GAG373 Limited - Period Ending 2017-09-30

GAG373 Limited - Period Ending 2017-09-30


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Registration number: 08404622

GAG373 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2017

 

GAG373 Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 4

 

GAG373 Limited

(Registration number: 08404622)
Balance Sheet as at 30 September 2017

Note

   

2017
£

2017
£

2016
£

2016
£

Current assets

   

 

Debtors

4

 

7,106

 

8,907

Cash at bank and in hand

   

169

 

3,586

   

7,275

 

12,493

Creditors: Amounts falling due within one year

5

 

(1,249)

 

(3,849)

Net assets

   

6,026

 

8,644

Capital and reserves

   

 

Called up share capital

1

 

1

 

Profit and loss account

6,025

 

8,643

 

Total equity

   

6,026

 

8,644

For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 June 2018
 

.........................................

A R Boyce
Director

 

GAG373 Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Suite One
Beacon House
Kempson Way
Bury St Edmunds
IP32 7AR
United Kingdom

These financial statements were authorised for issue by the director on 15 June 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

GAG373 Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2016 - 0).

4

Debtors

2017
£

2016
£

Other debtors

7,106

8,907

7,106

8,907

 

GAG373 Limited

Notes to the Financial Statements for the Year Ended 30 September 2017

5

Creditors

Creditors: amounts falling due within one year

2017
£

2016
£

Due within one year

Accruals and deferred income

1,200

1,350

Other creditors

49

2,499

1,249

3,849

6

Transition to FRS 102

There were no changes to the financial statements on the implementation of FRS102.