounts
31 May 2024
GM Fly Fishing International Ltd
Report and accounts
Contents
Page
Company information 1
Director's report 2
Accountants' report 3
Profit and loss account 4
Balance sheet 5
Statement of changes in equity 6
Notes to the accounts 7
GM Fly Fishing International Ltd
Company Information
Director
G Mazeaud
Secretary
Tenbury Secretaries Ltd
Accountants
Tenbury International Ltd
Brenchley House
School Road
Charing
Kent
TN27 0JW
Registered office
Brenchley House
School Road
Charing
Kent
TN27 0JW
Registered number
12372226
GM Fly Fishing International Ltd
Registered number: 12372226
Director's Report
The director presents his report and accounts for the period ended 31 May 2024.
Principal activities
The company's principal activity during the year was that of organising and hosting fly fishing parties. The company ceased trading on 31 May 2024 and the director will close the company in the near future.
Directors
The following persons served as directors during the period:
G Mazeaud
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 13 September 2024 and signed by its order.
Tenbury Secretaries Ltd
Secretary
GM Fly Fishing International Ltd
Accountants' Report
Accountants' report to the director of
GM Fly Fishing International Ltd
You consider that the company is exempt from an audit for the period ended 31 May 2024. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial period and of its profit or loss for the financial period.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Tenbury International Ltd
Brenchley House
School Road
Charing
Kent
TN27 0JW
13 September 2024
GM Fly Fishing International Ltd
Profit and Loss Account
for the period from 1 January 2023 to 31 May 2024
2024 2022
£ £
Turnover - 2,676
Cost of sales - (233)
Gross profit - 2,443
Administrative expenses (11,928) (14,943)
Operating loss (11,928) (12,500)
Loss on the disposal of investments (9,600) -
Loss before taxation (21,528) (12,500)
Tax on loss - -
Loss for the period (21,528) (12,500)
GM Fly Fishing International Ltd
Registered number: 12372226
Balance Sheet
as at 31 May 2024
Notes 2024 2022
£ £
Fixed assets
Intangible assets 3 - 9,600
Current assets
Debtors 4 - 77
Cash at bank and in hand 42,716 49,670
42,716 49,747
Creditors: amounts falling due within one year 5 (6,595) (1,697)
Net current assets 36,121 48,050
Net assets 36,121 57,650
Capital and reserves
Called up share capital 500 500
Share premium 79,600 79,600
Profit and loss account (43,979) (22,450)
Shareholders' funds 36,121 57,650
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G Mazeaud
Director
Approved by the board on 13 September 2024
GM Fly Fishing International Ltd
Statement of Changes in Equity
for the period from 1 January 2023 to 31 May 2024
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 January 2022 500 79,600 - (9,950) 70,150
Loss for the financial year (12,500) (12,500)
At 31 December 2022 500 79,600 - (22,450) 57,650
At 1 January 2023 500 79,600 - (22,450) 57,650
Loss for the period (21,528) (21,528)
At 31 May 2024 500 79,600 - (43,979) 36,121
GM Fly Fishing International Ltd
Notes to the Accounts
for the period from 1 January 2023 to 31 May 2024
1 Accounting policies
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Life time fishing rights not depreciated
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2022
Number Number
Average number of persons employed by the company - -
3 Intangible fixed assets £
Fishing rights
Cost
At 1 January 2023 9,600
Disposals (9,600)
At 31 May 2024 -
Amortisation
At 31 May 2024 -
Net book value
At 31 May 2024 -
At 31 December 2022 9,600
4 Debtors 2024 2022
£ £
Trade debtors - 77
5 Creditors: amounts falling due within one year 2024 2022
£ £
Trade creditors 4,898 -
Other creditors 1,697 1,697
6,595 1,697
6 Related party transactions
Discerna Finances
During the year, GM Fly Finishing International Ltd invoiced Discerna Finances an amount of 2904euros for management fees. Discerna Finances owns 80% of the share capital.
Amount due from the related party 2,497 -
7 Controlling party
G Mazeaud, the director controls the company by virtue of his 100% shareholding
8 Other information
GM Fly Fishing International Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Brenchley House
School Road
Charing
Kent
TN27 0JW
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