GKSS LTD - Filleted accounts

GKSS LTD - Filleted accounts

GKSS LIMITED - Company Information

Print Friendly Version

Registered number
09688205
GKSS LTD
Filleted Accounts
31 December 2020
GKSS LTD
Registered number: 09688205
Balance Sheet
as at 31 December 2020
Notes 2020 2019
£ £
Fixed assets
Intangible assets 3 25,958 29,458
Tangible assets 4 793,813 976,372
819,771 1,005,830
Current assets
Stocks 246,374 260,175
Debtors 5 126,043 416,693
Cash at bank and in hand 665,301 109,588
1,037,718 786,456
Creditors: amounts falling due within one year 6 (653,473) (914,776)
Net current assets 384,245 (128,320)
Net assets 1,204,016 877,510
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,204,015 877,509
Shareholder's funds 1,204,016 877,510
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
KT KWEON
Director
Approved by the board on 27 September 2021
GKSS LTD
Notes to the Accounts
for the year ended 31 December 2020
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
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:
Leasehold Property & Improvements over the lease term
Furniture and Fixtures over 5 years
Plant, machinery & equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 88 84
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2020 35,000
At 31 December 2020 35,000
Amortisation
At 1 January 2020 5,542
Provided during the year 3,500
At 31 December 2020 9,042
Net book value
At 31 December 2020 25,958
At 31 December 2019 29,458
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Leasehold Property & Improvements Furniture and Fixtures Plant, machinery & equipment Total
£ £ £ £
Cost
At 1 January 2020 616,522 421,128 232,225 1,269,875
Additions - 7,365 - 7,365
At 31 December 2020 616,522 428,493 232,225 1,277,240
Depreciation
At 1 January 2020 89,830 138,324 65,349 293,503
Charge for the year 61,652 82,949 45,323 189,924
At 31 December 2020 151,482 221,273 110,672 483,427
Net book value
At 31 December 2020 465,040 207,220 121,553 793,813
At 31 December 2019 526,692 282,804 166,876 976,372
5 Debtors 2020 2019
£ £
Trade debtors - 142,045
Other debtors 126,043 274,648
126,043 416,693
6 Creditors: amounts falling due within one year 2020 2019
£ £
Trade creditors 485,367 674,864
Taxation and social security costs 116,379 55,443
Other creditors 51,727 184,469
653,473 914,776
7 Other information
GKSS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Leigh Close
New Malden
Surrey
KT3 3NW
GKSS LTD 09688205 false 2020-01-01 2020-12-31 2020-12-31 VT Final Accounts March 2021 (final release) KT KWEON No description of principal activity 09688205 2019-01-01 2019-12-31 09688205 core:WithinOneYear 2019-12-31 09688205 core:ShareCapital 2019-12-31 09688205 core:RetainedEarningsAccumulatedLosses 2019-12-31 09688205 2020-01-01 2020-12-31 09688205 bus:PrivateLimitedCompanyLtd 2020-01-01 2020-12-31 09688205 bus:AuditExemptWithAccountantsReport 2020-01-01 2020-12-31 09688205 bus:Director40 2020-01-01 2020-12-31 09688205 1 2020-01-01 2020-12-31 09688205 2 2020-01-01 2020-12-31 09688205 core:Goodwill 2020-01-01 2020-12-31 09688205 core:LandBuildings 2020-01-01 2020-12-31 09688205 core:PlantMachinery 2020-01-01 2020-12-31 09688205 core:Vehicles 2020-01-01 2020-12-31 09688205 countries:England 2020-01-01 2020-12-31 09688205 bus:FRS102 2020-01-01 2020-12-31 09688205 bus:FullAccounts 2020-01-01 2020-12-31 09688205 2020-12-31 09688205 core:WithinOneYear 2020-12-31 09688205 core:ShareCapital 2020-12-31 09688205 core:RetainedEarningsAccumulatedLosses 2020-12-31 09688205 core:Goodwill 2020-12-31 09688205 core:LandBuildings 2020-12-31 09688205 core:PlantMachinery 2020-12-31 09688205 core:Vehicles 2020-12-31 09688205 2019-12-31 09688205 core:Goodwill 2019-12-31 09688205 core:LandBuildings 2019-12-31 09688205 core:PlantMachinery 2019-12-31 09688205 core:Vehicles 2019-12-31 iso4217:GBP xbrli:pure