G-Rack Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13397721 (England and Wales)

Financial Statements

for the Period

14 May 2021 to 31 December 2021

for

G-Rack Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

C F Gamon

REGISTERED OFFICE:

100 Avebury Boulevard

Milton Keynes

MK9 1FH

REGISTERED NUMBER:

13397721 (England and Wales)

AUDITORS:

Tuerner Audit Limited

Bridge House

Old Grantham Road

Whatton

Nottingham

NG13 9FG

CURRENT ASSETS

Stocks

3,103,832

Debtors

5

531,088

Cash at bank

77,374

3,712,294

CREDITORS

Amounts falling due within one year

6

3,872,095

NET CURRENT LIABILITIES

(159,801

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(159,801

)

CAPITAL AND RESERVES

Called up share capital

7

100

Share premium

1,208,698

Retained earnings

(1,368,599

)

SHAREHOLDERS' FUNDS

(159,801

)

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 11 January 2024 and were signed by:

C F Gamon - Director

1.	STATUTORY INFORMATION

G-Rack Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the going concern concept due to the fact that the company has the continued support of it's parent company. The director has been given assurance that this support will continue for the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period 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 period 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 sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Amounts owed by group undertakings

211,671

Other debtors

319,417

531,088

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

133,976

Amounts owed to group undertakings

2,653,820

Taxation and social security

1,008,935

Other creditors

75,364

3,872,095

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

1

100

100 Ordinary shares of 1 each were allotted as fully paid at a premium of 12086.98 per share during the period.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

We were not appointed as auditor of the company until after 31 December 2021 and thus did not observe the counting of physical inventories at 31 December 2021. We were unable to satisfy ourselves by alternative means concerning inventory quantities held at 31 December 2021, which is included in the balance sheet at a value of £3,103,832, by using other audit procedures.

Consequently we were unable to determine whether any adjustment to these amounts was necessary.

Caroline Peverett BA FCA (Senior Statutory Auditor)

for and on behalf of Tuerner Audit Limited

9.	PARENT COMPANY

The parent of the smallest group into which the company's accounts are consolidated is the ultimate parent of the group Razor Group GmbH, whose address is Prinzessinnenstraße 20, 10969, Berlin, Germany.