Gemford Ventures Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07589070 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

GEMFORD VENTURES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

C M Allen

SECRETARY:

Finchley Secretaries Limited

REGISTERED OFFICE:

Winnington House/2

Woodberry Grove

North Finchley

London

N12 0DR

REGISTERED NUMBER:

07589070 (England and Wales)

ACCOUNTANTS:

ACT London Limited

32 Sackville Street

Mayfair

London

Greater London

W1S 3EA

FIXED ASSETS

Investments

3

1,175

1,175

CREDITORS

Amounts falling due within one year

4

19,534

17,776

NET CURRENT LIABILITIES

(19,534

)

(17,776

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(18,359

)

(16,601

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(18,360

)

(16,602

)

(18,359

)

(16,601

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 5 December 2018 and were signed by:

C M Allen - Director

1.	STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address

of the registered office is Winnington House, 2 Woodberry Grove, North Finchley, London, N12 0DR.

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.

As the activities were carried out in euro during the year, the director has considered it appropriate to

continue presenting the financial statements in euro.

Investments in subsidiaries

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any

accumulated impairment losses.

Impairment of investment

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.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of

an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to

which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that

includes the asset and generates cash inflows that largely independent of the cash inflows from other

assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the

acquisition date, allocated to each of the cash-generating units that are expected to benefit from the

synergies of the combination, irrespective of whether other assets or liabilities of the company are

assigned to those units.

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 have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into euro at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies and starling are translated into

euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into

account in arriving at the operating result.

Going concern

The accounts have been prepared on the going concern basis. At the balance sheet date the company

has net liabilities of €18,359 (2016: €16,601). The director is of the opinion that the shareholder of the

company will continue to support it, and provide adequate funding when necessary to enable it to meet

its obligations for the foreseeable future, being for a period of at least twelve months from the date of

approval of financial statements.

3.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

€

COST

At 1 January 2017

and 31 December 2017

1,175

NET BOOK VALUE

At 31 December 2017

1,175

At 31 December 2016

1,175

The company holds 51% of the issued share capital of Elite Building Materials Private Limited, a

company incorporated in India.

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

€

€

Other creditors

19,534

17,776

The shareholders loan is interest free and repayable on demand.

5.	RELATED PARTY DISCLOSURES

No transactions with related parties were undertaken such as are required to be disclosed under

Financial Reporting Standard 102 (1A) other than those disclosed in note 4 of the financial statement.

6.	DEFERRED TAX

The company has management losses of £10,584 available to offset against future taxable profits. At

the balance sheet date, the company has unrecognised total deferred tax asset of £1,799 which

relates primarily to losses.