REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
GP1X Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
GP1X Ltd |
GP1X Ltd (Registered number: 12108929) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GP1X Ltd |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Kenton House |
Oxford Street |
Moreton-in-Marsh |
Gloucestershire |
GL56 0LA |
GP1X Ltd (Registered number: 12108929) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET LIABILITIES | ( |
) | ( |
) |
GP1X Ltd (Registered number: 12108929) |
Balance Sheet - continued |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GP1X Ltd (Registered number: 12108929) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
GP1X Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors consider that in preparing the financial statements they have taken into account all information available, and on this basis the financial statements are prepared on a going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
GP1X Ltd (Registered number: 12108929) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 end 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. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
GP1X Ltd (Registered number: 12108929) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Development costs are capitalised where there is expected to be a benefit to future periods and the following conditions are met: |
(i)It is technically feasible to complete the research or development so that the product will be available for use or sale; |
(ii)It is intended to use or sell the product being developed; |
(iii)The company is able to use or sell the product; |
(iv)It can be demonstrated that the product will generate probable future economic benefits; |
(v)Adequate technical, financial and other resources exist so that product development can be completed and subsequently used or sold; and |
(vi)Expenditure attributable to the research and development work can be reliably measured. |
Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful economic life of 6 years. |
Amortisation of development costs commence on the date of the first exhibition over the remaining useful life of the license agreement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 31 December 2023 |
AMORTISATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
GP1X Ltd (Registered number: 12108929) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | INTANGIBLE FIXED ASSETS - continued |
Development costs have been capitalised in respect of the production of a travelling exhibition. The first exhibition commenced in March 2023 and accordingly amortisation of the costs has commenced during the year on a straight-line basis over the period of 6 years. |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
Additions |
At 31 December 2023 |
DEPRECIATION |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
GP1X Ltd (Registered number: 12108929) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 10) |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 10) |
GP1X Ltd (Registered number: 12108929) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
11. | RELATED PARTY DISCLOSURES |
Included within creditors there is a loan account due to Round Path Limited, the holding company, in the sum of £10,539,983 (2022: £7,129,068). The account is unsecured, interest free and carries no fixed date of repayment. |
Included within debtors there is a loan to Crownwell Capital SL, a subsidiary of the company, in the sum of £222,451 (2023: £Nil). The account is unsecured, interest free and carries no fixed date of repayment. |