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G&B Finance Holdings Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2024

Registration number: 09550137

 

G&B Finance Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

G&B Finance Holdings Limited

Balance Sheet

31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

975,675

975,675

Current assets

 

Debtors

5

893,256

901,154

Cash at bank and in hand

 

25,531

17,633

 

918,787

918,787

Creditors: Amounts falling due within one year

6

(1,354)

(676)

Net current assets

 

917,433

918,111

Net assets

 

1,893,108

1,893,786

Capital and reserves

 

Called up share capital

7

677,950

677,950

Capital redemption reserve

279,050

279,050

Profit and loss account

936,108

936,786

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:

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 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 Board on 28 March 2025 and signed on its behalf by:
 

.........................................
D J Goodey
Director

Company Registration Number: 09550137

 

G&B Finance Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Office 9 Darbari
Prow Park Business Village
Treloggan Industrial Estate
Newquay
Cornwall
TR7 2SX

These financial statements were authorised for issue by the Board on 28 March 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 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

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

 

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.

Classification
The company holds the following financial instruments:

• Amounts due from and to group undertakings; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

G&B Finance Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

4

Investments

2024
£

2023
£

Investments in subsidiaries

975,675

975,675

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

     

2024

2023

Subsidiary undertakings

G&B Finance Limited

Ordinary

100%

100%

         

G&B Finance (SW) Limited

Ordinary

100%

100%

 

     

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 the provision of hire purchase and leasing finance.

G&B Finance (SW) Limited

The principal activity of G&B Finance (SW) Limited is the provision of hire purchase and leasing finance.

5

Debtors

2024
 £

2023
 £

Amounts due from group undertakings

893,055

900,953

Other debtors

201

201

893,256

901,154

 

G&B Finance Holdings Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

6

Creditors

Creditors: amounts falling due within one year

2024
 £

2023
 £

Due within one year

Other creditors

1,354

676

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

950

950

950

950

Ordinary B shares of £1 each

-

-

-

-

Irredeemable preference shares of £1 each

677,000

677,000

677,000

677,000

Redeemable preference shares of £1 each

-

-

-

-

 

677,950

677,950

677,950

677,950


 

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.