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Registered Number: 09855368
England and Wales

 

 

 

GB LABS LIMITED



Abridged Accounts
 


Period of accounts

Start date: 01 January 2024

End date: 30 September 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 813,650    816,306 
813,650    816,306 
Current assets      
Stocks 146,608    125,426 
Debtors 790,644    1,208,471 
Cash at bank and in hand 79,511    41,857 
1,016,763    1,375,754 
Creditors: amount falling due within one year (1,509,437)   (1,004,947)
Net current assets (492,674)   370,807 
 
Total assets less current liabilities 320,976    1,187,113 
Creditors: amount falling due after more than one year (283,049)   (372,854)
Provisions for liabilities 48,157    (11,066)
Net assets 86,084    803,193 
 

Capital and reserves
     
Called up share capital 1,000    1,000 
Reserves 5 142,411    142,411 
Profit and loss account (57,327)   659,782 
Shareholders' funds 86,084    803,193 
 


For the period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 18 June 2025 and were signed on its behalf by:


-------------------------------
Mr D E W Harland
Director
1
General Information
GB Labs Limited is a private company, limited by shares, registered in England and Wales, registration number 09855368, registration address 1-2, Orpheus House Calleva Park, Aldermaston, Reading, Berkshire, RG7 8TA.


1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover represents net invoiced sales of goods, excluding Value Added Tax.  Income is recognised when the goods are dispatched.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year and and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Intangible assets
Intangible assets represent the acquisition of business of a connected company.
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful life. The cost of the net assets acquired  in the business combination are being written off over a period of 5 years.
If there is an indication that there has been a significant change in amortisation or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.

If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:


Freehold Property - 1% on cost
Improvements to Property - 15% reducing balance
Fixtures & Fittings - 25% reducing balance
Computer Equipment - 25% reducing balance


At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.


If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees

Average number of employees during the period was 11 (2023 : 14).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 January 2024 91,219    91,219 
Additions  
Disposals  
At 30 September 2024 91,219    91,219 
Amortisation
At 01 January 2024 91,219    91,219 
Charge for period  
On disposals  
At 30 September 2024 91,219    91,219 
Net book values
At 30 September 2024  
At 31 December 2023  


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Computer Equipment   Improvements to property   Total
  £   £   £   £   £
At 01 January 2024 800,000    14,647    88,663    72,039    975,349 
Additions     12,768      12,768 
Disposals        
At 30 September 2024 800,000    14,647    101,431    72,039    988,117 
Depreciation
At 01 January 2024 37,023    11,606    64,926    45,488    159,043 
Charge for period 5,990    569    5,881    2,984    15,424 
On disposals        
At 30 September 2024 43,013    12,175    70,807    48,472    174,467 
Net book values
Closing balance as at 30 September 2024 756,987    2,472    30,624    23,567    813,650 
Opening balance as at 01 January 2024 762,977    3,041    23,737    26,551    816,306 


5.

Advances and Credits



D E W Harland
The following advances and credits to directors subsisted during the years ended 30 September 2024 and 31 December 2023. The loan is interest free with no fixed date for repayment.

B R Pearce
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 30 September 2024. The loan is interest fee with no fixed date for repayment.

Current year (2024)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
D E W Harland2,954 18 2,972 
B R Pearce36 36 
29545400003008
Previous year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
D E W Harland2,607 673 326 2,954 
B R Pearce
26076730326002954
6.

Stocks

.   2024
£
  2023
£
Finished Goods 146,608  125,426 
146,608  125,426 

7.

Debtors: amounts falling due within one year

.   2024
£
  2023
£
Trade Debtors 403,544  913,874 
Amounts Owed by Group Undertakings 7,471  5,020 
Prepayments & Accrued Income 346,581  283,078 
Other Debtors 539 
Tax 3,006 
Directors' Current Accounts 3,008  2,954 
VAT 30,040 
790,644  1,208,471 

8.

Creditors: amounts falling due within one year

.   2024
£
  2023
£
Trade Creditors 176,534  135,934 
Bank Loans & Overdrafts (Secured) 184,873  142,445 
Amounts Owed to Group Undertakings 472,104  200,183 
Corporation Tax 102,099 
PAYE & Social Security 64,166  25,961 
Accrued Expenses 310,994  298,656 
Other Creditors 300,766  97,877 
VAT 1,792 
1,509,437  1,004,947 

9.

Creditors: amounts falling due after more than one year

.   2024
£
  2023
£
Bank Loans & Overdrafts (Secured) 283,049  372,854 
283,049  372,854 

10.

Provisions for liabilities

.   2024
£
  2023
£
Deferred Tax (48,157) 11,066 
(48,157) 11,066 

11.

Reserves

.   2024
£
  2023
£
Revaluation of Fixed Assets 142,411  142,411 
142,411  142,411 

12.

Loans

An analysis of the maturity of loans is given below:
Amounts falling due within one year or on demand:   2024
£
  2023
£
Bank overdrafts 64,322  21,850 
Bank loans 184,873  120,595 
Factoring account
249,195  142,445 


13.

Amounts falling due between one and two years:

.   2024
£
  2023
£
Bank loans - 1-2 years 87,217  120,551 

14.

Amounts falling due in more than five years:

.   2024
£
  2023
£
Bank loans more than 5 years by instalments 154,731  169,354 

15.

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
.   2024
£
  2023
£
Within one year 14,731  9,227 
Between one and five years 7,709  6,071 
22,440  15,298 

16.

Secured debts

The following secured debts are included within creditors:

.   2024
£
  2023
£
Lloyds mortgage account 467,922  493,448 
467,922  493,448 


There are currently 7 fixed and floating charges registered in favour of Lloyds Bank Plc and Lloyds Bank Commercial Finance Ltd over the properties and undertakings of the company.

The amounts falling due in more than 5 years relate to loans repayable as follows:

Over the period to 2027 at a rate of interest of 3.35% over the Bank of England base rate.
Over the period to 2024 at a rate of interest of 3.05% over the Bank of England base rate.
Over the period to 2024 at a rate of interest of 6.6% over the Bank of England base rate.

17.

Related Party Disclosures:


During the year the directors were also directors of Video Rescue Ltd, GB Labs (USA) Ltd, GB Labs Support Ltd and GB Labs (Holdings) Ltd.


During the year the following transactions took place with the above companies:
Supply of goods and services - £246,120 (2023: 686,966)
Management fees invoiced - £59,150 (2023: £275,903)

At the balance sheet date the company was owed £5,220 (2023: £5,020 dr) by GB Labs (Holdings) Ltd and £2,251 (2023: Nil dr) was owed by GB Labs (USA) Ltd.  These amounts are  included in amounts owed by group undertakings.

At the balance sheet date the company owed £472,104 (2023: £200,183 cr) to GB Labs Support Ltd and  this amount is included in amounts owed to group undertakings.


£68,275 (2023: £56,721 cr) was owed to Video Rescue Ltd and £212,952 (2023: £14,976 cr) was owed to GB Labs Corp . These amounts are included in other creditors.

The directors are of the opinion that the above transactions were carried out under normal market conditions.



18.

Ultimate Controlling Party

The controlling party is GB Labs (Holdings) Ltd.

The ultimate control party is Mr D E W Harland.

The registered address and principal place of business of the parent company is the same as the company's registered address.
2