Company Registration No. 11206524 (England and Wales)
GAUGEMASTER CONTROLS HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
GAUGEMASTER CONTROLS HOLDINGS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
GAUGEMASTER CONTROLS HOLDINGS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GAUGEMASTER CONTROLS HOLDINGS LTD FOR THE PERIOD ENDED 30 JUNE 2019
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gaugemaster Controls Holdings Ltd for the period ended 30 June 2019 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Gaugemaster Controls Holdings Ltd, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of Gaugemaster Controls Holdings Ltd
and state those matters that we have agreed to state to the Board of Directors of Gaugemaster Controls Holdings Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gaugemaster Controls Holdings Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Gaugemaster Controls Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Gaugemaster Controls Holdings Ltd. You consider that Gaugemaster Controls Holdings Ltd is exempt from the statutory audit
requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Gaugemaster Controls Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
30 August 2019
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
GAUGEMASTER CONTROLS HOLDINGS LTD
BALANCE SHEET
AS AT
30 JUNE 2019
30 June 2019
- 2 -
2019
Notes
£
£
Fixed assets
Tangible assets
2
204,473
Investments
3
95,000
299,473
Current assets
Debtors
4
10,011
Cash at bank and in hand
1,976,156
1,986,167
Creditors: amounts falling due within one year
5
(52,875)
Net current assets
1,933,292
Total assets less current liabilities
2,232,765
Capital and reserves
Called up share capital
6
95,000
Profit and loss reserves
2,137,765
Total equity
2,232,765
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 period ended 30 June 2019 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 period 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 30 August 2019 and are signed on its behalf by:
Mr R K Taylor
Director
Company Registration No. 11206524
GAUGEMASTER CONTROLS HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
Gaugemaster Controls Holdings Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Gaugemaster House, Ford Road, Arundel, West Sussex, BN18 0BN.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Freehold land and buildings
3% per annum, on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
No depreciation is charged on land included in freehold land and property.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
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.
1.6
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.
GAUGEMASTER CONTROLS HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
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
.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Tangible fixed assets
Land and buildings
£
Cost
At 14 February 2018
-
Additions
214,111
At 30 June 2019
214,111
Depreciation and impairment
At 14 February 2018
-
Depreciation charged in the period
9,638
At 30 June 2019
9,638
Carrying amount
At 30 June 2019
204,473
GAUGEMASTER CONTROLS HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2019
- 5 -
3
Fixed asset investments
2019
£
Investments
95,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 14 February 2018
-
Additions
95,000
At 30 June 2019
95,000
Carrying amount
At 30 June 2019
95,000
4
Debtors
2019
Amounts falling due within one year:
£
Other debtors
10,011
5
Creditors: amounts falling due within one year
2019
£
Amounts owed to group undertakings
5,337
Taxation and social security
8,196
Other creditors
39,342
52,875
6
Called up share capital
2019
£
Ordinary share capital
Issued and fully paid
95,000 Ordinary A shares of £1 each
95,000