Company Registration No. SC525834 (Scotland)
G7 RSK Ltd
Unaudited accounts
for the year ended 31 March 2024
G7 RSK Ltd
Unaudited accounts
Contents
G7 RSK Ltd
Company Information
for the year ended 31 March 2024
Company Number
SC525834 (Scotland)
Accountants
Kelly Tax Services Limited
New Alderston House
3 Dove Wynd, Strathclyde Business Park
Bellshill
North Lanarkshire
ML4 3FB
G7 RSK Ltd
Statement of financial position
as at 31 March 2024
Investment property
-
295,000
Cash at bank and in hand
154,090
333,691
Creditors: amounts falling due within one year
-
(17,822)
Net current assets
215,290
377,782
Total assets less current liabilities
215,290
672,782
Creditors: amounts falling due after more than one year
(134,598)
(491,968)
Provisions for liabilities
Called up share capital
1,000
1,000
Fair value reserve
-
71,113
Profit and loss account
79,692
101,386
Shareholders' funds
80,692
173,499
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 July 2024 and were signed on its behalf by
Tanu Sandhu
Director
Company Registration No. SC525834
G7 RSK Ltd
Notes to the Accounts
for the year ended 31 March 2024
G7 RSK Ltd is a private company, limited by shares, registered in Scotland, registration number SC525834.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33% straight line
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards from 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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
G7 RSK Ltd
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Plant & machinery
Fair value at 1 April 2023
295,000
Amounts falling due within one year
Accrued income and prepayments
-
1,313
Amounts falling due after more than one year
Accrued income and prepayments
600
-
Other debtors
60,600
60,600
7
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
-
17,822
8
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
134,598
491,968
9
Transactions with related parties
During the year to 31 March 2024, there was a balance owed to Rabinder Kaur Sandhu, the mother of the Director, totalling £134,598 (2023:491,968).
This is an interest free loan and there are no fixed terms of repayment.
G7 RSK Ltd
Notes to the Accounts
for the year ended 31 March 2024
10
Average number of employees
During the year the average number of employees was 0 (2023: 0).