GTO Limited - Accounts to registrar (filleted) - small 18.1
GTO Limited - Accounts to registrar (filleted) - small 18.1
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2017 |
| FOR |
| GTO LIMITED |
| GTO LIMITED (REGISTERED NUMBER: 04751046) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 OCTOBER 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| GTO LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 OCTOBER 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Prospero House |
| 46-48 Rothesay Road |
| Luton |
| Bedfordshire |
| LU1 1QZ |
| GTO LIMITED (REGISTERED NUMBER: 04751046) |
| BALANCE SHEET |
| 31 OCTOBER 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| GTO LIMITED (REGISTERED NUMBER: 04751046) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 OCTOBER 2017 |
| 1. | STATUTORY INFORMATION |
| GTO Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
| These financial statements for the year ended 31 October 2017 are the first that are prepared in accordance with |
| FRS 102 Section 1A. The previous financial statements were prepared in accordance with the Oil & Gas SORP, |
| the date of transition to FRS 102 Section 1A is 1 November 2015. |
| The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting |
| policies to those used previously. |
| The nature of these changes and their impact on opening equity and profit for the comparative period are |
| explained in note 8 below. |
| Turnover |
| Turnover represents net invoiced recharges of costs in the exploration of oil and gas, excluding value added tax. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible |
| preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit |
| or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes |
| recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet 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 end 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
| the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| GTO LIMITED (REGISTERED NUMBER: 04751046) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 OCTOBER 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Fixed asset investments |
| Fixed asset investments are initially measured at cost less provision for permanent diminution in value. For listed |
| investments market value is based on the closing middle market price. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2016 - NIL). |
| 4. | FIXED ASSET INVESTMENTS |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| VAT |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Accrued expenses |
| 7. | ULTIMATE CONTROLLING PARTY |
| There is no ultimate controlling party. |