G&B Finance Limited 04276929 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is that of providing finance. The company sells finance for which it receives a commission and provides finance from its own funds Digita Accounts Production Advanced 6.30.9574.0 true true true 04276929 2023-09-01 2024-08-31 04276929 2024-08-31 04276929 bus:OrdinaryShareClass1 2024-08-31 04276929 core:RetainedEarningsAccumulatedLosses 2024-08-31 04276929 core:ShareCapital 2024-08-31 04276929 core:CurrentFinancialInstruments 2024-08-31 04276929 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 04276929 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 04276929 core:FurnitureFittingsToolsEquipment 2024-08-31 04276929 bus:SmallEntities 2023-09-01 2024-08-31 04276929 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 04276929 bus:FilletedAccounts 2023-09-01 2024-08-31 04276929 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04276929 bus:RegisteredOffice 2023-09-01 2024-08-31 04276929 bus:Director1 2023-09-01 2024-08-31 04276929 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 04276929 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04276929 core:FurnitureFittings 2023-09-01 2024-08-31 04276929 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 04276929 core:Subsidiary1 2023-09-01 2024-08-31 04276929 countries:EnglandWales 2023-09-01 2024-08-31 04276929 2023-08-31 04276929 core:FurnitureFittingsToolsEquipment 2023-08-31 04276929 2022-09-01 2023-08-31 04276929 2023-08-31 04276929 bus:OrdinaryShareClass1 2023-08-31 04276929 core:RetainedEarningsAccumulatedLosses 2023-08-31 04276929 core:ShareCapital 2023-08-31 04276929 core:CurrentFinancialInstruments 2023-08-31 04276929 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 04276929 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 04276929 core:FurnitureFittingsToolsEquipment 2023-08-31 04276929 core:Subsidiary1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

G&B Finance Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 August 2024

Registration number: 04276929

 

G&B Finance Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

Details of non-current trade and other debtors

8

 

G&B Finance Limited

Balance Sheet

31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,972

2,633

Investments

5

1

1

 

1,973

2,634

Current assets

 

Debtors

6

26,911

915,705

Cash at bank and in hand

 

122,307

61,331

 

149,218

977,036

Creditors: Amounts falling due within one year

7

(301,275)

(954,041)

Net current (liabilities)/assets

 

(152,057)

22,995

Net (liabilities)/assets

 

(150,084)

25,629

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(150,184)

25,529

Shareholders' (deficit)/funds

 

(150,084)

25,629

 

G&B Finance 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: 04276929

 

G&B Finance 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 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.

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 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.

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.

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

Fixtures and fittings

25% reducing balance method

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

 

G&B Finance 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;
• Inter company loans
• 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.

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 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 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

Tangible assets

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 September 2023

34,205

34,205

At 31 August 2024

34,205

34,205

Depreciation

At 1 September 2023

31,572

31,572

Charge for the year

661

661

At 31 August 2024

32,233

32,233

Carrying amount

At 31 August 2024

1,972

1,972

At 31 August 2023

2,633

2,633

 

G&B Finance Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

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 (SW) Limited

Ordinary

100%

100%

         

The registered office of G&B Finance (SW) Limited is Office 9 Darbari, Prow Park Business Village, Treloggan Industrial Estate, Newquay, Cornwall, TR7 2SX.

Subsidiary undertakings

G&B Finance (SW) Limited

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

 

G&B Finance Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

23,486

443

Amounts due from group undertakings

9

-

747,247

Other debtors

 

3,425

168,015

   

26,911

915,705

Less amounts due after one year

 

(11,922)

-

 

14,989

915,705

Details of non-current trade and other debtors

£11,922 (2023 -£Nil) of Present value of total lease receivables is classified as non current.

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

   

2023

Asset
£

166,123

   

There are £156,575 of unused tax losses (2023 - £Nil) for which no deferred tax asset is recognised in the Balance Sheet.

 

G&B Finance Limited

Notes to the Unaudited Financial Statements

Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

2,129

Amounts owed to group undertakings

74,016

500,000

Taxation and social security

-

27,205

Other creditors

227,259

424,707

301,275

954,041

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

Director advances and credits

D Goodey, H Goodey and G Collins have directors loan accounts with the company. These loans bear interest at 10% per annum, and are unsecured and repayable upon demand.

At the balance sheet date D Goodey was due £146,740 from the company (2023 - £210,201), H Goodey was due £40,077 from the company (2023 - £111,340), and G Collins owed £270 to the company (2023 - £771).