Giga Solutions Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02801390 (England and Wales)

GIGA SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

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

957

1,901

CURRENT ASSETS

Stocks

21,412

20,393

Debtors

5

41,296

134,633

Investments

6

63,082

52,004

Cash at bank and in hand

430,516

369,391

556,306

576,421

CREDITORS

Amounts falling due within one year

7

356,955

433,772

NET CURRENT ASSETS

199,351

142,649

TOTAL ASSETS LESS CURRENT LIABILITIES

200,308

144,550

PROVISIONS FOR LIABILITIES

8

4,087

1,872

NET ASSETS

196,221

142,678

CAPITAL AND RESERVES

Called up share capital

9

2

2

Fair value reserve

10

16,347

7,485

Retained earnings

10

179,872

135,191

SHAREHOLDERS' FUNDS

196,221

142,678

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 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 director on 8 December 2017 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 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.

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 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2016

and 31 March 2017

19,943

DEPRECIATION

At 1 April 2016

18,042

Charge for year

944

At 31 March 2017

18,986

NET BOOK VALUE

At 31 March 2017

957

At 31 March 2016

1,901

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

32,079

131,720

Other debtors

9,217

2,913

41,296

134,633

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 2017 the market value of

these investments was £63,082 (2016: £52,004).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

296,201

296,667

Taxation and social security

20,448

19,036

Other creditors

40,306

118,069

356,955

433,772

8.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

4,087

1,872

Deferred

tax

£

Balance at 1 April 2016

1,872

Charge / (Credit) in the year

2,215

Balance at 31 March 2017

4,087

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2016

135,191

7,485

142,676

Profit for the year

91,543

-

91,543

Dividends

(38,000

)

-

(38,000

)

Reserve transfer

(8,862

)

8,862

-

At 31 March 2017

179,872

16,347

196,219

Fair value reserve represents fair value adjustment in respect of current asset investments which is not available

for distribution as they are unrealised.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within other creditors is £19,268 (2016: £32,268) owed to Mr R Dhokia, the sole director. The amount

is unsecured and interest free with no set terms for repayment.

12.	RELATED PARTY DISCLOSURES

During the year dividends paid to Mr R Dhokia, the sole director, and a connected person in their capacity as the

shareholders of the company amounted to £38,000 (2016: £32,000).

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr R H Dhokia.

14.	FIRST YEAR ADOPTION OF FRS 102 SECTION 1A

This is the first year in which the financial statements have been presented under FRS 102 (Section 1A) for small

entities. The last financial statements prepared under Financial Reporting Standards for Smaller Entities

(effective January 2015) were for the year ended 31 March 2016. The date of transition to FRS 102 was 1 April

2015.

The following adjustments arose at the date of transition and to the profit for the year ended 31 March 2016 and

equity as at 31 March 2016 as a result of the revaluation of current asset investments at fair value and the

corresponding deferred tax on revaluation.