Company Registration No. 10741675 (England and Wales)
GERRARD FAMILY STRATEGY TRADING LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
GERRARD FAMILY STRATEGY TRADING LIMITED
COMPANY INFORMATION
Directors
Mr Jonathan Gain
Mr Daryl Hine
Ms Claire Taylor
Secretary
Stellar Company Secretary Limited
Company number
10741675
Registered office
Kendal House
1 Conduit Street
London
United Kingdom
W1S 2XA
GERRARD FAMILY STRATEGY TRADING LIMITED
CONTENTS
Page
Directors' report
1
Profit and loss account
2
Balance sheet
3
Notes to the financial statements
4 - 6
GERRARD FAMILY STRATEGY TRADING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2020.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Jonathan Gain
Mr Daryl Hine
Ms Claire Taylor
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption within Part 15 of the Companies Act 2006.
On behalf of the board
Ms Claire Taylor
Director
6 September 2021
GERRARD FAMILY STRATEGY TRADING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
2020
2019
£
£
Turnover
-
-
Administrative expenses
(986)
(877)
Operating loss
(986)
(877)
Interest receivable and similar income
6,948
(Loss)/profit before taxation
(986)
6,071
Tax on (loss)/profit
(Loss)/profit for the financial year
(986)
6,071
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 4 to 6 form an integral part of these financial statements.
GERRARD FAMILY STRATEGY TRADING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 3 -
2020
2019
Notes
£
£
£
£
Fixed assets
Interests in partnerships
3
129,791
120,085
Current assets
Cash at bank and in hand
6,467
712
Net current assets
6,467
712
Total assets less current liabilities
136,258
120,797
Capital and reserves
Called up share capital
4
50,000
50,000
Share premium account
48,000
48,000
Revaluation reserve
5
33,595
17,147
Profit and loss reserves
4,663
5,650
Total equity
136,258
120,797
The notes on pages 4 to 6 form an integral part of these financial statements.
For the financial year ended 31 December 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 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 6 September 2021 and are signed on its behalf by:
Ms Claire Taylor
Director
Company Registration No. 10741675
GERRARD FAMILY STRATEGY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
1
Accounting policies
Company information
Gerrard Family Strategy Trading Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kendal House, 1 Conduit Street, London, United Kingdom, W1S 2XA.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Fixed assets
Classification
The company classifies its interests in partnerships as financial assets at fair value through profit or loss.
Recognition, derecognition and measurement
Purchases and deposits of the interests are recognised on the trade date - the date on which the company commits to purchase or sell the interest. Interests in partnerships at fair value through profit or loss are initially recognised at fair value.
Interests in partnerships are derecognised when the rights to receive cash flows from the interests have expired or the company has transferred substantially all risks and rewards of ownership.
Subsequent to initial recognition, all interests in partnerships at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets are presented in the Statement of Comprehensive Income within fair value movements in the period in which they arise.
The partnerships in which the company invests in are not traded in an active market and their fair value is determined by using the Net Asset Value (NAV) of the partnerships at any given date, being the best estimate of the amount that the investment will realise. The directors believe that this is indicative of the fair value of the company's share of its interests in the partnerships.
1.3
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GERRARD FAMILY STRATEGY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was nil (2019: nil).
3
Fixed assets
2020
2019
£
£
Interests in partnerships
129,791
120,085
GERRARD FAMILY STRATEGY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
3
Fixed assets
(Continued)
- 6 -
Movement in fixed assets
Interests in partnerships
£
Cost or valuation
At 1 January 2020
120,085
Valuation changes
16,448
Disposals
(6,742)
At 31 December 2020
129,791
Carrying amount
At 31 December 2020
129,791
At 31 December 2019
120,085
4
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
100,000
100,000
50,000
50,000
5
Revaluation reserve
2020
2019
£
£
At the beginning of the year
17,147
8,525
Fair value adjustment to investments
16,448
8,622
At the end of the year
33,595
17,147