Gage Products UK Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 09416055 (England and Wales)
Gage Products UK Limited
Company Information
Director
D J Finkiewicz
Company number
09416055
Registered office
4200 Waterside Solihull Parkway
Birmingham Business Park
Birmingham
B37 7YN
Auditor
Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Gage Products UK Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Gage Products UK Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Stock
244,547
222,267
Debtors
4
3,570,438
3,401,082
Cash at bank and in hand
826,785
662,062
4,641,770
4,285,411
Creditors: amounts falling due within one year
5
(1,726,058)
(1,729,820)
Net current assets
2,915,712
2,555,591
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
2,914,712
2,554,591
Total equity
2,915,712
2,555,591

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 11 March 2024
D J Finkiewicz
Director
Company Registration No. 09416055
Gage Products UK Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Gage Products UK Limited is a private company limited by shares incorporated and domiciled in England and Wales. The registered office is 4200 Waterside Solihull Parkway, Birmingham Business Park, Birmingham, B37 7YN.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

 

The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have a reasonable expectation that the company hatrues adequate resources to continue in operational existence for the foreseeable future. Though margins have fallen slightly as a result of the pandemic in recent years, the directors expect the company to remain profitable for the year as the UK government has eased restrictions on manufacturing plant closures and therefore demand for the company’s products has resumed.

In addition, the company’s ultimate parent, The Gage Corporation, has confirmed that it will continue to provide the company with sufficient financial support and working capital to enable the company to meet its ongoing liabilities as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Gage Products UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.4
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Gage Products UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
955,109
785,793
Amounts owed by group undertakings
2,613,739
2,613,739
Prepayments and accrued income
1,590
1,550
3,570,438
3,401,082
Gage Products UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
236,593
266,350
Amounts owed to group undertakings
1,177,520
1,316,821
Corporation tax
34,679
40,957
Other taxation and social security
42,423
53,166
Other creditors
208,843
34,526
Accruals and deferred income
26,000
18,000
1,726,058
1,729,820
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Darren Jordan
Statutory Auditor:
Moore Kingston Smith LLP
8
Related party transactions

The company has taken advantage of the exemption available in FRS 102 section 33.1A from disclosing transactions with other wholly owned subsidiaries within The Gage Corporation Group. Gage Products UK Limited is included in the Consolidated Group accounts of The Gage Corporation.

9
Controlling party

The immediate parent company is Gage Global Services Inc.

The ultimate parent company and controlling party is The Gage Corporation.

Both companies are incorporated in the US with registered offices 821 Wanda Avenue, Ferndale, Michigan, 48220.

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