GAWS_OF_LONDON_LIMITED - Accounts


Company Registration No. 04031704 (England and Wales)
GAWS OF LONDON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
GAWS OF LONDON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
GAWS OF LONDON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,591
487
Current assets
Debtors
4
160,641
58,683
Cash at bank and in hand
400,849
223,492
561,490
282,175
Creditors: amounts falling due within one year
5
(196,777)
(117,564)
Net current assets
364,713
164,611
Total assets less current liabilities
366,304
165,098
Provisions for liabilities
(302)
(93)
Net assets
366,002
165,005
Capital and reserves
Called up share capital
6
150,000
150,000
Profit and loss reserves
216,002
15,005
Total equity
366,002
165,005

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 March 2019 and are signed on its behalf by:
D J Whalley
M Donnelly
Director
Director
Company Registration No. 04031704
GAWS OF LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 2 -
1
Accounting policies
Company information

GAWS of London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Princes Parade, Princes Dock, Liverpool, L3 1BG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents commission and fee income. Commission income is recognised on inception of the risk. Fee income is recognised on the basis of services provided. Where there is an expectation of future servicing requirements an element of income relating to the policy is deferred to cover the associated contractual obligation.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

GAWS OF LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

GAWS OF LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

If relevant, termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GAWS OF LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 9 (2017 - 7).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018
974
Additions
1,554
At 31 December 2018
2,528
Depreciation and impairment
At 1 January 2018
487
Depreciation charged in the year
450
At 31 December 2018
937
Carrying amount
At 31 December 2018
1,591
At 31 December 2017
487
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
160,641
58,683
GAWS OF LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
34,253
32,323
Taxation and social security
131,869
49,853
Other creditors
30,655
35,388
196,777
117,564
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
75,000 ordinary A shares of £1 each
75,000
75,000
75,000 ordinary B shares of £1 each
75,000
75,000
150,000
150,000
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Elaine Frances McElroy.
The auditor was Lonsdale & Marsh.
8
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Commission and fees
Purchase of goods
2018
2017
2018
2017
£
£
£
£
Griffiths & Armour Global Risks Limited
100,000
64,000
-
-
Griffiths & Armour
-
-
11,659
6,916
GAWS OF LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
8
Related party transactions
(Continued)
- 7 -

The following amounts were outstanding at the reporting end date:

2018
2017
Amounts owed to related parties
£
£
Griffiths & Armour Global Risks Limited
15,301
25,030
Griffiths & Armour
18,952
7,293

Griffiths and Armour is a partnership in which D J Whalley and M Donnelly are partners. They are also directors of GAWS of London Limited.

 

Griffiths & Armour Global Risks Limited is a wholly owned subsidiary of Griffiths & Armour (Holdings) Limited which has joint control over the reporting entity. D J Whalley and M Donnelly are directors of both Griffiths & Armour Global Risks Limited and Griffiths & Armour (Holdings) Limited.

 

9
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities, assist with the preparation of the financial statements and to provide tax advice and to represent us, as necessary, at tax tribunals.

2018-12-312018-01-01falseCCH SoftwareCCH Accounts Production 2019.100No description of principal activity01 April 2019This audit opinion is unqualifiedD J WhalleyM DonnellyC C BaulfS GaitleyS D LoarD J Whalley2019-03-29Lonsdale & MarshElaine McElroy040317042018-01-012018-12-31040317042018-12-31040317042017-12-3104031704core:OtherPropertyPlantEquipment2018-12-3104031704core:OtherPropertyPlantEquipment2017-12-3104031704core:CurrentFinancialInstruments2018-12-3104031704core:CurrentFinancialInstruments2017-12-3104031704core:ShareCapital2018-12-3104031704core:ShareCapital2017-12-3104031704core:RetainedEarningsAccumulatedLosses2018-12-3104031704core:RetainedEarningsAccumulatedLosses2017-12-3104031704core:ShareCapitalOrdinaryShares2018-12-3104031704core:ShareCapitalOrdinaryShares2017-12-3104031704bus:CompanySecretaryDirector12018-01-012018-12-3104031704bus:Director12018-01-012018-12-3104031704bus:Director22018-01-012018-12-3104031704bus:Director32018-01-012018-12-3104031704bus:Director42018-01-012018-12-3104031704bus:Director52018-01-012018-12-3104031704bus:CompanySecretary12018-01-012018-12-3104031704core:ComputerEquipment2018-01-012018-12-3104031704core:OtherPropertyPlantEquipment2017-12-3104031704core:OtherPropertyPlantEquipment2018-01-012018-12-3104031704bus:PrivateLimitedCompanyLtd2018-01-012018-12-3104031704bus:FRS1022018-01-012018-12-3104031704bus:Audited2018-01-012018-12-3104031704bus:SmallCompaniesRegimeForAccounts2018-01-012018-12-3104031704bus:FullAccounts2018-01-012018-12-31xbrli:purexbrli:sharesiso4217:GBP