1.
General Information
G&K Worldwide Investments Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
04450937
. The registered office is Birchin Court, 20 Birchin Lane, London, EC3V 9DJ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euros at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.4.
Taxation
Taxation for the year 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 year 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.
2.5.
Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates.
Creditors
Short term trade creditors are recognised initially at fair value.
Investments in associates
Investments in associate undertakings are recognised at cost.
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual
provisions of the instrument.
Financial assets and financial liabilities are recognised initially at fair value and subsequently measured at amortisedcost using the effective interest method. Financial assets are reduced for provision, for impairment, if required.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
G&K Worldwide Investments Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
4.
Investments
| Associates | |
|---|---|
| € | |
| Cost or Valuation | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Provision | |
| As at 1 January 2024 |
|
| As at 31 December 2024 |
|
| Net Book Value | |
| As at 31 December 2024 |
|
| As at 1 January 2024 |
|
|
The company's investments at the Balance Sheet date in the share capital of companies include the following:
|
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Associated company
|
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Nicolazzi S.P.A
|
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Registered office: Italy
|
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Nature of business:
|
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%
|
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|
Class of shares:
|
holding
|
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|
Ordinary
|
50.00
|
||
|
31.12.24
|
31.12.23
|
||
|
€
|
€
|
||
|
Aggregate capital and reserves
|
6,836,987
|
||
|
(Loss) / Profit for the year
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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</svg>){kind=small}
|
(13,367)
|
|
5.
Creditors: Amounts Falling Due Within One Year
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Trade creditors |
|
|
|
| Other creditors |
|
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|
|
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6.
Creditors: Amounts Falling Due After More Than One Year
| 2024 | 2023 | ||
|---|---|---|---|
| € | € | ||
| Shareholder Loan |
|
|
|
G&K Worldwide Investments Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2024
8.
Ultimate Controlling Party
The company's ultimate controlling party is
Mr Bruno Nicolazzi
by virtue of his ownership of 100% of the issued share capital in the company.