G&K Worldwide Investments Limited
G&K Worldwide Investments Limited
Registered number: 04450937
Unaudited Financial Statements
For The Year Ended
31 December 2022
Adbell Advisory Limited
G&K Worldwide Investments Limited
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Page 1
G&K Worldwide Investments Limited
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
04450937
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
2022 | 2021 | ||||
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Notes | € | € | € | € | |
FIXED ASSETS | |||||
Investments | 4 |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 6 |
( |
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NET LIABILITIES |
( |
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CAPITAL AND RESERVES | |||||
Called up share capital | 7 |
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Other reserves |
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Profit and Loss Account |
( |
( |
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SHAREHOLDERS' FUNDS | (223,052) | (212,584) | |||
Page 1
Page 2
G&K Worldwide Investments Limited
Balance Sheet (continued)
As At
31 December 2022
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
G&K Worldwide Investments Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
G&K Worldwide Investments Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
04450937
. The registered office is Birchin Court, 20 Birchin Lane, London, EC3V 9DJ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euros at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
G&K Worldwide Investments Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
2.5.
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 theextent 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 orsubstantively 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 balancesheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different fromthose 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 thetiming 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.
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 amortisedcost using the effective interest method. Financial assets are reduced for provision, for impairment, if required.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2021: 1)
4.
Investments
Associates | |
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Cost | |
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As at
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Provision | |
As at
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As at
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Net Book Value | |
As at
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As at
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Page 5
G&K Worldwide Investments Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
5.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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€ | € | ||
Trade creditors |
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Other creditors |
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Accruals and deferred income |
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6.
Creditors: Amounts Falling Due After More Than One Year
2022 | 2021 | ||
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€ | € | ||
Shareholder Loan |
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7.
Share Capital
2022 | 2021 | ||
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€ | € | ||
Allotted, Called up and fully paid |
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8.
Ultimate Controlling Party
The company's ultimate controlling party is
Mr Bruno Nicolazzi
by virtue of his ownership of 100% of the issued share capital in the company.
Page 5