GKSS LIMITED - Filleted accounts

GKSS LIMITED
Registered number:		09688205
Balance Sheet
as at 31 December 2016

Notes			2016
£
Fixed assets
Tangible assets	3		46,015

Current assets
Stocks		44,645
Debtors	4	71,187
Cash at bank and in hand		316,026
		431,858

Creditors: amounts falling due within one year	5	(160,740)

Net current assets			271,118

Net assets			317,133

Capital and reserves
Called up share capital			1
Profit and loss account			317,132

Shareholder's funds			317,133

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 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 6 April 2017

GKSS LIMITED
Notes to the Accounts
for the period from 15 July 2015 to 31 December 2016


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.

	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.

	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.


2	Employees					2016
Number

	Average number of persons employed by the company					19


3	Tangible fixed assets
		Leasehold Property & Improvements		Furniture and Fixtures		Plant, machinery & equipment		Total
£			£		£		£
	Cost
	Additions	11,689		29,343		18,741		59,773
	At 31 December 2016	11,689		29,343		18,741		59,773

	Depreciation
	Charge for the period	1,558		7,594		4,606		13,758
	At 31 December 2016	1,558		7,594		4,606		13,758

	Net book value
	At 31 December 2016	10,131		21,749		14,135		46,015


4	Debtors					2016
£

	Other debtors					71,187


5	Creditors: amounts falling due within one year					2016
£

	Trade creditors					76,607
	Corporation tax					67,849
	Other taxes and social security costs					9,084
	Other creditors					7,200
						160,740


6	Other information

	GKSS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
	Unit 5 Leigh Close
	New Malden
	Surrey
	KT3 3NW

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