REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Period |
1st January 2024 to 30th September 2024 |
for |
Private Label By G Uk Ltd. |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Period |
1st January 2024 to 30th September 2024 |
for |
Private Label By G Uk Ltd. |
Private Label By G Uk Ltd. (Registered number: 07618231) |
Contents of the Financial Statements |
For The Period 1st January 2024 to 30th September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Private Label By G Uk Ltd. |
Company Information |
For The Period 1st January 2024 to 30th September 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 Old Market Place |
Ripon |
North Yorkshire |
HG4 1EQ |
Private Label By G Uk Ltd. (Registered number: 07618231) |
Balance Sheet |
30th September 2024 |
30.9.24 | 31.12.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
Private Label By G Uk Ltd. (Registered number: 07618231) |
Balance Sheet - continued |
30th September 2024 |
The financial statements were approved by the director and authorised for issue on |
Private Label By G Uk Ltd. (Registered number: 07618231) |
Notes to the Financial Statements |
For The Period 1st January 2024 to 30th September 2024 |
1. | STATUTORY INFORMATION |
Private Label By G UK Limited is a private company limited by shares and incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
The company has a permanent establishment in Germany. The results of this permanent establishment are reported with the other trading activities of the company in these financial statements. |
Going Concern |
The company ceased trading on 30th September 2024. The director plans to wind up the company after debts have been collected and all third party creditors have been paid. Therefore, that director does not consider it appropriate for these accounts to be prepared using the going concern basis. The assets and liabilities reported in the balance sheet represent the value of assets to be collected and the liabilities the value to be paid to creditors. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of goods. |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Short Leasehold Improvements Straight line over term of the lease |
Fixtures and Fittings Straight line over 10 years |
Computer and Office Equipment Straight line over 5 years |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Private Label By G Uk Ltd. (Registered number: 07618231) |
Notes to the Financial Statements - continued |
For The Period 1st January 2024 to 30th September 2024 |
2. | ACCOUNTING POLICIES - continued |
Tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
The company has a permanent establishment in Germany and the current tax reported in these financial statements includes any tax liability to the German tax authorities payable or receivable on these results. |
Deferred tax |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Foreign currencies |
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. |
Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. |
Leases |
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
Derivatives |
Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. |
Private Label By G Uk Ltd. (Registered number: 07618231) |
Notes to the Financial Statements - continued |
For The Period 1st January 2024 to 30th September 2024 |
2. | ACCOUNTING POLICIES - continued |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2024 |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30th September 2024 |
DEPRECIATION |
At 1st January 2024 |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 31st December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 31.12.23 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
Private Label By G Uk Ltd. (Registered number: 07618231) |
Notes to the Financial Statements - continued |
For The Period 1st January 2024 to 30th September 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 31.12.23 |
£ | £ |
Payments on account |
Trade creditors |
Corporation Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 31.12.23 |
£ | £ |
Other creditors |
8. | PROVISIONS FOR LIABILITIES |
30.9.24 | 31.12.23 |
£ | £ |
Deferred tax | - | 1,067 |
Deferred tax |
£ |
Balance at 1st January 2024 |
Credit to Statement of Income and Retained Earnings during period | ( |
) |
Accelerated capital allowances |
Balance at 30th September 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.24 | 31.12.23 |
value: | £ | £ |
Ordinary shares | 1 | 461,132 | 461,132 |
10. | RELATED PARTY DISCLOSURES |
During the year the Company made purchases of goods and services of £123,065 (2023 : £447,557) from Private Label by G Inc. The Company incurred management service charges of £37,500 (2023 : £50,000) from Private Label By G Inc. Private Label by G Inc. is controlled by Mr Ty Yeh, the director of the Company and the shareholder in the Company. Included in trade creditors and accruals at the year end is an amount of £87,500 (2023 : £137,267) due to Private Label By G Inc. These transactions were on an arms length basis. |