GKSS LIMITED - Filleted accounts

GKSS LIMITED - Filleted accounts

GKSS LIMITED - Company Information

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Registered number
09688205
GKSS LIMITED
Filleted Accounts
31 December 2017
GKSS LIMITED
Registered number: 09688205
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 225,837 46,015
Current assets
Stocks 42,632 44,645
Debtors 4 75,497 71,187
Cash at bank and in hand 431,453 316,026
549,582 431,858
Creditors: amounts falling due within one year 5 (183,470) (160,740)
Net current assets 366,112 271,118
Net assets 591,949 317,133
Capital and reserves
Called up share capital 1 1
Profit and loss account 591,948 317,132
Shareholder's funds 591,949 317,133
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 and delivered 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 16 May 2018
GKSS LIMITED
Notes to the Accounts
for the year ended 31 December 2017
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 (as applied to small entities by section 1A of the standard).
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 2017 2016
Number Number
Average number of persons employed by the company 28 19
3 Tangible fixed assets
Leasehold Property & Improvements Furniture and Fixtures Plant, machinery & equipment Total
£ £ £ £
Cost
At 1 January 2017 11,689 29,343 18,741 59,773
Additions 98,860 95,985 11,370 206,215
At 31 December 2017 110,549 125,328 30,111 265,988
Depreciation
At 1 January 2017 1,558 7,594 4,606 13,758
Charge for the year 7,195 14,679 4,519 26,393
At 31 December 2017 8,753 22,273 9,125 40,151
Net book value
At 31 December 2017 101,796 103,055 20,986 225,837
At 31 December 2016 10,131 21,749 14,135 46,015
4 Debtors 2017 2016
£ £
Other debtors 75,497 71,187
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 149,843 76,607
Taxation and social security costs 31,456 76,933
Other creditors 2,171 7,200
183,470 160,740
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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