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COMPANY REGISTRATION NUMBER: 08389228
GADGETS INC LTD
Filleted Unaudited Financial Statements
29 February 2024
GADGETS INC LTD
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
33,298
37,995
Current assets
Stocks
58,143
58,725
Debtors
6
59,174
12,924
Cash at bank and in hand
25,650
29,289
---------
---------
142,967
100,938
Creditors: amounts falling due within one year
7
44,601
34,328
---------
---------
Net current assets
98,366
66,610
---------
---------
Total assets less current liabilities
131,664
104,605
Creditors: amounts falling due after more than one year
8
92,050
98,786
---------
---------
Net assets
39,614
5,819
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
39,514
5,719
--------
-------
Shareholders funds
39,614
5,819
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GADGETS INC LTD
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
MR MUHAMMAD IMRAN IRFAN
Director
Company registration number: 08389228
GADGETS INC LTD
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is UNIT 6, OLD BASING MALL, BASINGSTOKE, RG21 7AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 10 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
6,681
145,203
151,884
-------
---------
---------
Depreciation
At 1 March 2023
113,889
113,889
Charge for the year
4,697
4,697
-------
---------
---------
At 29 February 2024
118,586
118,586
-------
---------
---------
Carrying amount
At 29 February 2024
6,681
26,617
33,298
-------
---------
---------
At 28 February 2023
6,681
31,314
37,995
-------
---------
---------
6. Debtors
2024
2023
£
£
Other debtors
59,174
12,924
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,541
24,276
Corporation tax
2,699
Social security and other taxes
5,688
4,767
Other creditors
5,673
5,285
--------
--------
44,601
34,328
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
32,362
39,098
Other creditors
59,688
59,688
--------
--------
92,050
98,786
--------
--------
9. Related party transactions
The company was under the control of Mr Muhammad Imran Irfan throughout the current and previous year.