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Registration number: 11338983

GB4U Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 August 2024

 

GB4U Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

GB4U Limited

Company Information




 

Directors

Mrs B A James-Lloyd

Mr M V Lloyd

Registered office

Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

GB4U Limited

(Registration number: 11338983)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

-

979

Tangible assets

6

1,165

2,709

 

1,165

3,688

Current assets

 

Debtors

-

1,119

Cash at bank and in hand

 

69

1,723

 

69

2,842

Prepayments and accrued income

 

373

235

Creditors: Amounts falling due within one year

7.1

(15,613)

(10,988)

Net current liabilities

 

(15,171)

(7,911)

Total assets less current liabilities

 

(14,006)

(4,223)

Accruals and deferred income

 

(960)

(900)

Net liabilities

 

(14,966)

(5,123)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(15,066)

(5,223)

Shareholders' deficit

 

(14,966)

(5,123)

 

GB4U Limited

(Registration number: 11338983)
Abridged Balance Sheet as at 31 August 2024

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

.........................................

Mrs B A James-Lloyd
Director

 

GB4U Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

These financial statements were authorised for issue by the Board on 31 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors consider the going concern basis of preparing the accounts to be appropriate because, in their opinion, the company will continue to secure access to sufficient funding to enable it to pay its debts as they fall due. Accordingly, the financial statements have been prepared on the going concern basis.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

GB4U Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Straight line

Office equipment

20% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

GB4U Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial
statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,544

2,432

Amortisation expense

979

2,000

 

GB4U Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

5

Intangible assets

Website cost
 £

Total
£

Cost or valuation

At 1 September 2023

8,000

8,000

At 31 August 2024

8,000

8,000

Amortisation

At 1 September 2023

7,021

7,021

Amortisation charge

979

979

At 31 August 2024

8,000

8,000

Carrying amount

At 31 August 2024

-

-

At 31 August 2023

979

979

6

Tangible assets

Office equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

8,056

4,100

12,156

At 31 August 2024

8,056

4,100

12,156

Depreciation

At 1 September 2023

5,557

3,890

9,447

Charge for the year

1,352

192

1,544

At 31 August 2024

6,909

4,082

10,991

Carrying amount

At 31 August 2024

1,147

18

1,165

At 31 August 2023

2,499

210

2,709

7

Creditors

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £6,428).

 

GB4U Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Related party transactions

Key management personnel

Summary of transactions with key management

During the year the directors made unsecured, interest free, repayable on demand loans to the company. At the balance sheet date the amount due to the directors was £1,357 (2023 - £1,045).