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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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GADPACK LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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FOR |
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GADPACK LIMITED |
GADPACK LIMITED (REGISTERED NUMBER: 02582578) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Certified Accountants' Report | 6 |
GADPACK LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
4 Wellington Circus |
Nottingham |
Nottinghamshire |
NG1 5AL |
GADPACK LIMITED (REGISTERED NUMBER: 02582578) |
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BALANCE SHEET |
28 FEBRUARY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges her 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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GADPACK LIMITED (REGISTERED NUMBER: 02582578) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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1. | STATUTORY INFORMATION |
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Gadpack Limited is a
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and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents net invoiced sales of goods and services as described in the report of the directors on the ordinary activities |
of the company, and is stated net of trade discounts and value added tax. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Going concern |
The director is conscious of the negative net assets showing on the balance sheet at the year end, and has had regard to the |
contents of "Guidance on the going concern basis of accounting and reporting on solvency and liquidity risks" issued by the |
Financial Reporting Council in April 2016. |
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The company has generated a loss in the year under review; however the director is taking steps to rectify the net assets position, |
by increasing turnover and reducing costs significantly. The director anticipates a net profit in the current trading year. |
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On this basis the director considers that the going concern basis is an appropriate one upon which to draw up these financial |
statements. |
GADPACK LIMITED (REGISTERED NUMBER: 02582578) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2019 |
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Additions |
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At 28 February 2020 |
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DEPRECIATION |
At 1 March 2019 |
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Charge for year |
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At 28 February 2020 |
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NET BOOK VALUE |
At 28 February 2020 |
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At 28 February 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Other creditors |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank overdrafts |
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The loans are secured on the assets of the company and by a personal guarantee of the director. |
GADPACK LIMITED (REGISTERED NUMBER: 02582578) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2020 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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11. | RESERVES |
Retained |
earnings |
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At 1 March 2019 | ( |
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Deficit for the year | ( |
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At 28 February 2020 | ( |
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12. | CONTINGENT LIABILITIES |
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There are no known contingent liabilities not provided in the financial statements. |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
GADPACK LIMITED |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial |
statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are |
cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be |
filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of |
Gadpack Limited for the year ended 28 February 2020 which comprise the Income Statement, Balance Sheet and the related notes from |
the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
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This report is made solely to the director of Gadpack Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Gadpack Limited and state those matters that we have agreed to state to the director of Gadpack Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
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It is your duty to ensure that Gadpack Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Gadpack Limited. You consider that Gadpack Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Gadpack Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Certified Accountants |
4 Wellington Circus |
Nottingham |
Nottinghamshire |
NG1 5AL |
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