GKA International (North America) Limited - Period Ending 2020-04-28

GKA International (North America) Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 5

GKA International (North America) Limited

(Registration number: 07918509)
Statement of Financial Position as at 28 April 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	3	16,279	15,844
Current assets
Debtors	4	508,835	247,522
Cash at bank and in hand		162,193	68,761
		671,028	316,283
Creditors: Amounts falling due within one year	5	(296,153)	(49,219)
Net current assets		374,875	267,064
Net assets		391,154	282,908
Capital and reserves
Called up share capital		100	100
Profit and loss account		391,054	282,808
Shareholders' funds		391,154	282,908

For the financial year ending 28 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 27 April 2021 and signed on its behalf by:
 

.........................................

GM Kasler
Director

GKA International (North America) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 April 2020

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
6th Floor
55 King street
Manchester
Lancashire
M2 4LQ
United Kingdom

These financial statements were authorised for issue by the Board on 27 April 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/ returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity; and
Specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

GKA International (North America) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 April 2020

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office Equipment	25% straight line

GKA International (North America) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 April 2020

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 29 April 2019	30,290	30,290
Additions	9,000	9,000
At 28 April 2020	39,290	39,290
Depreciation
At 29 April 2019	14,446	14,446
Charge for the year	8,565	8,565
At 28 April 2020	23,011	23,011
Carrying amount
At 28 April 2020	16,279	16,279
At 28 April 2019	15,844	15,844

4

Debtors

	2020 £	2019 £
Other debtors	508,835	247,522
	508,835	247,522

5

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Taxation and social security	137,702	23,951
Accruals and deferred income	135,964	5,268
Other creditors	22,487	20,000
	296,153	49,219

GKA International (North America) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 April 2020

6	Related party transactions

Transactions with directors

G M Kasler
(managing director and majority shareholder)

At the balance sheet date the amount due from G M Kasler was £416,721 (2019 - £231,029). Interest has been charged on this of £8,786 (2019: £5,603).
 

7	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2019 - 3).