Registered number
13095841
GSK Wholesale Limited
Report and Accounts
31 December 2022
GSK Wholesale Limited
Report and accounts
Contents
Page
Company information 1
Director's report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6
GSK Wholesale Limited
Company Information
Director
Mr Govinder Singh
Registered office
Old Bank Business Centre,
43-45 Church Street,
Darlaston,
Wednesbury, England,
WS10 8DU
Registered number
13095841
GSK Wholesale Limited
Registered number: 13095841
Director's Report
The director presents his report and accounts for the year ended 31 December 2022.
Principal activities
The company's principal activity during the year continued to be wholesale of meat, meat products, fruits, vegetable juices, mineral water, soft drinks, sugar, chocolate and sugar confectionery etc.
Directors
The following persons served as directors during the year:
Mr Govinder Singh
Director's responsibilities
The director is responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the director to prepare accounts for each financial year. Under that law the director has elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the accounts comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 5 October 2023 and signed on its behalf.
Mr Govinder Singh
Director
GSK Wholesale Limited
Profit and Loss Account
for the year ended 31 December 2022
2022 2021
£ £
Turnover 6,334,444 4,709,624
Cost of sales (4,744,150) (3,682,456)
Gross profit 1,590,294 1,027,168
Administrative expenses (565,335) (526,512)
Operating profit 1,024,959 500,656
Profit before taxation 1,024,959 500,656
Tax on profit (196,768) (106,003)
Profit for the financial year 828,191 394,653
GSK Wholesale Limited
Registered number: 13095841
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 174,501 171,766
Current assets
Stocks 170,458 123,445
Debtors 4 79,345 18,933
Cash at bank and in hand 689,395 47,490
939,198 189,868
Creditors: amounts falling due within one year 5 (227,854) (116,980)
Net current assets 711,344 72,888
Net assets 885,845 244,654
Capital and reserves
Called up share capital 1 1
Profit and loss account 885,844 244,653
Shareholder's funds 885,845 244,654
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.
Mr Govinder Singh
Director
Approved by the board on 5 October 2023
GSK Wholesale Limited
Statement of Changes in Equity
for the year ended 31 December 2022
Share Profit Total
capital and loss
account
£ £ £
At 1 January 2021 - - -
Profit for the financial year 394,653 394,653
Dividends (150,000) (150,000)
Shares issued 1 1
At 31 December 2021 1 244,653 244,654
At 1 January 2022 1 244,653 244,654
Profit for the financial year 828,191 828,191
Dividends (187,000) (187,000)
At 31 December 2022 1 885,844 885,845
GSK Wholesale Limited
Notes to the Accounts
for the year ended 31 December 2022
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. 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
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 25% straight line
Fixtures, fittings, tools and equipment 25% straight line
Motor vehicles 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 7 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2022 147,989 81,032 229,021
Additions 49,065 30,923 79,988
At 31 December 2022 197,054 111,955 309,009
Depreciation
At 1 January 2022 36,997 20,258 57,255
Charge for the year 49,264 27,989 77,253
At 31 December 2022 86,261 48,247 134,508
Net book value
At 31 December 2022 110,793 63,708 174,501
At 31 December 2021 110,992 60,774 171,766
4 Debtors 2022 2021
£ £
Trade debtors 79,345 18,933
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 31,086 10,977
Taxation and social security costs 196,768 106,003
227,854 116,980
6 Other information
GSK Wholesale Limited is a private company limited by shares and incorporated in England. Its registered office is:
Old Bank Business Centre,
43-45 Church Street,
Darlaston,
Wednesbury, England,
WS10 8DU
GSK Wholesale Limited 13095841 false 2022-01-01 2022-12-31 2022-12-31 VT Final Accounts April 2022 13095841 2021-01-01 2021-12-31 13095841 bus:AllOrdinaryShares core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 13095841 core:ShareCapital 2021-01-01 2021-12-31 13095841 core:WithinOneYear 2021-12-31 13095841 core:ShareCapital 2021-12-31 13095841 core:RetainedEarningsAccumulatedLosses 2021-12-31 13095841 2020-12-31 13095841 core:ShareCapital 2020-12-31 13095841 core:RetainedEarningsAccumulatedLosses 2020-12-31 13095841 2022-01-01 2022-12-31 13095841 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 13095841 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 13095841 bus:Director1 2022-01-01 2022-12-31 13095841 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 13095841 bus:AllOrdinaryShares core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 13095841 1 2022-01-01 2022-12-31 13095841 2 2022-01-01 2022-12-31 13095841 core:PlantMachinery 2022-01-01 2022-12-31 13095841 core:Vehicles 2022-01-01 2022-12-31 13095841 countries:England 2022-01-01 2022-12-31 13095841 bus:FRS102 2022-01-01 2022-12-31 13095841 bus:FullAccounts 2022-01-01 2022-12-31 13095841 2022-12-31 13095841 core:WithinOneYear 2022-12-31 13095841 core:ShareCapital 2022-12-31 13095841 core:RetainedEarningsAccumulatedLosses 2022-12-31 13095841 core:PlantMachinery 2022-12-31 13095841 core:Vehicles 2022-12-31 13095841 2021-12-31 13095841 core:PlantMachinery 2021-12-31 13095841 core:Vehicles 2021-12-31 iso4217:GBP xbrli:pure