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G&B Finance (SW) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2024

Registration number: 07180474

 

G&B Finance (SW) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

G&B Finance (SW) Limited

Balance Sheet

31 August 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

1,386,247

2,299,521

Cash at bank and in hand

 

72,154

104,589

 

1,458,401

2,404,110

Creditors: Amounts falling due within one year

5

(1,214,566)

(1,796,822)

Total assets less current liabilities

 

243,835

607,288

Creditors: Amounts falling due after more than one year

5

(47,581)

(405,739)

Net assets

 

196,254

201,549

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

196,253

201,548

Shareholders' funds

 

196,254

201,549

 

G&B Finance (SW) 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: 07180474

 

G&B Finance (SW) 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 England and Wales.

The address of its registered office is:
Office 9 Darbari
Prow Park Business Village
Treloggan Industrial Esate
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.

Going concern

Management have assessed a number of factors in respect of the appropriateness of the going concern assertion, including the residual impact of the Covid-19 pandemic as well as the fluctuations in interest rates that have occurred in the year and post year end. There exists a risk that these conditions may lead to customers being unable to pay their loans leading to an increase in arrears or default rates.

Management have actively monitored cash flow and prepared cash flow forecasts which are updated on a quarterly basis to assess funding requirements.

After due consideration of these factors the Directors continue to apply the going concern basis to the preparation of the financial statements.

 

G&B Finance (SW) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

Revenue recognition

Turnover represents amounts chargeable in respect of arrangement fees and finance charges (exclusive of VAT where applicable) on the provision of finance to customers.

Revenue is recognised on arrangement fees on the inception of the agreement. Finance charges are recognised on an actuarial basis over the life of the agreement.

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 corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Hire purchase and leasing
Amounts due under finance leases are included as a debtor at the amount of the net investment in the lease.

Lease payments received are apportioned between repayments of capital and interest so as to give a constant periodic rate of return on the net cash investment in the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

G&B Finance (SW) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; 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.

Except for bank loans, 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.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Critical judgement and estimation uncertainty

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.

In the opinion of the Directors the following areas are where judgement has been exercised:

Bad debt provisioning
Given the nature of the business bad debt provisioning is a significant area of management judgement. Management review all ledger balances at the balance sheet date, and consider whether a provision is necessary in light of their knowledge of payments being made in the year, any arrears existing, and any events after the year end indicating a risk of non payment.

In addition to specific provisions a general bad debt provision is also maintained.

 

G&B Finance (SW) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

3

Staff numbers

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

4

Debtors

2024
£

2023
£

Trade debtors

1,283,031

2,248,419

Other debtors

103,216

51,102

 

1,386,247

2,299,521

Less amounts due after one year

(523,932)

(1,132,079)

862,315

1,167,442

Details of non-current trade and other debtors

£523,932 (2023 - £1,132,079) of trade debtors is classified as non current.

Deferred tax

Deferred tax assets and liabilities

2024

 

2023

Asset
£

49,262

   
 

G&B Finance (SW) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

385,975

639,999

Taxation and social security

 

6,748

4,648

Other creditors

 

2,804

3,975

Amounts owed to group undertakings

 

819,039

1,148,200

 

1,214,566

1,796,822

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

47,581

405,739

 

G&B Finance (SW) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

6

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

10,000

Other borrowings

385,975

629,999

385,975

639,999

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

-

20,719

Other borrowings

47,581

385,020

47,581

405,739

Loans and borrowings disclosed above relate to block discounting loans which are secured by means of a charge over the assets to which they relate. The Directors of the company have provided personal guarantees to indemnify losses under these agreements.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

1

1

1

1

       

8

Related party transactions

Directors' remuneration

Summary of transactions with parent

G&B Finance Limited is the immediate parent company of G&B Finance (SW) Limited.
 
G&B Finance Limited provides various services on behalf of G&B Finance (SW) Limited in respect of which a management fee of £80,000 was charged (2023 - £80,000).