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Company Registration No. NI602991 (Northern Ireland)
GMAC Labels Limited Unaudited accounts for the year ended 31 March 2024
GMAC Labels Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,304 
743 
Investment property
90,000 
90,000 
91,304 
90,743 
Current assets
Inventories
34,205 
22,474 
Debtors
53,691 
52,488 
Cash at bank and in hand
265,407 
252,533 
353,303 
327,495 
Creditors: amounts falling due within one year
(74,343)
(54,756)
Net current assets
278,960 
272,739 
Total assets less current liabilities
370,264 
363,482 
Provisions for liabilities
Deferred tax
(3,668)
(3,668)
Net assets
366,596 
359,814 
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
366,586 
359,804 
Shareholders' funds
366,596 
359,814 
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 his 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 27 August 2024 and were signed on its behalf by
Garth McCullough Director Company Registration No. NI602991
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GMAC Labels Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
GMAC Labels Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI602991. The registered office is The Office Dock, Unit 2 Channel Wharf, 21 Old Channel Road, Belfast, Co. Antrim, BT3 9DE.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Going concern
The director of GMAC Labels Limited believes that the company has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least twelve months from the date of signing. Accordingly, GMAC Labels Limited continues to adopt the going concern basis in preparing the financial statements.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of labels and printing goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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:
Fixtures & fittings
20% straight line
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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GMAC Labels Limited Notes to the Accounts for the year ended 31 March 2024
Deferred taxation
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.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2023
39,000 
At 31 March 2024
39,000 
Amortisation
At 1 April 2023
39,000 
At 31 March 2024
39,000 
Net book value
At 31 March 2024
- 
5
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 April 2023
3,341 
Additions
922 
At 31 March 2024
4,263 
Depreciation
At 1 April 2023
2,598 
Charge for the year
361 
At 31 March 2024
2,959 
Net book value
At 31 March 2024
1,304 
At 31 March 2023
743 
6
Investment property
2024 
£ 
Fair value at 1 April 2023
90,000 
At 31 March 2024
90,000 
- 4 -
GMAC Labels Limited Notes to the Accounts for the year ended 31 March 2024
7
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
53,200 
50,997 
Accrued income and prepayments
491 
491 
Other debtors
- 
1,000 
53,691 
52,488 
8
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
1,888 
2,337 
Trade creditors
45,427 
35,050 
Taxes and social security
13,541 
14,857 
Other creditors
500 
- 
Loans from directors
9,986 
301 
Accruals
3,001 
2,211 
74,343 
54,756 
9
Deferred taxation
2024 
2023 
£ 
£ 
Revaluation of investment property
3,668 
3,668 
2024 
2023 
£ 
£ 
Provision at start of year
3,668 
- 
Charged to the profit and loss account
- 
3,668 
Provision at end of year
3,668 
3,668 
10
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10 
10 
11
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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