G R S GADGETS LIMITED

G R S GADGETS LIMITED

G R S GADGETS LIMITED - Company Information

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G R S GADGETS LIMITED

Company Registration Number:
SC368090 (Scotland)

Unaudited abridged accounts for the year ended 30 November 2018

Period of accounts

Start date: 01 December 2017

End date: 30 November 2018

G R S GADGETS LIMITED

Contents of the Financial Statements

for the Period Ended 30 November 2018

Balance sheet
Notes

G R S GADGETS LIMITED

Balance sheet

As at 30 November 2018


Notes
2018
2017


£
£
Fixed assets
Tangible assets: 3 96,663 78,436
Total fixed assets: 96,663 78,436
Current assets
Stocks: 2,847,907 1,701,587
Debtors:   405,012 490,259
Cash at bank and in hand: 269,525 84,081
Total current assets: 3,522,444 2,275,927
Creditors: amounts falling due within one year: 4 (2,534,097) (1,483,925)
Net current assets (liabilities): 988,347 792,002
Total assets less current liabilities: 1,085,010 870,438
Creditors: amounts falling due after more than one year: 5 (979,359) (714,359)
Total net assets (liabilities): 105,651 156,079
Capital and reserves
Called up share capital: 35,000 35,000
Profit and loss account: 70,651 121,079
Shareholders funds: 105,651 156,079

The notes form part of these financial statements

G R S GADGETS LIMITED

Balance sheet statements

For the year ending 30 November 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 August 2019
and signed on behalf of the board by:

Name: Nadeem Siddique
Status: Director

The notes form part of these financial statements

G R S GADGETS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2018

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:Plant & Michinery 20% Reducing BalanceFixtures & Fitting 20% Reducing Balance

G R S GADGETS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2018

2. Employees

2018 2017
Average number of employees during the period 40 33

G R S GADGETS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2018

3. Tangible Assets

Total
Cost £
At 01 December 2017 150,417
Additions 34,072
At 30 November 2018 184,489
Depreciation
At 01 December 2017 71,981
Charge for year 15,845
At 30 November 2018 87,826
Net book value
At 30 November 2018 96,663
At 30 November 2017 78,436

G R S GADGETS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2018

4. Creditors: amounts falling due within one year note

Trade Creditors 2,606,294Taxation and social security (72,197)

G R S GADGETS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2018

5. Creditors: amounts falling due after more than one year note

Other Creditors 979,359