Gbeyho Limited 31/03/2018 iXBRL


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Company registration number: 07229531
Gbeyho Limited
Unaudited filleted financial statements
31 March 2018
GBEYHO LIMITED
Contents
Statement of financial position
Notes to the financial statements
GBEYHO LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2018
2018 2017
Note £ £ £ £
Fixed assets
Investments 4 - 1,462,094
_______ _______
- 1,462,094
Current assets
Cash at bank and in hand - 9,097
_______ _______
- 9,097
Creditors: amounts falling due
within one year 5 ( 927,944) ( 924,293)
_______ _______
Net current liabilities ( 927,944) ( 915,196)
_______ _______
Total assets less current liabilities ( 927,944) 546,898
Provisions for liabilities - ( 65,233)
_______ _______
Net (liabilities)/assets ( 927,944) 481,665
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 927,946) 481,663
_______ _______
Shareholders (deficit)/funds ( 927,944) 481,665
_______ _______
For the year ending 31 March 2018 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2018 , and are signed on behalf of the board by:
Mr H Peel
Director
Company registration number: 07229531
GBEYHO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 26 -28 Southernhay East, Exeter, Devon, EX1 1NS.
Principal activity
The principal activity of the company is an investment company.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historic cost basis with the investments being included at market value. The financial statements are prepared in sterling, which is the functional currency of the entity .
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Fixed asset investments
Investments held as fixed assets are revalued at market value at the balance sheet date and the gain or loss taken to the profit and loss account.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 in finance costs in profit or loss in the period it arises.
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.
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 April 2017 1,462,094 1,462,094
Disposals ( 1,462,094) ( 1,462,094)
_______ _______
At 31 March 2018 - -
_______ _______
Impairment
At 1 April 2017 and 31 March 2018 - -
_______ _______
Carrying amount
At 31 March 2018 - -
_______ _______
At 31 March 2017 1,462,094 1,462,094
_______ _______
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Other investments other than loans Total
£ £
At 31 March 2018
Aggregate cost - -
Aggregate depreciation - -
_______ _______
Carrying amount - -
_______ _______
At 31 March 2017
Aggregate cost 1,046,550 1,046,550
Aggregate depreciation - -
_______ _______
Carrying amount 1,046,550 1,046,550
_______ _______
5. Creditors: amounts falling due within one year
2018 2017
£ £
Accruals and deferred income 3,015 2,700
Other creditors 924,929 921,593
_______ _______
927,944 924,293
_______ _______
6. Directors advances, credits and guarantees
Included in creditors at 31 March 2018 is a loan from the late director's estate in the sum of £924,929 (2017: £921,593).