Gaff Limited Filleted accounts for Companies House (small and micro)

false false false false false false false false false true false false false true true true true false true true No description of principal activity 2016-12-01 Sage Accounts Production Advanced 2018 - FRS xbrli:pure xbrli:shares iso4217:GBP 08764693 2016-12-01 2017-11-30 08764693 2017-11-30 08764693 2016-11-30 08764693 bus:RegisteredOffice 2016-12-01 2017-11-30 08764693 bus:LeadAgentIfApplicable 2016-12-01 2017-11-30 08764693 bus:Director1 2016-12-01 2017-11-30 08764693 core:WithinOneYear 2017-11-30 08764693 core:WithinOneYear 2016-11-30 08764693 core:ShareCapital 2017-11-30 08764693 core:ShareCapital 2016-11-30 08764693 core:RetainedEarningsAccumulatedLosses 2017-11-30 08764693 core:RetainedEarningsAccumulatedLosses 2016-11-30 08764693 bus:SmallEntities 2016-12-01 2017-11-30 08764693 bus:AuditExempt-NoAccountantsReport 2016-12-01 2017-11-30 08764693 bus:FullAccounts 2016-12-01 2017-11-30 08764693 bus:SmallCompaniesRegimeForAccounts 2016-12-01 2017-11-30 08764693 bus:PrivateLimitedCompanyLtd 2016-12-01 2017-11-30

COMPANY REGISTRATION NUMBER: 08764693

GAFF LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 November 2017

GAFF LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

GAFF LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	J E Ben Sabat

Registered office	34 New House
	Hatton Garden
	London
	EC1N 8JY

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

GAFF LIMITED

STATEMENT OF FINANCIAL POSITION

30 November 2017

	2017		2016
Note	£	£	£	£

Current assets

Debtors	4	84,466	180
Cash at bank and in hand		31,710	3,650
		---------	-------
		116,176	3,830

Creditors: amounts falling due within one year	5	54,429		10,157
		---------		--------
Net current assets/liabilities			61,747		6,327
			--------		-------
Total assets less current liabilities			61,747		6,327
			--------		-------
Net assets/liabilities			61,747		6,327
			--------		-------

Capital and reserves

Called up share capital	10	10
Profit and loss account	61,737	6,337
	--------	-------
Shareholders funds/deficit	61,747	6,327
	--------	-------

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 year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his 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 30 August 2018 , and are signed on behalf of the board by:

J E Ben Sabat
Director

Company registration number: 08764693

GAFF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 New House, Hatton Garden, London, EC1N 8JY.

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Debtors

	2017	2016
	£	£
Trade debtors	84,456	170
Other debtors	10	10
	--------	----
	84,466	180
	--------	----

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	10,655	–
Corporation tax	14,795	–
Other creditors	26,696	9,917
Other creditors	2,283	240
	--------	--------
	54,429	10,157
	--------	--------

6. Director's advances, credits and guarantees

As at the balance sheet date an amount of £1,283 was owing by the company to the director.