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REGISTERED NUMBER: SC214175 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

Gizmo Packaging Limited

Gizmo Packaging Limited (Registered number: SC214175)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Gizmo Packaging Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: B D Frutin
J Maguire





REGISTERED OFFICE: Merlin House
Mossland Road
Hillington Park
GLASGOW
G52 4XZ





REGISTERED NUMBER: SC214175 (Scotland)





AUDITORS: The Kelvin Partnership Ltd
Statutory Auditor
Chartered Accountants
The Cooper Building
505 Great Western Road
Glasgow
G12 8HN

Gizmo Packaging Limited (Registered number: SC214175)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 359,668 366,518
Tangible assets 5 24,854 19,492
384,522 386,010

CURRENT ASSETS
Debtors 6 95,966 326,288
Cash at bank and in hand 840,599 605,573
936,565 931,861
CREDITORS
Amounts falling due within one year 7 86,358 79,602
NET CURRENT ASSETS 850,207 852,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,234,729

1,238,269

CAPITAL AND RESERVES
Called up share capital 126,000 126,000
Share premium 624,000 624,000
Retained earnings 484,729 488,269
SHAREHOLDERS' FUNDS 1,234,729 1,238,269

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 Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:





J Maguire - Director


Gizmo Packaging Limited (Registered number: SC214175)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Gizmo Packaging 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 United Kingdom and the Republic of Ireland and the Companies Act 2006

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

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all periods presented.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible fixed assets
Patent and trademark costs are included in intangible fixed assets until full patent status has been granted and thereafter all renewal annual costs and any additional costs are charged to revenue.

Intangible fixed assets are stated at cost, and are depreciated over their expected useful lives as follows:-

Patents and trade marks - 5% straight line

Depreciation on patents commences at the priority date of the letters of the patents.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost and 20% on cost

Gizmo Packaging Limited (Registered number: SC214175)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments.

Financial instruments are recognized in the company's financial statements when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are only offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.


Gizmo Packaging Limited (Registered number: SC214175)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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.

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 year 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

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

Provisions
Provisions are recognised where a legal or constructive obligation has been incurred which will probably lead to an outflow of resources that can be reasonably estimated. Provisions are recorded for the estimated ultimate liability that is expected to arise, taking into account the time value of money where material.

A contingent liability is disclosed where the existence of the obligation will only be confirmed by future events, or where the amount of the obligation cannot be measured with reasonable reliability. Contingent assets are not recognised but are disclosed where an inflow of economic benefits is probable.

Gizmo Packaging Limited (Registered number: SC214175)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern basis
The financial statements have been prepared on the going concern basis. The directors believe that the company has adequate resources and support to continue to operate for the foreseeable future.

Due to the company having an agreement with their customer that is over a few years, there is no going concern issues revolved around this.The company's balance sheet and management has assessed the company's ability to continue as a going concern and has considered various factors, including historical financial performance, current economic conditions, cash flow projections, and available financing options.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023 880,026
Additions 20,856
At 31 December 2023 900,882
AMORTISATION
At 1 January 2023 513,508
Amortisation for year 27,706
At 31 December 2023 541,214
NET BOOK VALUE
At 31 December 2023 359,668
At 31 December 2022 366,518

Gizmo Packaging Limited (Registered number: SC214175)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 28,210 42,954 71,164
Additions 997 13,205 14,202
Disposals (1,560 ) (26,868 ) (28,428 )
At 31 December 2023 27,647 29,291 56,938
DEPRECIATION
At 1 January 2023 22,496 29,176 51,672
Charge for year 2,459 6,381 8,840
Eliminated on disposal (1,560 ) (26,868 ) (28,428 )
At 31 December 2023 23,395 8,689 32,084
NET BOOK VALUE
At 31 December 2023 4,252 20,602 24,854
At 31 December 2022 5,714 13,778 19,492

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 2,765 250,125
Other debtors 93,201 76,163
95,966 326,288

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 61,865 61,247
Taxation and social security 15,695 6,692
Other creditors 8,798 11,663
86,358 79,602

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Raymond Henry FCA (Senior Statutory Auditor)
for and on behalf of The Kelvin Partnership Ltd

Gizmo Packaging Limited (Registered number: SC214175)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. RELATED PARTY DISCLOSURES

During the year ended 31 December 2023 the company had Nil sales (2022 - £19,608) to R3nder Ltd a company in which Jordan Maguire is a director.

Also during the year ended 31 December 2023 the company had management & legal charges of £81,600 (2022 - £77,208) from Rocep Lusol Holdings Ltd a company which has common directors. As at 31 December 2023 there was a balance due to Rocep Lusol Holdings Ltd of £8,300 (2022 - £13,600) and is included in creditors.