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 2021

Period of accounts

Start date: 01 December 2020

End date: 30 November 2021

G R S GADGETS LIMITED

Contents of the Financial Statements

for the Period Ended 30 November 2021

Balance sheet
Notes

G R S GADGETS LIMITED

Balance sheet

As at 30 November 2021


Notes
2021
2020


£
£
Fixed assets
Tangible assets: 3 59,762 71,637
Total fixed assets: 59,762 71,637
Current assets
Stocks: 3,663,934 650,729
Debtors:   731,601 882,769
Cash at bank and in hand: 272,662 2,026,041
Total current assets: 4,668,197 3,559,539
Creditors: amounts falling due within one year: 4 (1,777,727) (1,527,099)
Net current assets (liabilities): 2,890,470 2,032,440
Total assets less current liabilities: 2,950,232 2,104,077
Creditors: amounts falling due after more than one year: 5 (1,873,848) (1,188,205)
Total net assets (liabilities): 1,076,384 915,872
Capital and reserves
Called up share capital: 35,000 35,000
Profit and loss account: 1,041,384 880,872
Shareholders funds: 1,076,384 915,872

The notes form part of these financial statements

G R S GADGETS LIMITED

Balance sheet statements

For the year ending 30 November 2021 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 26 July 2022
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 2021

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 valueadded 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 goodshave transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage ofcompletion of the contract. The stage of completion of a contract is measured by comparing the costs incurredfor 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 impairmentlosses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to writeoff the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:Freehold buildings over 50 yearsLeasehold land and buildings over the lease termPlant and machinery 20% Reducing BalanceFixtures, fittings, tools and equipment 20% Reducing Balance

G R S GADGETS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2021

2. Employees

2021 2020
Average number of employees during the period 40 40

G R S GADGETS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2021

3. Tangible Assets

Total
Cost £
At 01 December 2020 187,515
At 30 November 2021 187,515
Depreciation
At 01 December 2020 115,878
Charge for year 11,875
At 30 November 2021 127,753
Net book value
At 30 November 2021 59,762
At 30 November 2020 71,637

G R S GADGETS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2021

4. Creditors: amounts falling due within one year note

Bank loans and overdrafts 33,424Trade creditors 652,638 Taxation and social security costs 759,853 Other creditors 331,812 Total 1,777,727

G R S GADGETS LIMITED

Notes to the Financial Statements

for the Period Ended 30 November 2021

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

Other creditors 1,873,848