G&K Worldwide Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04450937 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

G&K Worldwide Investments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs V Casini

REGISTERED OFFICE:

Birchin Court

20 Birchin Lane

London

EC3V 9DJ

REGISTERED NUMBER:

04450937 (England and Wales)

ACCOUNTANTS:

Adbell International Limited

Birchin Court

20 Birchin Lane

London

EC3V 9DJ

FIXED ASSETS

Investments

4

1,860,686

1,860,686

CREDITORS

Amounts falling due within one year

5

(1,658,641

)

(1,652,326

)

NET CURRENT LIABILITIES

(1,658,641

)

(1,652,326

)

TOTAL ASSETS LESS CURRENT LIABILITIES

202,045

208,360

CREDITORS

Amounts falling due after more than one year

6

(414,629

)

(414,629

)

NET LIABILITIES

(212,584

)

(206,269

)

CAPITAL AND RESERVES

Called up share capital

7

29,412

29,412

Other reserves

16,175

16,175

Retained earnings

(258,171

)

(251,856

)

SHAREHOLDERS' FUNDS

(212,584

)

(206,269

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 September 2022 and were signed by:

Mrs V Casini - Director

1.	STATUTORY INFORMATION

G&K Worldwide Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Companies Act 2006.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates.

Creditors

Short term trade creditors are recognised initially at fair value.

Investments in associates

Investments in associate undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into euro at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern

The financial statements are prepared on the going concern basis, which assumes that the company will be in operational existence for the foreseeable future. This depends upon the continued support of the shareholders who have undertaken to provide such support to enable the company to meet its debts as and when they fall due. The financial statements do not include any adjustments that would result if such support is withdrawn.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Financial assets are reduced for provision, for impairment, if required.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	FIXED ASSET INVESTMENTS

Interest

in

associate

€

COST

At 1 January 2021

and 31 December 2021

1,860,686

NET BOOK VALUE

At 31 December 2021

1,860,686

At 31 December 2020

1,860,686

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

Nicolazzi S.P.A

Registered office: Italy

Nature of business:

%

Class of shares:

holding

Ordinary

50.00

31.12.21

31.12.20

€

€

Aggregate capital and reserves

6,481,387

6,419,458

Profit for the year

81,567

34,879

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

€

€

Trade creditors

8,037

4,533

Other creditors

1,650,604

1,647,793

1,658,641

1,652,326

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

€

€

Other creditors

414,629

414,629

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

€

€

20,000

Ordinary shares

£1

29,412

29,412

8.	RELATED PARTY DISCLOSURES

The loan from shareholders is Eur 2,065,233 (2020: Eur 2,060,568)

9.

CONTROL

The ultimate controlling party is Mr Bruno Nicolazzi.