GOHIL EMPORIUM LIMITED - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 10048507 (England and Wales)

Unaudited Financial Statements

for the Period 8 March 2016 to 31 March 2017

for

GOHIL EMPORIUM LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N V Gohel

Mrs J N Gohel

H N Gohel

Mrs S Gohel

REGISTERED OFFICE:

30 Colling Tree Court

Olton Hollow

Solihull

West Midlands

B92 7HU

REGISTERED NUMBER:

10048507 (England and Wales)

ACCOUNTANTS:

A K Patel & Co. Chartered Accountants

1 Coton Lane

Erdington

Birmingham

West Midlands

B23 6TP

FIXED ASSETS

Intangible assets

4

22,500

Tangible assets

5

8,683

31,183

CURRENT ASSETS

Stocks

6

97,015

Debtors

7

5,204

Cash in hand

1,575

103,794

CREDITORS

Amounts falling due within one year

8

129,676

NET CURRENT LIABILITIES

(25,882

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,301

PROVISIONS FOR LIABILITIES

10

1,539

NET ASSETS

3,762

CAPITAL AND RESERVES

Called up share capital

11

200

Retained earnings

12

3,562

SHAREHOLDERS' FUNDS

3,762

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 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 27 November 2017 and were signed on its behalf by:

N V Gohel - Director

H N Gohel - Director

1.	STATUTORY INFORMATION

GOHIL EMPORIUM 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.

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.

Goodwill

Goodwill is the difference between the amount paid in connection with the acquisition of a business and the

aggregate fair value of its separable net assets. It is being amortised evenly over its estimated economic useful

life of 5years.

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

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

Fixtures and fittings

-

15% on reducing balance

Stocks

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

moving items.

Taxation

Taxation for the period 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 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 period 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 5 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 8 March 2016

and 31 March 2017

25,000

AMORTISATION

Amortisation for period

2,500

At 31 March 2017

2,500

NET BOOK VALUE

At 31 March 2017

22,500

At 7 March 2016

25,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 8 March 2016

and 31 March 2017

9,387

DEPRECIATION

Charge for period

704

At 31 March 2017

704

NET BOOK VALUE

At 31 March 2017

8,683

At 7 March 2016

9,387

6.

STOCKS

£

Stocks

97,015

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Import purchase Ledger a/c

5,204

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts (see note 9)

45,361

Tax

4,631

Social security and other taxes

250

VAT

4,682

Purchase ledger a/c

8,715

Directors' current accounts

63,999

Accrued expenses

2,038

129,676

9.

LOANS

An analysis of the maturity of loans is given below:

£

Amounts falling due within one year or on demand:

Bank overdrafts

45,361

10.	PROVISIONS FOR LIABILITIES

£

Deferred tax

1,539

Deferred

tax

£

Provided during period

1,539

Balance at 31 March 2017

1,539

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

200

ordinary

1

200

12.

RESERVES

Retained

earnings

£

Profit for the period

13,562

Dividends

(10,000

)

At 31 March 2017

3,562

13.	RELATED PARTY DISCLOSURES

Gohil Emporium was trading as Partnership until 30th September 2016 and from 01st October 2016

Gohil Emporium started trading as a Limited Company (Gohil Emporium Limited) . Gohil Emporium Partner's

are shareholders and directors of Gohil Emporium Limited.

Goodwill of £25,000, Stock of £88,370 and Fixtures & Fittings of £9,387 were transferred from the partnership

to Gohil Emporium Limited. The value of Goodwill transferred was based on an independent valuation provided

by RA Valuation Limited.

14.	ULTIMATE CONTROLLING PARTY

Mr N V Gohel & Mrs J N Gohel owns 190% of the company share capital.