REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 December 2021 |
|
for |
|
Gecomac Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 December 2021 |
|
for |
|
Gecomac Limited |
Gecomac Limited (Registered number: 07168801) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Gecomac Limited |
|
Company Information |
for the Year Ended 31 December 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
140 Coniscliffe Road |
DARLINGTON |
Co Durham |
DL3 7RT |
Gecomac Limited (Registered number: 07168801) |
|
Balance Sheet |
31 December 2021 |
|
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 7 |
|
|
Debtors | 8 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 9 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
10 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 14 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their 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. |
Gecomac Limited (Registered number: 07168801) |
|
Balance Sheet - continued |
31 December 2021 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
Gecomac Limited (Registered number: 07168801) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
|
1. | STATUTORY INFORMATION |
|
Gecomac Limited is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
There were no material departures from that standard. |
|
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
|
Preparation of consolidated financial statements |
The financial statements contain information about Gecomac Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Income recognition |
Income is recognised when a contract for the sale of goods or services is determined as unconditional. |
|
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, was amortised over a one year period, and is now fully amortised. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
|
Tangible fixed assets |
|
Improvements to property | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
Computer equipment | - |
|
|
Tangible fixed assets are held at cost less accumulated depreciation and impairment. |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
|
Stocks |
Stocks have been valued at the lower of cost and estimated selling price less costs to sell. |
|
Financial instruments |
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
|
Gecomac Limited (Registered number: 07168801) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
|
AMORTISATION |
At 1 January 2021 |
and 31 December 2021 |
|
NET BOOK VALUE |
At 31 December 2021 |
|
At 31 December 2020 |
|
Gecomac Limited (Registered number: 07168801) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2021 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 December 2021 |
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 December 2021 |
|
|
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
At 31 December 2020 |
|
|
|
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
|
|
|
Additions |
|
|
|
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
|
|
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
At 31 December 2020 |
|
|
|
Gecomac Limited (Registered number: 07168801) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
5. | TANGIBLE FIXED ASSETS - continued |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 December 2021 |
|
|
|
DEPRECIATION |
At 1 January 2021 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 December 2021 |
|
( |
) |
|
NET BOOK VALUE |
At 31 December 2021 |
|
|
|
At 31 December 2020 |
|
|
|
|
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
|
NET BOOK VALUE |
At 31 December 2021 |
|
At 31 December 2020 |
|
|
7. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
|
|
|
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
Amounts owed by related undertakings |
|
|
Other debtors |
|
|
Directors' loan accounts | 23,561 | 18,211 |
Prepayments and accrued income |
|
|
|
|
Gecomac Limited (Registered number: 07168801) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts (see note 11) |
|
|
Trade creditors |
|
|
Amounts owed to related undertakings |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
Amounts owed to group undertakings | 129,103 | - |
Accruals and deferred income |
|
|
|
|
|
10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts (see note 11) |
|
|
Directors' current accounts |
|
|
|
|
|
11. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable operating | leases |
2021 | 2020 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
Gecomac Limited (Registered number: 07168801) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
12. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2021 | 2020 |
£ | £ |
Bank overdrafts |
|
|
Hire purchase contracts | 11,516 | 63,351 |
|
|
|
Hire purchase contracts are secured against the assets to which they relate. |
|
Bank overdrafts are secured by way of a fixed and floating charge over all the assets of the business. |
|
13. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 9,811 | 15,723 |
|
Deferred |
tax |
£ |
Balance at 1 January 2021 |
|
Utilised during year | ( |
) |
Balance at 31 December 2021 |
|
|
14. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary | £1 | 100 | 100 |
|
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the year ended 31 December 2021 and the period ended 31 December 2020: |
|
2021 | 2020 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid |
|
( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
Gecomac Limited (Registered number: 07168801) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
|
16. | POST BALANCE SHEET EVENTS |
|
As part of a restructure of the company's affairs the food service trade within Gecomac Limited was transferred to its subsidiary company Mac International Foodservice Limited on 1 January 2021. Following that, in 2022 the shares in the subsidiary have been transferred to Mr P Thompson, a director, and at the same time his £55 share capital in Geomac Limited has been cancelled, leaving Mr S Ruck as the sole shareholder with £45 share capital. |