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Company registration number: NI618407
GBC IRELAND LTD
Trading as GBC Ireland Ltd
Unaudited filleted financial statements
31 May 2023
GBC IRELAND LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
GBC IRELAND LTD
Directors and other information
Director Lesley Mealiff
Company number NI618407
Registered office Unit 1
The Pavillion Retail Park
Strabane
Co Tyrone
BT82 8EQ
Business address Unit 1
The Pavillion Retail Park
Strabane
Co Tyrone
BT82 8EQ
Accountants McDaid McCullough Moore
28/32 Clarendon Street
Derry
BT48 7HD
Bankers Allied Irish Banks
Meadowbank
Strand Road
Derry
BT48 8EW
Danske Bank
P O Box 183
Donegall Square West
Belfast
BT1 6JS
GBC IRELAND LTD
Report to the director on the preparation of the
unaudited statutory financial statements of GBC IRELAND LTD
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of GBC Ireland Ltd for the year ended 31 May 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of GBC IRELAND LTD, as a body, in accordance with the terms of our engagement letter dated 13 December 2023. Our work has been undertaken solely to prepare for your approval the financial statements of GBC IRELAND LTD and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GBC IRELAND LTD and its director as a body for our work or for this report.
It is your duty to ensure that GBC Ireland Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GBC Ireland Ltd. You consider that GBC Ireland Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of GBC Ireland 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 financial statements.
McDaid McCullough Moore
Chartered Accountants
28/32 Clarendon Street
Derry
BT48 7HD
13 December 2023
GBC IRELAND LTD
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 11,882 5,160
_______ _______
11,882 5,160
Current assets
Stocks 230,000 135,000
Cash at bank and in hand 186,836 279,560
_______ _______
416,836 414,560
Creditors: amounts falling due
within one year 6 ( 287,609) ( 284,488)
_______ _______
Net current assets 129,227 130,072
_______ _______
Total assets less current liabilities 141,109 135,232
_______ _______
Net assets 141,109 135,232
_______ _______
Capital and reserves
Called up share capital 7 100 100
Profit and loss account 141,009 135,132
_______ _______
Shareholders funds 141,109 135,232
_______ _______
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 December 2023 , and are signed on behalf of the board by:
Lesley Mealiff
Director
Company registration number: NI618407
GBC IRELAND LTD
Statement of changes in equity
Year ended 31 May 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2021 100 60,684 60,784
Profit for the year 74,448 74,448
_______ _______ _______
Total comprehensive income for the year - 74,448 74,448
_______ _______ _______
At 31 May 2022 and 1 June 2022 100 135,132 135,232
Profit for the year 5,877 5,877
_______ _______ _______
Total comprehensive income for the year - 5,877 5,877
_______ _______ _______
At 31 May 2023 100 141,009 141,109
_______ _______ _______
GBC IRELAND LTD
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is GBC Ireland Ltd, Unit 1, The Pavillion Retail Park, Strabane, Co Tyrone, BT82 8EQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2022: 30 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2022 90,475 90,475
Additions 11,627 11,627
_______ _______
At 31 May 2023 102,102 102,102
_______ _______
Depreciation
At 1 June 2022 85,315 85,315
Charge for the year 4,905 4,905
_______ _______
At 31 May 2023 90,220 90,220
_______ _______
Carrying amount
At 31 May 2023 11,882 11,882
_______ _______
At 31 May 2022 5,160 5,160
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 53,454 51,145
Trade creditors 177,537 157,441
Corporation tax - 14,222
Social security and other taxes 47,309 46,017
Other creditors 9,309 15,663
_______ _______
287,609 284,488
_______ _______
7. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______