Company Registration No. NI602991 (Northern Ireland)
GMAC Labels Limited
Unaudited accounts
for the year ended 31 March 2022
GMAC Labels Limited
Unaudited accounts
Contents
GMAC Labels Limited
Company Information
for the year ended 31 March 2022
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 2022
Tangible assets
1,107
1,550
Investment property
70,140
70,140
Inventories
26,551
21,973
Cash at bank and in hand
220,259
206,237
Creditors: amounts falling due within one year
(58,166)
(44,678)
Net current assets
253,466
228,344
Net assets
324,713
300,034
Called up share capital
10
10
Profit and loss account
324,703
300,024
Shareholders' funds
324,713
300,034
For the year ending 31 March 2022 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 26 August 2022 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 2022
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 director of GMAC Labels Limited believes that the company has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least twelve months from the date of signing. Accordingly, GMAC Labels Limited continues to adopt the going concern basis in preparing the financial statements.
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.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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:
Fixtures & fittings
20% straight line
Investment property is included at market fair value. Gains are recognised in the income statement.
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.
GMAC Labels Limited
Notes to the Accounts
for the year ended 31 March 2022
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.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Fixtures & fittings
Cost or valuation
At cost
6
Investment property
2022
Fair value at 1 April 2021
70,140
7
Debtors: amounts falling due within one year
2022
2021
Trade debtors
57,331
34,439
Accrued income and prepayments
491
491
Other debtors
7,000
9,882
GMAC Labels Limited
Notes to the Accounts
for the year ended 31 March 2022
8
Creditors: amounts falling due within one year
2022
2021
Trade creditors
37,163
27,992
Taxes and social security
16,449
16,075
Loans from directors
246
-
9
Share capital
2022
2021
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10
10
10
Average number of employees
During the year the average number of employees was 2 (2021: 2).