REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
FOR |
GIC INTERNATIONAL TRADING LTD |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
FOR |
GIC INTERNATIONAL TRADING LTD |
GIC INTERNATIONAL TRADING LTD (REGISTERED NUMBER: 12012703) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
GIC INTERNATIONAL TRADING LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
GIC INTERNATIONAL TRADING LTD (REGISTERED NUMBER: 12012703) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
GIC INTERNATIONAL TRADING LTD (REGISTERED NUMBER: 12012703) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
GIC International Trading Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
During the period the company has continued to hold its investment in a joint venture with finance provided by a group company. The company has no external debt and the directors believe the company has adequate resources available through the group to adopt the going concern basis in preparing these financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
GIC INTERNATIONAL TRADING LTD (REGISTERED NUMBER: 12012703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Investments in joint ventures |
An entity is treated as a joint venture where the company is party to a contractual agreement with one or more parties from outside the company to undertake an economic activity that is subject to joint control. |
In the accounts, interest in joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including translation costs) and is subsequently adjusted to reflect the investor's share of the profit or loss, other comprehensive income and equity of the joint venture. the statement of comprehensive income includes the company's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the company. Any share of losses are only recognised to the extent that they do not reduce the investment balance below zero as the company has no obligations to make payments on behalf of the joint venture, and any share of subsequent profits shall be accounted for once the unrecognised profits are equal to the unrecognised losses. In the balance sheet, the interests in joint ventures are shown as the company's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any unrealised profits and losses from transactions between the company and the joint venture are eliminated to the extent of the company's interest in the joint venture. |
Any premium on acquisition is included within the equity method accounted figure in the financial statements as goodwill. This goodwill is amortised over 10 years. Where there are indicators of impairment, the investment as a whole is tested for impairment, |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL (2022 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Interest |
in joint |
venture |
£ |
COST |
At 1 January 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 31 December 2022 |
During the period the company owned a 50% equity stake in Ukandin International Private Limited, a company based in India. At 30 June 2024 the joint venture had a capital and reserves total on the balance sheet of £22,411 (2022: (£83,053)). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Amounts owed by group undertakings |
GIC INTERNATIONAL TRADING LTD (REGISTERED NUMBER: 12012703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 JUNE 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2022 |
£ | £ |
Amounts owed to group undertakings |
7. | SECURED DEBTS |
HSBC UK Bank Plc holds a fixed and floating charge over the company's assets under a debenture dated 23 August 2019. |
The company is party to an unlimited multilateral guarantee dated 23 August 2019 in favour of HSBC UK Bank Plc. The guarantee is given by GIC International Trading Limited, Perry & Co Limited, and A Perry Limited. |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Deficit for the period | ( |
) |
At 30 June 2024 | ( |
) |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Perry & Co Limited, whose registered office is Doulton Road, Cradley Heath, West Midlands, B64 5QW. |