G.S. Mahal & Co. Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 01274540 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

FOR

G.S. MAHAL & CO. LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

V S Mahal

S S Mahal

S S Mahal

N S Mahal

Mrs H K Mahal

Mrs C Mahal

SECRETARY:

N S Mahal

REGISTERED OFFICE:

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

BUSINESS ADDRESS:

Galia House

Duke Street

New Basford Business Centre

Nottingham

Nottinghamshire

NG7 7JN

REGISTERED NUMBER:

01274540 (England and Wales)

ACCOUNTANTS:

Lemans

29 Arboretum Street

Nottingham

Nottinghamshire

NG1 4JA

FIXED ASSETS

Tangible assets

4

1,242

1,752

CURRENT ASSETS

Stocks

325,441

307,884

Debtors

5

66,482

51,840

Cash at bank and in hand

78,900

95,367

470,823

455,091

CREDITORS

Amounts falling due within one year

6

115,463

105,982

NET CURRENT ASSETS

355,360

349,109

TOTAL ASSETS LESS CURRENT LIABILITIES

356,602

350,861

CAPITAL AND RESERVES

Called up share capital

7

119,900

119,900

Retained earnings

236,702

230,961

SHAREHOLDERS' FUNDS

356,602

350,861

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 May 2017 and were signed on its behalf by:

N S Mahal - Director

1.	STATUTORY INFORMATION

G.S. Mahal & Co. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Improvements to property

-

Over lease term : straight line basis

Fixtures and fittings

-

25% on cost and 15% on cost

Motor vehicles

-

25% on cost

Office equipment

-

33% 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.

Cost includes all costs incurred in bringing each product to its present location and condition which includes

invoice cost plus freight and duty. Stock is valued using a first in first out basis. Net realisable value is based on

estimated selling price less any further costs expected to be incurred to disposal.

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 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.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at the

transaction price.

Any losses arising from impairment are recognised in the profit and loss account in other administrative

expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2016

and 31 January 2017

137,103

1,187

10,285

DEPRECIATION

At 1 February 2016

137,103

297

9,423

Charge for year

-

222

288

At 31 January 2017

137,103

519

9,711

NET BOOK VALUE

At 31 January 2017

-

668

574

At 31 January 2016

-

890

862

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2016

and 31 January 2017

11,150

330

160,055

DEPRECIATION

At 1 February 2016

11,150

330

158,303

Charge for year

-

-

510

At 31 January 2017

11,150

330

158,813

NET BOOK VALUE

At 31 January 2017

-

-

1,242

At 31 January 2016

-

-

1,752

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Trade debtors

58,880

44,363

Prepayments and accrued income

7,602

7,477

66,482

51,840

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Trade creditors

98,930

92,602

Corporation tax

1,723

-

Social security and other taxes

6,224

7,059

Accrued expenses

8,586

6,321

115,463

105,982

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.17

31.1.16

value:

£

£

119,900

Ordinary

£1

119,900

119,900

8.	RELATED PARTY DISCLOSURES

N S and V S Mahal own the premises which the company occupies at a current rent of £nil (2017: £nil) per

annum. Rent prepaid at the balance sheet date was £nil (2016: £nil).

At the 31 January 2017 an amount of £nil (2016: £nil) was owed by G. S. Mahal & Co. Limited Pension Scheme.

9.

PENSIONS

The company operates defined contribution schemes. The assets are managed independently of the company and

contributions are charged to the Profit and Loss account in the period they are made. The charge for the year

was £9,000 (2016 - £9,000).

10.	FIRST YEAR ADOPTION OF FRS 102 (SECTION 1A)

The policies applied under the entity's previous accounting framework are not materially different to FRS 102

and have not impacted on equity or profit or loss.