GKA International (North America) Limited - Period Ending 2023-04-28

GKA International (North America) Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

GKA International (North America) Limited

(Registration number: 07918509)
Statement of Financial Position as at 28 April 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	3	3,367	4,195
Current assets
Debtors	4	433,746	476,004
Cash at bank and in hand		170,010	155,715
		603,756	631,719
Creditors: Amounts falling due within one year	5	(59,172)	(82,809)
Net current assets		544,584	548,910
Net assets		547,951	553,105
Capital and reserves
Called up share capital		100	100
Retained earnings		547,851	553,005
Shareholders' funds		547,951	553,105

For the financial year ending 28 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 23 January 2024 and signed on its behalf by:
 

......................................... GM Kasler Director

GKA International (North America) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 April 2023

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
6th Floor
55 King street
Manchester
Lancashire
M2 4LQ
United Kingdom

These financial statements were authorised for issue by the Board on 23 January 2024.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/ returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity; and
Specific criteria have been met for each of the company's activities.

Government grants

Government grants received in the year are treated on an accruals basis and included within the Profit and Loss account.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

GKA International (North America) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 April 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office Equipment	25% straight line

GKA International (North America) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 April 2023

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 29 April 2022	41,841	41,841
Additions	2,393	2,393
Disposals	(800)	(800)
At 28 April 2023	43,434	43,434
Depreciation
At 29 April 2022	37,646	37,646
Charge for the year	3,221	3,221
Eliminated on disposal	(800)	(800)
At 28 April 2023	40,067	40,067
Carrying amount
At 28 April 2023	3,367	3,367
At 28 April 2022	4,195	4,195

4

Debtors

Current	2023 £	2022 £
Other debtors	433,746	476,004

5

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Taxation and social security	56,228	77,789
Accruals and deferred income	2,944	3,015
Other creditors	-	2,005
	59,172	82,809

GKA International (North America) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 April 2023

6	Related party transactions

Transactions with directors

G M Kasler
(managing director and majority shareholder)

At the balance sheet date the amount due from G M Kasler was £261,911 (2022 - £293,282). Interest has been charged on this of £5,497 (2022: £8,025).
 

GKA International (North America) Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 April 2023

7	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).