Year Ended
Registration number:
G&B Finance Holdings Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
G&B Finance Holdings Limited
Balance Sheet
31 August 2024
Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
677,950 |
677,950 |
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Capital redemption reserve |
279,050 |
279,050 |
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Profit and loss account |
936,108 |
936,786 |
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Shareholders' funds |
1,893,108 |
1,893,786 |
G&B Finance Holdings Limited
Balance Sheet
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:
• |
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• |
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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 09550137
G&B Finance Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
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 financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of Section 1A of FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Group accounts not prepared
G&B Finance Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 31 August 2024
Going concern
Management have assessed a number of factors in respect of the appropriateness of the going concern assertion. There exists a risk from the wider economic environment that negative conditions may lead to customers being unable to pay their loans leading to an increase in arrears or default rates. As a holding company the risk experienced by the company relates to the trading position of its subsidiary undertakings.
When consolidated, the subsidiary undertakings continue to trade profitably from a positive net asset position. Forecasts have been produced to consider the cash requirements of the wider group which do not demonstrate any material issue with regards to the group's ability to meet its obligations as and when they fall due.
After due consideration of these factors the Directors continue to apply the going concern basis to the preparation of the financial statements.
Investments
Fixed asset investments are stated at historical cost less provision for any diminution in value.
Financial instruments
Classification
• Amounts due from and to group undertakings; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Critical judgements and key estimation uncertainty
G&B Finance Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 31 August 2024
In applying the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The key judgements made by management can be summarised as follows:
Carrying value of investments and inter group loan balances
Management have considered the carrying value of investments in subsidiaries as well as the carrying value of loans due from subsidiaries. After due consideration of all available information management have concluded that no impairment need be recognised against either the value of investments or the value of inter group loans.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
G&B Finance Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 31 August 2024
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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No impairment has been recognised on the carrying value of investments in subsidiaries, which is stated at cost.
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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Ordinary |
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Ordinary |
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The registered office of both G&B Finance Limited and G&B Finance (SW) Limited is Office 9 Darbari, Prow Park Business Village, Treloggan Industrial Estate, Newquay, Cornwall, United Kingdom, TR7 2SX.
Subsidiary undertakings |
G&B Finance Limited The principal activity of G&B Finance Limited is |
G&B Finance (SW) Limited The principal activity of G&B Finance (SW) Limited is |
Debtors |
2024 |
2023 |
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Amounts due from group undertakings |
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Other debtors |
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G&B Finance Holdings Limited
Notes to the Unaudited Financial Statements
Year Ended 31 August 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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950 |
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950 |
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- |
- |
- |
- |
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677,000 |
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677,000 |
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- |
- |
- |
- |
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The company has the following classes of share in issue:
A Ordinary shares
Each Ordinary A share entitles the holder to receive notice and vote at any general meeting, participate pari passu in dividend payments and any other distributions, and participate pari passu in any distribution resulting from a return of capital, liquidation or winding up.
Irredeemable preference shares
Each Irredeemable preference share entitles the holder to receive notice and vote at any general meeting, participate pari passu in dividend payments and any other distributions, and participate pari passu in any distribution resulting from a return of capital, liquidation or winding up.