Company Registration No. NI602991 (Northern Ireland)
GMAC Labels Limited
Unaudited accounts
for the year ended 31 March 2023
GMAC Labels Limited
Statement of financial position
as at 31 March 2023
Investment property
90,000
70,140
Cash at bank and in hand
252,533
220,259
Creditors: amounts falling due within one year
(54,756)
(58,166)
Net current assets
272,739
253,466
Total assets less current liabilities
363,482
324,713
Provisions for liabilities
Net assets
359,814
324,713
Called up share capital
10
10
Profit and loss account
359,804
324,703
Shareholders' funds
359,814
324,713
For the year ending 31 March 2023 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 17 October 2023 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 2023
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.
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.
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 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Fixtures & fittings
Fair value at 1 April 2022
70,140
Net gain from fair value adjustments
19,860
GMAC Labels Limited
Notes to the Accounts
for the year ended 31 March 2023
Amounts falling due within one year
Trade debtors
50,997
57,331
Accrued income and prepayments
491
491
8
Creditors: amounts falling due within one year
2023
2022
Trade creditors
35,050
37,163
Taxes and social security
14,857
16,449
Loans from directors
301
246
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 (2022: 2).