Giga Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02801390 (England and Wales)

GIGA SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr R H Dhokia

SECRETARY:

Mrs H R Dhokia

REGISTERED OFFICE:

Enterprise House

Courtaulds Way

Coventry

West Midlands

CV6 5NX

REGISTERED NUMBER:

02801390 (England and Wales)

ACCOUNTANTS:

Shah & Co (Accountants) Ltd

Chartered Certified Accountants

Cash's Business Centre

1st Floor

228 Widdrington Road

Coventry

West Midlands

CV1 4PB

FIXED ASSETS

Tangible assets

4

701

1,117

CURRENT ASSETS

Stocks

6,250

13,750

Debtors

5

37,805

42,365

Investments

6

76,742

59,222

Cash at bank and in hand

216,407

342,453

337,204

457,790

CREDITORS

Amounts falling due within one year

7

56,225

101,462

NET CURRENT ASSETS

280,979

356,328

TOTAL ASSETS LESS CURRENT LIABILITIES

281,680

357,445

PROVISIONS FOR LIABILITIES

6,683

3,354

NET ASSETS

274,997

354,091

CAPITAL AND RESERVES

Called up share capital

2

2

Fair value reserve

8

27,412

13,222

Retained earnings

247,583

340,867

SHAREHOLDERS' FUNDS

274,997

354,091

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The 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, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 March 2022 and were signed by:

Mr R H Dhokia - Director

1.	STATUTORY INFORMATION

Giga Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Current asset investments

Investments held as current assets are stated at market value..

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2020

and 31 March 2021

21,594

DEPRECIATION

At 1 April 2020

20,477

Charge for year

416

At 31 March 2021

20,893

NET BOOK VALUE

At 31 March 2021

701

At 31 March 2020

1,117

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

23,058

42,255

Other debtors

14,747

110

37,805

42,365

6.	CURRENT ASSET INVESTMENTS

Current asset investments represents listed investments whose fair value is determined by reference to quoted price for identical assets in an active market at the balance sheet date. At 31 March 2021 the market value of these investments was £76,742 (2020: £59,222).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

22,764

46,736

Taxation and social security

2,879

15,042

Other creditors

30,582

39,684

56,225

101,462

8.

RESERVES

Fair value reserve represents fair value adjustment in respect of current asset investments which is not available for distribution as they are unrealised.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within other creditors is £13,582 (2020: £18,684) owed to Mr R Dhokia, the sole director. The amount is unsecured and interest free with no set terms for repayment.

10.	RELATED PARTY DISCLOSURES

Dividends paid to the director and connected person in their capacity as the shareholders of the company amounted to £30,000 (2020: £38,000).

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr R H Dhokia.