Company Registration No. NI602991 (Northern Ireland)
GMAC Labels Limited
Unaudited accounts
for the year ended 31 March 2020
GMAC Labels Limited
Unaudited accounts
Contents
GMAC Labels Limited
Company Information
for the year ended 31 March 2020
Director
Garth McCullough
Company Number
NI602991 (Northern Ireland)
Registered Office
The Office Dock, Unit 2 Channel Wharf
21 Old Channel Road
Belfast
Co. Antrim
BT3 9DE
Accountants
PGR Chartered Accountants
Unit 2 Channel Wharf
21 Old Channel Road
Belfast
Antrim
BT3 9DE
GMAC Labels Limited
Statement of financial position
as at
31 March 2020
Tangible assets
650
1,084
Investment property
64,528
65,931
Inventories
20,664
20,489
Cash at bank and in hand
167,569
160,466
Creditors: amounts falling due within one year
(44,188)
(58,676)
Net current assets
205,063
179,342
Net assets
270,241
246,357
Called up share capital
10
10
Profit and loss account
270,231
246,347
Shareholders' funds
270,241
246,357
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 February 2021 and were signed on its behalf by
Garth McCullough
Director
Company Registration No. NI602991
GMAC Labels Limited
Notes to the Accounts
for the year ended 31 March 2020
GMAC Labels Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI602991. The registered office is The Office Dock, Unit 2 Channel Wharf, 21 Old Channel Road, Belfast, Co. Antrim, BT3 9DE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
GMAC Labels Limited
Notes to the Accounts
for the year ended 31 March 2020
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Fixtures & fittings
Cost or valuation
At cost
6
Investment property
2020
Fair value at 1 April 2019
65,931
Net loss from fair value adjustments
(1,403)
Finished goods
20,664
20,489
Trade debtors
49,333
56,572
GMAC Labels Limited
Notes to the Accounts
for the year ended 31 March 2020
9
Creditors: amounts falling due within one year
2020
2019
Trade creditors
26,110
27,188
Taxes and social security
15,886
16,947
Loans from directors
-
12,760
10
Average number of employees
During the year the average number of employees was 2 (2019: 2).