GD Associates (Nottingham) Ltd Filleted accounts for Companies House (small and micro)

GD ASSOCIATES (NOTTINGHAM) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 07940642

GD Associates (Nottingham) Ltd

Filleted Unaudited Financial Statements

For the year ended

31 March 2019

GD Associates (Nottingham) Ltd

Financial Statements

Year ended 31 March 2019

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

GD Associates (Nottingham) Ltd

Officers and Professional Advisers

The board of directors	Mr G J Douglas
	Mrs N Douglas

Registered office	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	Lloyds
	42 St Peters Hill
	Grantham
	Lincolnshire
	NG31 6QJ

GD Associates (Nottingham) Ltd

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	4	2,750	3,250
Tangible assets	5	1,234	1,953
		-------	-------
		3,984	5,203

Current assets

Stocks		350	350
Debtors	6	17,526	19,778
Cash at bank and in hand		10,785	13,959
		--------	--------
		28,661	34,087

Creditors: amounts falling due within one year	7	14,965		17,730
		--------		--------
Net current assets			13,696	16,357
			--------	--------
Total assets less current liabilities			17,680	21,560

Provisions

Taxation including deferred tax	278	371
	--------	--------
Net assets	17,402	21,189
	--------	--------

Capital and reserves

Called up share capital	8	4	2
Profit and loss account		17,398	21,187
		--------	--------
Shareholders funds		17,402	21,189
		--------	--------

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 income statement has not been delivered.

For the year ending 31 March 2019 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 .

GD Associates (Nottingham) Ltd

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 28 October 2019 , and are signed on behalf of the board by:

Mr G J Douglas

Director

Company registration number: 07940642

GD Associates (Nottingham) Ltd

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.

2. 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 invoiced for work carried out during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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:

	Goodwill	-	10% 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:

	Office equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Defined contribution plans

The company contributes into the director's personal pension scheme. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).

4. Intangible assets

	Goodwill
	£
Cost
At 1 April 2018 and 31 March 2019	5,000
	-------
Amortisation
At 1 April 2018	1,750
Charge for the year	500
	-------
At 31 March 2019	2,250
	-------
Carrying amount
At 31 March 2019	2,750
	-------
At 31 March 2018	3,250
	-------

5. Tangible assets

	Office Equipment	Total
	£	£
Cost
At 1 April 2018	4,227	4,227
Disposals	( 712)	( 712)
	-------	-------
At 31 March 2019	3,515	3,515
	-------	-------
Depreciation
At 1 April 2018	2,274	2,274
Charge for the year	411	411
Disposals	( 404)	( 404)
	-------	-------
At 31 March 2019	2,281	2,281
	-------	-------
Carrying amount
At 31 March 2019	1,234	1,234
	-------	-------
At 31 March 2018	1,953	1,953
	-------	-------

6. Debtors

	2019	2018
	£	£
Trade debtors	17,526	19,778
	--------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	818	1,738
Corporation tax	5,761	7,135
Social security and other taxes	5,904	6,433
Other creditors	2,482	2,424
	--------	--------
	14,965	17,730
	--------	--------

8. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
Ordinary B shares of £ 1 each	1	1	–	–
Ordinary C shares of £ 1 each	1	1	–	–
	----	----	----	----
	4	4	2	2
	----	----	----	----

Share movements

	No.	£

Ordinary B

At 1 April 2018	–	–
Issue of shares	1	1
	----	----
At 31 March 2019	1	1
	----	----

	No.	£

Ordinary C

At 1 April 2018	–	–
Issue of shares	1	1
	----	----
At 31 March 2019	1	1
	----	----

The number of shares outstanding at the year end date for all other classes of shares is consistent with the prior year.

The Ordinary B and C Shares have rights to Dividends only.

9. Directors' advances, credits and guarantees

The amount owed to the directors at the statement of financial position date was £2,482 (2018: £2,424). The directors loan is interest free, unsecured and repayable on demand.