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REGISTERED NUMBER: 12012703 (England and Wales)







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: I J Dunnaker
N G Perry
C J Perry





SECRETARY: A J Allen





REGISTERED OFFICE: A. Perry Ltd
Doulton Road
Cradley Heath
West Midlands
B64 5QW





REGISTERED NUMBER: 12012703 (England and Wales)





AUDITORS: Prime
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 4 225,240 225,240

CURRENT ASSETS
Debtors 5 2 2
Cash at bank 253 123
255 125
CREDITORS
Amounts falling due within one year 6 239,299 238,863
NET CURRENT LIABILITIES (239,044 ) (238,738 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(13,804

)

(13,498

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 8 (13,806 ) (13,500 )
SHAREHOLDERS' FUNDS (13,804 ) (13,498 )

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 9 October 2024 and were signed on its behalf by:





N G Perry - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 225,240
NET BOOK VALUE
At 30 June 2024 225,240
At 31 December 2022 225,240

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 2 2

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 239,299 238,863

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 (13,500 )
Deficit for the period (306 )
At 30 June 2024 (13,806 )

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

The Report of the Auditors was unqualified.

Morgan Davies FCA (Senior Statutory Auditor)
for and on behalf of Prime

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.