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REGISTERED NUMBER: 02600473 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

GULLCO INTERNATIONAL (U.K.) LIMITED

GULLCO INTERNATIONAL (U.K.) LIMITED (REGISTERED NUMBER: 02600473)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GULLCO INTERNATIONAL (U.K.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: C M Eagle
D W Millar



REGISTERED OFFICE: 5 Stonecrop
North Quarry Business Park
Appley Bridge
Nr Wigan
WN6 9DB



REGISTERED NUMBER: 02600473 (England and Wales)



ACCOUNTANTS: Ryans
Chartered Accountants
67 Chorley Old Road
Bolton
BL1 3AJ



BANKERS: The Royal Bank of Scotland plc
97 Fishergate
Preston
PR1 2DP

GULLCO INTERNATIONAL (U.K.) LIMITED (REGISTERED NUMBER: 02600473)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 92,333 109,083

CURRENT ASSETS
Stocks 666,882 669,031
Debtors 5 185,488 308,553
Cash at bank 123,244 115,296
975,614 1,092,880
CREDITORS
Amounts falling due within one year 6 243,001 337,617
NET CURRENT ASSETS 732,613 755,263
TOTAL ASSETS LESS CURRENT
LIABILITIES

824,946

864,346

PROVISIONS FOR LIABILITIES - 1,061
NET ASSETS 824,946 863,285

CAPITAL AND RESERVES
Called up share capital 8 300 300
Retained earnings 824,646 862,985
SHAREHOLDERS' FUNDS 824,946 863,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GULLCO INTERNATIONAL (U.K.) LIMITED (REGISTERED NUMBER: 02600473)

BALANCE SHEET - continued
31ST DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th February 2024 and were signed on its behalf by:





D W Millar - Director


GULLCO INTERNATIONAL (U.K.) LIMITED (REGISTERED NUMBER: 02600473)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Gullco International (U.K.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue, described as turnover, represents the value of goods and services, net of VAT, provided to customers during the year.

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold land and buildings - 4% on cost of buildings
Plant and machinery - 17% on cost
Fixtures and equipment - 33% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

GULLCO INTERNATIONAL (U.K.) LIMITED (REGISTERED NUMBER: 02600473)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Freehold Fixtures
land and Plant and and Motor
buildings machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1st January 2023
and 31st December 2023 376,500 98,245 133,508 75,442 683,695
DEPRECIATION
At 1st January 2023 273,000 95,495 133,508 72,609 574,612
Charge for year 13,000 917 - 2,833 16,750
At 31st December 2023 286,000 96,412 133,508 75,442 591,362
NET BOOK VALUE
At 31st December 2023 90,500 1,833 - - 92,333
At 31st December 2022 103,500 2,750 - 2,833 109,083

GULLCO INTERNATIONAL (U.K.) LIMITED (REGISTERED NUMBER: 02600473)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st January 2023 67,242
Transfer to ownership (67,242 )
At 31st December 2023 -
DEPRECIATION
At 1st January 2023 64,409
Charge for year 2,833
Transfer to ownership (67,242 )
At 31st December 2023 -
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 2,833

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 173,971 270,940
Tax - 12,501
VAT 875 -
Prepayments & accrued income 10,642 25,112
185,488 308,553

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts - 2,233
Trade creditors 43,427 67,640
Social security and other taxes 9,774 8,587
VAT - 5,865
Amount owed to parent company 134,664 235,145
Accruals, advances & deferred income 55,136 18,147
243,001 337,617

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 2,233

GULLCO INTERNATIONAL (U.K.) LIMITED (REGISTERED NUMBER: 02600473)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300 Ordinary £1 300 300

9. ULTIMATE CONTROLLING PARTY

Gullco International (UK) Limited is a wholly owned subsidiary of Gullco International Limited, registered in Canada, which is the ultimate holding company. There is no one party with control of that company.