G R S Gadgets Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC368090 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 November 2017

for

G R S Gadgets Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Siddique

Mrs A A Javid

SECRETARY:

REGISTERED OFFICE:

Radleigh House

1 Golf Road

Clarktson

Glasgow

G76 7HU

REGISTERED NUMBER:

SC368090 (Scotland)

ACCOUNTANTS:

O'Haras Chartered Accountants

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Tangible assets

4

84,548

98,707

CURRENT ASSETS

Stocks

1,701,587

1,002,988

Debtors

5

490,259

449,951

Cash at bank

84,081

84,133

2,275,927

1,537,072

CREDITORS

Amounts falling due within one year

6

1,490,038

831,638

NET CURRENT ASSETS

785,889

705,434

TOTAL ASSETS LESS CURRENT LIABILITIES

870,437

804,141

CREDITORS

Amounts falling due after more than one year

7

714,359

714,359

NET ASSETS

156,078

89,782

CAPITAL AND RESERVES

Called up share capital

35,000

35,000

Retained earnings

121,078

54,782

156,078

89,782

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 August 2018 and were signed on its behalf by:

N Siddique - Director

1.	STATUTORY INFORMATION

G R S Gadgets Limited is a private company, limited by shares , registered in Scotland. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

20% on reducing balance

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 year 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 year 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2016

and 30 November 2017

150,416

DEPRECIATION

At 1 December 2016

51,709

Charge for year

14,159

At 30 November 2017

65,868

NET BOOK VALUE

At 30 November 2017

84,548

At 30 November 2016

98,707

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

483,959

-

Other debtors

6,300

449,951

490,259

449,951

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,378,312

642,993

Taxation and social security

93,887

177,256

Other creditors

17,839

11,389

1,490,038

831,638

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other creditors

714,359

714,359