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Registration number: 13974748

GKs Graphics Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Period from 14 March 2022 to 31 March 2023

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GKs Graphics Ltd

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

GKs Graphics Ltd

Company Information

Directors

Ms Clare Marie Scammell

Mr Keith James Nelson

Registered office

Unit 3, Upp Hall Farm
Salmons Lane
Colchester
Essex
CO6 1RY

Accountants

Integer
Unit 3, Upp Hall Farm
Salmons Lane
Colchester
Essex
CO6 1RY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
GKs Graphics Ltd
for the Period Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GKs Graphics Ltd for the period ended 31 March 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of GKs Graphics Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of GKs Graphics Ltd and state those matters that we have agreed to state to the Board of Directors of GKs Graphics Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GKs Graphics Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that GKs Graphics Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of GKs Graphics Ltd. You consider that GKs Graphics Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of GKs Graphics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Integer
Unit 3, Upp Hall Farm
Salmons Lane
Colchester
Essex
CO6 1RY

17 November 2023

 

GKs Graphics Ltd

(Registration number: 13974748)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

5,652

Current assets

 

Stocks

5

4,352

Debtors

1,578

Cash at bank and in hand

 

2,333

 

8,263

Creditors: Amounts falling due within one year

(15,259)

Net current liabilities

 

(6,996)

Net liabilities

 

(1,344)

Capital and reserves

 

Called up share capital

6

101

Retained earnings

(1,445)

Shareholders' deficit

 

(1,344)

For the financial period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

.........................................
Ms Clare Marie Scammell
Director

 

GKs Graphics Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 14 March 2022 to 31 March 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

Straight line, 3 years

Plant & Machinery

Straight line, 4 years

Furniture & Fittings

Straight line, 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

GKs Graphics Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 14 March 2022 to 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 1.

3

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

Depreciation expense

1,932

 

GKs Graphics Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 14 March 2022 to 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 14 March 2022

-

-

5,545

5,545

Additions

2,039

-

-

2,039

At 31 March 2023

2,039

-

5,545

7,584

Depreciation

Charge for the period

408

138

1,386

1,932

At 31 March 2023

408

138

1,386

1,932

Carrying amount

At 31 March 2023

1,631

(138)

4,159

5,652

5

Stocks

2023
£

Other inventories

4,352

6

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary A shares of £1 each

100

100

Ordinary B shares of £1 each

1

1

 

101

101

7

Related party transactions

Transactions with directors

2023

At 14 March 2022
£

Repayments by director
£

At 31 March 2023
£

Ms Clare Marie Scammell

Directors loan

-

14,040

14,040

       
     

 

 

GKs Graphics Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 14 March 2022 to 31 March 2023

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

Remuneration

9,096

In respect of the highest paid director:

2023
£

Remuneration

9,096