Company Registration No. NI602991 (Northern Ireland)
GMAC Labels Limited
Unaudited accounts
for the year ended 31 March 2021
GMAC Labels Limited
Statement of financial position
as at
31 March 2021
Tangible assets
1,550
650
Investment property
70,140
64,528
Inventories
21,973
20,664
Cash at bank and in hand
206,237
167,569
Creditors: amounts falling due within one year
(44,678)
(44,188)
Net current assets
228,344
205,063
Net assets
300,034
270,241
Called up share capital
10
10
Profit and loss account
300,024
270,231
Shareholders' funds
300,034
270,241
For the year ending 31 March 2021 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 October 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 2021
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.
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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:
Fixtures & fittings
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 2021
Having reviewed the resources available and considered the impact of COVID-19 on the business, the director of GMAC Labels Limited believes that the company has adequate resources to continue in operational existence 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.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Fixtures & fittings
Cost or valuation
At cost
6
Investment property
2021
Fair value at 1 April 2020
64,528
Net gain from fair value adjustments
5,612
GMAC Labels Limited
Notes to the Accounts
for the year ended 31 March 2021
7
Debtors: amounts falling due within one year
2021
2020
Trade debtors
34,439
49,333
Accrued income and prepayments
491
491
Other debtors
9,882
11,194
8
Creditors: amounts falling due within one year
2021
2020
Trade creditors
27,992
26,110
Taxes and social security
16,075
15,886
9
Share capital
2021
2020
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 (2020: 2).