Company registration number 12101866 (England and Wales)
GIK Acoustics Europe Ltd
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 July 2024
PAGES FOR FILING WITH REGISTRAR
GIK Acoustics Europe Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
GIK Acoustics Europe Ltd
Statement Of Financial Position
as at 31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,914,394
-
0
Tangible assets
4
12,923
17,230
Investments
5
2,119,559
900
5,046,876
18,130
Current assets
Stocks
141,326
104,170
Debtors
54,267
40,777
Cash at bank and in hand
159,274
252,467
354,867
397,414
Creditors: amounts falling due within one year
(303,739)
(220,106)
Net current assets
51,128
177,308
Net assets
5,098,004
195,438
Capital and reserves
Called up share capital
6
1,000
1,000
Other reserves
5,033,053
-
0
Profit and loss reserves
63,951
194,438
Total equity
5,098,004
195,438
GIK Acoustics Europe Ltd
Statement Of Financial Position (continued)
as at 31 July 2024
- 2 -

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 April 2025 and are signed on its behalf by:
D Shevyn
Director
Company registration number 12101866 (England and Wales)
GIK Acoustics Europe Ltd
Notes to the financial statements
for the year ended 31 July 2024
- 3 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover

Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon the provision of goods and services.

Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life,

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Computers
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

GIK Acoustics Europe Ltd
Notes to the financial statements (continued)
for the year ended 31 July 2024
1
Accounting policies
(continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
9
3
Intangible fixed assets
Total
£
Cost
At 1 August 2023
-
0
Additions
2,914,394
At 31 July 2024
2,914,394
Amortisation and impairment
At 1 August 2023 and 31 July 2024
-
0
Carrying amount
At 31 July 2024
2,914,394
At 31 July 2023
-
0
GIK Acoustics Europe Ltd
Notes to the financial statements (continued)
for the year ended 31 July 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
53,510
3,587
57,097
Depreciation and impairment
At 1 August 2023
36,280
3,587
39,867
Depreciation charged in the year
4,307
-
0
4,307
At 31 July 2024
40,587
3,587
44,174
Carrying amount
At 31 July 2024
12,923
-
0
12,923
At 31 July 2023
17,230
-
0
17,230
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,119,559
900
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023
900
Valuation changes
2,118,659
At 31 July 2024
2,119,559
Carrying amount
At 31 July 2024
2,119,559
At 31 July 2023
900
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
600
600
400
400
B Ordinary shares of £1 each
400
400
600
600
1,000
1,000
1,000
1,000
7
Parent company
GIK Acoustics Europe Ltd
Notes to the financial statements (continued)
for the year ended 31 July 2024
7
Parent company
(continued)
- 6 -

The controlling party of the company is GIK Acoustics LLC, a company registered in America.

8
Company information

GIK Acoustics Europe Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit F Perseverance Mills, Giles Street, Wibsey, Bradford, West Yorkshire, BD6 3HS.

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