Company Registration No. 11667494 (England and Wales)
GML (WHETSTONE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
GML (WHETSTONE) LIMITED
COMPANY INFORMATION
Directors
Mr I Sellars
(Appointed 8 November 2018)
Mr G P McHugh
(Appointed 8 November 2018)
Company number
11667494
Registered office
9 Bonhill Street
London
EC2A 4DJ
Accountants
Begbies
9 Bonhill Street
London
EC2A 4DJ
Business address
Units 1-3
Wimbledon Stadium Business Centre
Riverside Road
London
United Kingdom
SW17 0BA
GML (WHETSTONE) LIMITED
CONTENTS
Page
Profit and loss account
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 5
GML (WHETSTONE) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2020
- 1 -
Period
ended
31 March
2020
£
Administrative expenses
(126,708)
Loss before taxation
(126,708)
Tax on loss
-
Loss for the financial period
(126,708)
GML (WHETSTONE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 2 -
2020
Notes
£
£
Current assets
Stocks
5,856,959
Debtors
3
12,281
Cash at bank and in hand
55,287
5,924,527
Creditors: amounts falling due within one year
4
(6,051,234)
Net current liabilities
(126,707)
Capital and reserves
Called up share capital
5
1
Profit and loss reserves
(126,708)
Total equity
(126,707)
For the financial period ended 31 March 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 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 6 January 2021 and are signed on its behalf by:
Mr I Sellars
Mr G P McHugh
Director
Director
Company Registration No. 11667494
GML (WHETSTONE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2020
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 March 2020:
Loss and total comprehensive income for the period
-
(126,708)
(126,708)
Issue of share capital
5
1
-
1
Balance at 31 March 2020
1
(126,708)
(126,707)
GML (WHETSTONE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 4 -
1
Accounting policies
Company information
GML (Whetstone) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
9 Bonhill Street, London, EC2A 4DJ.
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 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
Stocks
Stock and work in progress
are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the
stock and work in progress
to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
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. It only has financial
assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables 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 less any impairment.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
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.
GML (WHETSTONE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
Number
Total
3
Debtors
2020
Amounts falling due within one year:
£
Other debtors
12,281
4
Creditors: amounts falling due within one year
2020
£
Trade creditors
13,200
Amounts owed to group undertakings
6,035,032
Other creditors
3,002
6,051,234
5
Called up share capital
2020
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1