2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 18,653 17,903 166 18,069 584 750 xbrli:pure xbrli:shares iso4217:GBP SC193228 2023-04-01 2024-03-31 SC193228 2024-03-31 SC193228 2023-03-31 SC193228 2022-04-01 2023-03-31 SC193228 2023-03-31 SC193228 2022-03-31 SC193228 core:PlantMachinery 2023-04-01 2024-03-31 SC193228 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 SC193228 bus:Director2 2023-04-01 2024-03-31 SC193228 core:WithinOneYear 2024-03-31 SC193228 core:WithinOneYear 2023-03-31 SC193228 core:PlantMachinery 2023-03-31 SC193228 core:PlantMachinery 2024-03-31 SC193228 core:ShareCapital 2024-03-31 SC193228 core:ShareCapital 2023-03-31 SC193228 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC193228 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC193228 core:PlantMachinery 2023-03-31 SC193228 bus:SmallEntities 2023-04-01 2024-03-31 SC193228 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC193228 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC193228 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC193228 bus:FullAccounts 2023-04-01 2024-03-31 SC193228 bus:Director1 2023-04-01 2024-03-31 SC193228 core:AllAssociates 2023-04-01 2024-03-31 SC193228 1 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: SC193228
G.B.Xperience Ltd.
Filleted Unaudited Financial Statements
31 March 2024
G.B.Xperience Ltd.
Financial Statements
Year ended 31 March 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
G.B.Xperience Ltd.
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of G.B.Xperience Ltd.
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G.B.Xperience Ltd. for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of G.B.Xperience Ltd., as a body. Our work has been undertaken solely to prepare for your approval the financial statements of G.B.Xperience Ltd. and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G.B.Xperience Ltd. and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that G.B.Xperience Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of G.B.Xperience Ltd.. You consider that G.B.Xperience Ltd. is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of G.B.Xperience Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
30 January 2025
G.B.Xperience Ltd.
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
584
750
Current assets
Debtors
6
86,590
63,506
Cash at bank and in hand
76,690
33,960
---------
--------
163,280
97,466
Creditors: amounts falling due within one year
7
136,850
96,314
---------
--------
Net current assets
26,430
1,152
--------
-------
Total assets less current liabilities
27,014
1,902
--------
-------
Net assets
27,014
1,902
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
26,914
1,802
--------
-------
Shareholders funds
27,014
1,902
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
Mrs E Bowie
Director
Company registration number: SC193228
G.B.Xperience Ltd.
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PG, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investment that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
18,653
18,653
--------
--------
Depreciation
At 1 April 2023
17,903
17,903
Charge for the year
166
166
--------
--------
At 31 March 2024
18,069
18,069
--------
--------
Carrying amount
At 31 March 2024
584
584
--------
--------
At 31 March 2023
750
750
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
20,486
19,689
Prepayments and accrued income
10,361
1,500
Directors loan account
47,814
41,717
Other debtors
7,929
600
--------
--------
86,590
63,506
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
56,733
62,581
Corporation tax
69,397
21,716
Social security and other taxes
10,720
12,017
---------
--------
136,850
96,314
---------
--------
8. Financial instruments
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed .
9. Directors' advances, credits and guarantees
Included in other debtors are loans due from Mr and Mrs Bowie totalling £47,813 (2023: £41,717). Interest has been charged on the loan at 2.25% for periods when loan account was overdraw n.
10. Related party transactions
During the year G.B.Xperience Ltd provided payroll services for G.B.X Recordings Ltd, a company with common majority shareholders. There was a balance owed by GBXrecordings Ltd of £600 (2023: £600) at the balance sheet date.
11. Controlling party
The company was under the control of Mrs E Bowie throughout the current and previous year. Mrs E Bowie is the majority shareholder.