George Groves Ltd Filleted accounts for Companies House (small and micro)

GEORGE GROVES LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 07351232

George Groves Ltd

Filleted Unaudited Financial Statements

31 October 2018

George Groves Ltd

Financial Statements

Year ended 31 October 2018

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

George Groves Ltd

Officers and Professional Advisers

The board of directors	Mr G. Groves
	Mrs S. Groves

Registered office	First Floor
	24-25 New Bond Street
	Mayfair
	London
	United Kingdom
	W1S 2RR

Accountants	Higgins Fairbairn & Co
	Chartered accountants
	1st Floor
	24/25 New Bond Street
	Mayfair
	London
	W1S 2RR

George Groves Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of George Groves Ltd

Year ended 31 October 2018

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 October 2018, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Higgins Fairbairn & Co Chartered accountants

1st Floor 24/25 New Bond Street Mayfair London W1S 2RR

15 August 2019

George Groves Ltd

Statement of Financial Position

31 October 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	–	1
Tangible assets	6	11,412	13,213
		--------	--------
		11,412	13,214

Current assets

Debtors	7	170,881	97,575
Cash at bank and in hand		4,517,164	1,991,664
		------------	------------
		4,688,045	2,089,239

Creditors: amounts falling due within one year	8	1,115,386		505,850
		------------		------------
Net current assets			3,572,659	1,583,389
			------------	------------
Total assets less current liabilities			3,584,071	1,596,603

Provisions

Taxation including deferred tax	1,541	1,726
	------------	------------
Net assets	3,582,530	1,594,877
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	3,582,430	1,594,777
	------------	------------
Shareholders funds	3,582,530	1,594,877
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

George Groves Ltd

Statement of Financial Position (continued)

31 October 2018

These financial statements were approved by the board of directors and authorised for issue on 15 August 2019 , and are signed on behalf of the board by:

Mr G. Groves

Director

Company registration number: 07351232

George Groves Ltd

Notes to the Financial Statements

Year ended 31 October 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor, 24-25 New Bond Street, Mayfair, London, W1S 2RR, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents amounts receivable for boxing bouts, exclusive of Value Added Tax. Revenue is recognised based on the specific bout date.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Website	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	20% reducing balance
Fixtures and Fittings	-	20% reducing balance
Office Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Intangible assets

	Development costs
	£
Cost
At 1 November 2017 and 31 October 2018	2,618
	-------
Amortisation
At 1 November 2017 and 31 October 2018	2,618
	-------
Carrying amount
At 31 October 2018	–
	-------
At 31 October 2017	–
	-------

6. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 November 2017	10,079	21,189	2,238	33,506
Additions	–	–	1,149	1,149
	--------	--------	-------	--------
At 31 October 2018	10,079	21,189	3,387	34,655
	--------	--------	-------	--------
Depreciation
At 1 November 2017	5,951	12,510	1,832	20,293
Charge for the year	825	1,736	389	2,950
	--------	--------	-------	--------
At 31 October 2018	6,776	14,246	2,221	23,243
	--------	--------	-------	--------
Carrying amount
At 31 October 2018	3,303	6,943	1,166	11,412
	--------	--------	-------	--------
At 31 October 2017	4,128	8,679	406	13,213
	--------	--------	-------	--------

7. Debtors

	2018	2017
	£	£
Trade debtors	147,119	–
Other debtors	23,762	97,575
	---------	--------
	170,881	97,575
	---------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	372,997	–
Corporation tax	736,889	500,090
Other creditors	5,500	5,760
	------------	---------
	1,115,386	505,850
	------------	---------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions	1,541	1,726
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Provisions	1,541	1,726
	-------	-------

10. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.