Gaya Ecotrade Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04673426

Gaya Ecotrade Ltd

Filleted Unaudited Financial Statements

31 March 2020

Gaya Ecotrade Ltd

Financial Statements

Year ended 31 March 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Gaya Ecotrade Ltd

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		102,624	79,314

Current assets

Stocks		93,611	94,200
Debtors	6	165,827	181,172
Cash at bank and in hand		589,724	501,243
		---------	---------
		849,162	776,615

Creditors: amounts falling due within one year	7	370,908		337,718
		---------		---------
Net current assets			478,254	438,897
			---------	---------
Total assets less current liabilities			580,878	518,211

Provisions

Taxation including deferred tax	18,451	13,673
	---------	---------
Net assets	562,427	504,538
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	562,327	504,438
	---------	---------
Shareholders funds	562,427	504,538
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

Gaya Ecotrade Ltd

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 17 December 2020 , and are signed on behalf of the board by:

Mr G A Gaya	Miss S Berlinck
Director	Director

Company registration number: 04673426

Gaya Ecotrade Ltd

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Margarets Farm, St Margarets Road, South Darenth, Dartford, DA4 9LB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	25% straight line
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2019: 7 ).

5. Tangible assets

	Leasehold Property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2019	13,066	4,662	102,489	30,530	150,747
Additions	–	–	78,664	3,000	81,664
Disposals	–	–	( 59,950)	–	( 59,950)
	--------	-------	---------	--------	---------
At 31 March 2020	13,066	4,662	121,203	33,530	172,461
	--------	-------	---------	--------	---------
Depreciation
At 1 April 2019	5,717	4,296	39,852	21,568	71,433
Charge for the year	1,837	92	17,463	1,289	20,681
Disposals	–	–	( 22,277)	–	( 22,277)
	--------	-------	---------	--------	---------
At 31 March 2020	7,554	4,388	35,038	22,857	69,837
	--------	-------	---------	--------	---------
Carrying amount
At 31 March 2020	5,512	274	86,165	10,673	102,624
	--------	-------	---------	--------	---------
At 31 March 2019	7,349	366	62,637	8,962	79,314
	--------	-------	---------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	152,174	165,016
Other debtors	13,653	16,156
	---------	---------
	165,827	181,172
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	177,268	107,628
Corporation tax	65,679	86,413
Social security and other taxes	2,266	1,271
Other creditors	125,695	142,406
	---------	---------
	370,908	337,718
	---------	---------

The bank holds a fixed and floating charge over the undertaking and all assets of the company.

8. Related party transactions

At the year end the company owed the directors £98,029 (2019: £111,231). There was no interest charged by the directors to the company.