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REGISTERED NUMBER: SC752896 (Scotland)



















GIMBAP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

12 DECEMBER 2022 TO 31 DECEMBER 2023






GIMBAP LIMITED (REGISTERED NUMBER: SC752896)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 12 DECEMBER 2022 TO 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GIMBAP LIMITED

COMPANY INFORMATION
FOR THE PERIOD 12 DECEMBER 2022 TO 31 DECEMBER 2023







DIRECTOR: Wei Ming Lin





REGISTERED OFFICE: 9 Royal Crescent
Glasgow
G3 7SP





REGISTERED NUMBER: SC752896 (Scotland)





ACCOUNTANTS: Whitelaw Wells
Chartered Accountants
9 Royal Crescent
Glasgow
G3 7SP

GIMBAP LIMITED (REGISTERED NUMBER: SC752896)

BALANCE SHEET
31 DECEMBER 2023

Notes £    £   
FIXED ASSETS
Tangible assets 4 9,443

CURRENT ASSETS
Stocks 8,000
Debtors 5 29,977
Cash at bank and in hand 37,871
75,848
CREDITORS
Amounts falling due within one year 6 178,131
NET CURRENT LIABILITIES (102,283 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(92,840

)

CAPITAL AND RESERVES
Called up share capital 1
Retained earnings (92,841 )
SHAREHOLDERS' FUNDS (92,840 )

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

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

The director acknowledges his 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.

GIMBAP LIMITED (REGISTERED NUMBER: SC752896)

BALANCE SHEET - continued
31 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 September 2024 and were signed by:





Wei Ming Lin - Director


GIMBAP LIMITED (REGISTERED NUMBER: SC752896)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 12 DECEMBER 2022 TO 31 DECEMBER 2023


1. STATUTORY INFORMATION

Gimbap Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 and revenue recognition
The turnover shown in the profit and loss account represents the value of sales during the period, exclusive of Value Added Tax. Revenue is recognised at the point where a meal is served or handed over to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and Fittings - 15% on cost

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

Financial instruments
Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


GIMBAP LIMITED (REGISTERED NUMBER: SC752896)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 12 DECEMBER 2022 TO 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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 period 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Loans and borrowings
Loans and borrowings are initially recorded at the transaction price, including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 22 .

GIMBAP LIMITED (REGISTERED NUMBER: SC752896)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 12 DECEMBER 2022 TO 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Equipment
and
Fittings
£   
COST
Additions 10,146
At 31 December 2023 10,146
DEPRECIATION
Charge for period 703
At 31 December 2023 703
NET BOOK VALUE
At 31 December 2023 9,443

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Online debtors 3,749
Loan to related company 2,911
Deferred tax asset 21,623
Prepayments 1,694
29,977

The loan to related company is interest free and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Bank loans and overdrafts 55,081
Hire purchase contracts 1,046
Social security and other taxes 40,820
VAT 51,360
Accrued expenses 29,824
178,131