Registered number
13053029
GMAD Enterprise Ltd
Report and Financial Statements
31 December 2022
GMAD Enterprise Ltd
Registered number: 13053029
Director's Report
The director presents his report and financial statements for the year ended 31 December 2022.
Principal activities
The company's principal activity during the period was of wholesale of perfume and cosmetics.
Directors
The following persons served as directors during the period :
Mr M Settimo
Ms T Mbane
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 23 October 2023 and signed on its behalf.
Mr M Settimo
Director
GMAD Enterprise Ltd
Profit and Loss Account
for the year ended 31 December 2022
2022 2021
£ £
Turnover 6,116,592 5,141,764
Cost of sales (4,762,322) (3,736,524)
Gross profit 1,354,270 1,405,240
Administrative expenses (618,920) (1,336,782)
Operating profit 735,350 68,458
Interest receivable 24 -
Interest payable (193) (217)
Profit on ordinary activities before taxation 735,181 68,241
Tax on profit on ordinary activities 1,360 (1,360)
Profit for the financial period 736,541 66,881
GMAD Enterprise Ltd
Registered number: 13053029
Balance Sheet
as at 31 December 2022
Notes 2022 0
£ £ £ £
Fixed assets
Tangible assets 3 804,417 61,084
Current assets
Stocks 97,426 154,283
Debtors 4 161,248 145,185
Cash at bank and in hand 50,995 38,457
309,669 337,925
5 (178,905) (168,415)
Net current assets 130,764 169,510
Total assets less current liabilities 935,181 230,594
Creditors: amounts falling due after more than one year 6 (131,758) (163,712)
Net assets 803,423 66,882
Capital and reserves
Called up share capital 1 1
Profit and loss account 803,422 66,881
Shareholder's funds 803,423 66,882
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 M Settimo
Director
Approved by the board on 23 October 2023
GMAD Enterprise Ltd
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:
Plant and machinery 15% reducing balance basis
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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 7 5
3 Tangible fixed assets
Plant and Machinery Total
£ £
Cost
At 1 January 2022 71,864 71,864
Additions 885,289 885,289
At 31 December 2022 957,153 957,153
Depreciation
At 1 January 2022 10,780 10,780
Charge for the year 141,956 141,956
At 31 December 2022 152,736 152,736
Net book value
At 31 December 2022 804,417 804,417
At 31 December 2021 61,084 61,084
4 Debtors 2022 2021
£ £
Trade debtors 158,122 141,864
Other debtors 3,126 3,321
161,248 145,185
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 157,214 147,628
Corporation tax - 1,360
Other taxes and social security costs 13,167 11,708
Other creditors 8,524 7,719
178,905 168,415
6 Creditors: amounts falling due after one year 2022 2021
£ £
Other creditors 131,758 163,712
131,758 163,712
7 Other information
GMAD Enterprise Ltd is a private company limited by shares and incorporated in England. Its registered office is:
34 Foxley Square
London
SW9 7RX
GMAD Enterprise Ltd 13053029 false 2022-01-01 2022-12-31 2022-12-31 VT Final Accounts October 2023 13053029 2020-12-01 2021-12-31 13053029 core:WithinOneYear 2021-12-31 13053029 core:AfterOneYear 2021-12-31 13053029 core:ShareCapital 2021-12-31 13053029 core:RetainedEarningsAccumulatedLosses 2021-12-31 13053029 2022-01-01 2022-12-31 13053029 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 13053029 bus:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 13053029 bus:Director1 2022-01-01 2022-12-31 13053029 1 2022-01-01 2022-12-31 13053029 2 2022-01-01 2022-12-31 13053029 core:LandBuildings 2022-01-01 2022-12-31 13053029 countries:England 2022-01-01 2022-12-31 13053029 bus:FRS102 2022-01-01 2022-12-31 13053029 bus:FullAccounts 2022-01-01 2022-12-31 13053029 2022-12-31 13053029 core:WithinOneYear 2022-12-31 13053029 core:AfterOneYear 2022-12-31 13053029 core:ShareCapital 2022-12-31 13053029 core:RetainedEarningsAccumulatedLosses 2022-12-31 13053029 core:LandBuildings 2022-12-31 13053029 2021-12-31 13053029 core:LandBuildings 2021-12-31 iso4217:GBP xbrli:pure