Year Ended
Registration number:
G&B Finance (SW) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
G&B Finance (SW) Limited
Balance Sheet
31 August 2024
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2024 |
2023 |
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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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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
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Company Registration Number: 07180474
G&B Finance (SW) 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 England and Wales.
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.
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
• 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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Debtors |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Less amounts due after one year |
( |
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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 |
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G&B Finance (SW) Limited
Notes to the Unaudited Financial Statements
Year Ended 31 August 2024
Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Other creditors |
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Amounts owed to group undertakings |
819,039 |
1,148,200 |
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Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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G&B Finance (SW) Limited
Notes to the Unaudited Financial Statements
Year Ended 31 August 2024
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
- |
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Other borrowings |
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2024 |
2023 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Other borrowings |
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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.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Related party transactions |
Directors' remuneration
Summary of transactions with parent
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).