Company Registration No. 08120840 (England and Wales)
GROSS DOMESTIC PRODUCT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
GROSS DOMESTIC PRODUCT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GROSS DOMESTIC PRODUCT LIMITED
BALANCE SHEET
AS AT 30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,888
46,311
Current assets
Debtors
4
36,957
10,575
Cash at bank and in hand
32,163
62,201
69,120
72,776
Creditors: amounts falling due within one year
5
(6,032)
(9,687)
Net current assets
63,088
63,089
Total assets less current liabilities
94,976
109,400
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
94,876
109,300
Total equity
94,976
109,400
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 March 2021 and are signed on its behalf by:
................
...................
Jennifer Holdsworth
Olivia Wright
Director
Director
Company Registration No. 08120840
GROSS DOMESTIC PRODUCT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 2 -
1
Accounting policies
Company information
Gross Domestic Product Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
International House, 2-4 Maddox Street, London, W1S 1QP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
pound
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation
.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold Improvements
25% Straight Line
Plant and Equipment
25% Reducing Balance
Fixtures and Fittings
15% Reducing Balance
Computer Equipment
25% Reducing Balance
2
Employees
The average monthly number of persons employed by the company during the year was:
2020
2019
Number
Number
Total
-
-
GROSS DOMESTIC PRODUCT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
3
Tangible fixed assets
Leasehold Improvements
Plant and Equipment
Fixtures and Fittings
Computer Equipment
Total
£
£
£
£
£
Cost
At 1 July 2019
45,928
15,282
349
1,977
63,536
At 30 June 2020
45,928
15,282
349
1,977
63,536
Depreciation and impairment
At 1 July 2019
11,482
4,877
97
769
17,225
Depreciation charged in the year
11,482
2,601
38
302
14,423
At 30 June 2020
22,964
7,478
135
1,071
31,648
Net Book Value
At 30 June 2020
22,964
7,804
214
906
31,888
At 30 June 2019
34,446
10,405
252
1,208
46,311
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
36,957
10,575
5
Creditors: amounts falling due within one year
2020
2019
£
£
Taxation and social security
4,382
6,687
Other creditors
1,650
3,000
6,032
9,687