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Registered number: 09413612
Gdk 2 Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
WK & CO ACCOUNTANTS LIMITED
Chartered Certified Accountants
28 Blackwood Road
Sutton Coldfield
B74 3PH
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Report to the director on the preparation of the unaudited statutory accounts of Gdk 2 Limited for the year ended 31 December 2023
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gdk 2 Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Gdk 2 Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Gdk 2 Limited and state those matters that we have agreed to state to the director of Gdk 2 Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gdk 2 Limited and its director as a body for our work or for this report.
It is your duty to ensure that Gdk 2 Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Gdk 2 Limited . You consider that Gdk 2 Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Gdk 2 Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
24/09/2024
WK & CO ACCOUNTANTS LIMITED
Chartered Certified Accountants
28 Blackwood Road
Sutton Coldfield
B74 3PH
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Page 2
Balance Sheet
Registered number: 09413612
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 122,082 48,058
122,082 48,058
CURRENT ASSETS
Stocks 5 5,000 5,250
Debtors 6 43,388 39,706
Cash at bank and in hand 92,456 100,296
140,844 145,252
Creditors: Amounts Falling Due Within One Year 7 (227,029 ) (181,588 )
NET CURRENT ASSETS (LIABILITIES) (86,185 ) (36,336 )
TOTAL ASSETS LESS CURRENT LIABILITIES 35,897 11,722
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (28,332 ) (4,947 )
NET ASSETS 7,565 6,775
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 7,465 6,675
SHAREHOLDERS' FUNDS 7,565 6,775
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Talha Masood
Director
24/09/2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Gdk 2 Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09413612 . The registered office is 28 Blackwood Road, Sutton Coldfield, B74 3PH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15 years on straight line basis
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.8. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2022: 34)
25 34
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 January 2023 13,129 67,150 - 80,279
Additions - 10,300 90,833 101,133
As at 31 December 2023 13,129 77,450 90,833 181,412
Depreciation
As at 1 January 2023 3,501 28,720 - 32,221
Provided during the period 875 7,310 18,924 27,109
As at 31 December 2023 4,376 36,030 18,924 59,330
Net Book Value
As at 31 December 2023 8,753 41,420 71,909 122,082
As at 1 January 2023 9,628 38,430 - 48,058
5. Stocks
2023 2022
£ £
Stock 5,000 5,250
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 20,594 18,042
Other debtors 22,794 21,664
43,388 39,706
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 46,288 47,052
Other creditors 119,160 26,620
Taxation and social security 61,581 107,916
227,029 181,588
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Other timing differences 28,332 4,947
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Related Party Transactions
During the year, a total dividends of £80,000 (2022 - £300,000) was paid to shareholding companies.
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