GBSL Dorking Limited Filleted accounts for Companies House (small and micro)

GBSL DORKING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10264578

GBSL Dorking Limited

Filleted Unaudited Financial Statements

For the period ending

31 December 2018

GBSL Dorking Limited

Financial Statements

Period from 1 August 2017 to 31 December 2018

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 4

GBSL Dorking Limited

Statement of Financial Position

31 December 2018

	31 Dec 18		31 Jul 17
Note	£	£	£

Fixed assets

Tangible assets	5		3,236,526	–

Current assets

Debtors	6	147,560	–
Cash at bank and in hand		271,482	10
		---------	----
		419,042	10

Creditors: amounts falling due within one year	7	3,802,229		–
		------------		----
Net current (liabilities)/assets			( 3,383,187)	10
			------------	----
Total assets less current liabilities			( 146,661)	10
			---------	----
Net (liabilities)/assets			( 146,661)	10
			---------	----

Capital and reserves

Called up share capital	10	10
Profit and loss account	( 146,671)	–
	---------	----
Shareholders (deficit)/funds	( 146,661)	10
	---------	----

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 comprehensive income has not been delivered.

For the period ending 31 December 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 period 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 .

These financial statements were approved by the board of directors and authorised for issue on 27 September 2019 , and are signed on behalf of the board by:

Mr A P Blumfield

Director

Company registration number: 10264578

GBSL Dorking Limited

Notes to the Financial Statements

Period from 1 August 2017 to 31 December 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 Two Hedges, Frome Road, Norton St. Philip, Bath, Somerset, BA2 7PF.

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. Going concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On this basis they continue to adopt the going concern basis of accounting in preparing these financial statements.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

	Buildings	-	5% straight line

Depreciation on grid battery equipment will commence once the site is complete.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

4. Going concern

At the 31 December 2018, the company's liabilities exceeded its assets by £146,661. £3,593,126 is owed to Grid Battery Storage Finance Company Limited, which is the parent company of GBSL Dorking Limited . The parent company will not seek repayment of this loan to the detriment of other creditors. As the company continues to have the support of its parent company the accounts have been prepared on a going concern basis.

5. Tangible assets

	Buildings	Asset under construction	Total
	£	£	£
Cost
At 1 August 2017	–	–	–
Additions	24,902	3,211,831	3,236,733
	--------	------------	------------
At 31 December 2018	24,902	3,211,831	3,236,733
	--------	------------	------------
Depreciation
At 1 August 2017	–	–	–
Charge for the period	207	–	207
	--------	------------	------------
At 31 December 2018	207	–	207
	--------	------------	------------
Carrying amount
At 31 December 2018	24,695	3,211,831	3,236,526
	--------	------------	------------
At 31 July 2017	–	–	–
	--------	------------	------------

6. Debtors

	31 Dec 18	31 Jul 17
	£	£
Other debtors	147,560	–
	---------	----

7. Creditors: amounts falling due within one year

	31 Dec 18	31 Jul 17
	£	£
Trade creditors	1,611	–
Social security and other taxes	16,725	–
Other creditors	3,783,893	–
	------------	----
	3,802,229	–
	------------	----

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	31 Dec 18	31 Jul 17
	£	£
Not later than 1 year	30,000	–
Later than 1 year and not later than 5 years	120,000	–
Later than 5 years	712,500	–
	---------	----
	862,500	–
	---------	----

9. Contingencies

During the period, the company started receiving weekly damages payments of £24,554 per week due to a breach of contract with a contractor. The company believes these damages will be receivable up until the contract is eventually completed in the year to 31 December 2019.

10. Related party transactions

Included in Other creditors is £3,593,126 due to Grid Battery Storage Finance Company Limited. Grid Battery Storage Finance Capital Limited is the parent company of GBSL Dorking Limited and holds the entire issued share capital. This loan is interest free and has no fixed terms of repayment. Included in other creditors is £100,000 due to Grid Battery Storage Limited. Grid Battery Storage Limited is the parent company of Grid Battery Storage Finance Company Limited which is the parent company of GBSL Dorking Limited . This loan is interest free and has no fixed terms of repayment.