Registered number
11408001
GGN INTL Ltd
Filleted Accounts
31 December 2023
GGN INTL Ltd
Registered number: 11408001
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 20,207 23,557
Tangible assets 4 264,579 120,691
284,786 144,248
Current assets
Stocks 2,557,000 2,448,500
Debtors 5 276,550 109,096
Cash at bank and in hand 58,550 314,184
2,892,100 2,871,780
Creditors: amounts falling due within one year 6 (2,597,444) (2,625,793)
Net current assets 294,656 245,987
Total assets less current liabilities 579,442 390,235
Creditors: amounts falling due after more than one year 7 (77,205) (8,357)
Provisions for liabilities (20,906) (20,906)
Net assets 481,331 360,972
Capital and reserves
Called up share capital 100,000 100,000
Profit and loss account 381,331 260,972
Shareholders' funds 481,331 360,972
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Malkiyat Singh
Director
Approved by the board on 22 August 2024
GGN INTL Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Website and business development costs are capitalised as intangible assets to the extent that such assets will generate future economic benefit. Research costs are expensed as incurred.

Website and business development expenditure is reviewed for impairment annually and such expenditure is amortised over its useful life not exceeding 10 years from the point such assets begin to provide economic benefit.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold buildings not depreciated
Leasehold improvements over lease term
Plant and machinery and equipment over 5 years
Motor vehicles 20% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 33,493
At 31 December 2023 33,493
Amortisation
At 1 January 2023 9,936
Provided during the year 3,350
At 31 December 2023 13,286
Net book value
At 31 December 2023 20,207
At 31 December 2022 23,557
Goodwill is being written off in equal annual instalments over its estimated economic life.
4 Tangible fixed assets
Leasehold buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 85,660 72,461 18,495 176,616
Additions 92,229 31,528 73,530 197,287
At 31 December 2023 177,889 103,989 92,025 373,903
Depreciation
At 1 January 2023 25,075 29,462 1,388 55,925
Charge for the year 26,327 17,835 9,237 53,399
At 31 December 2023 51,402 47,297 10,625 109,324
Net book value
At 31 December 2023 126,487 56,692 81,400 264,579
At 31 December 2022 60,585 42,999 17,107 120,691
5 Debtors 2023 2022
£ £
Trade debtors 170,466 50,859
Other debtors - 20,602
Rent deposit 106,084 37,635
276,550 109,096
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,266 3,685
Obligations under finance lease and hire purchase contracts 21,474 -
Trade creditors 1,670,376 1,800,433
Taxation and social security costs 212,062 146,244
Other creditors 683,266 675,431
2,597,444 2,625,793
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 4,936 8,357
Obligations under finance lease and hire purchase contracts 72,269 -
77,205 8,357
8 Other information
GGN INTL Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5b Tungsten Park
Colletts Way
Witney
England
OX29 0AX
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