Gerschon Gold Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07932208 (England and Wales)

GERSCHON GOLD LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S Ghaffar

REGISTERED OFFICE:

2 Mundy Place

Cathays

Cardiff

CF24 4BZ

REGISTERED NUMBER:

07932208 (England and Wales)

FIXED ASSETS

Investment property

3

853,000

1,058,000

CURRENT ASSETS

Debtors

4

1,317,009

1,317,694

Cash at bank and in hand

360,124

149,334

1,677,133

1,467,028

CREDITORS

Amounts falling due within one year

5

670,894

512,214

NET CURRENT ASSETS

1,006,239

954,814

TOTAL ASSETS LESS CURRENT LIABILITIES

1,859,239

2,012,814

CREDITORS

Amounts falling due after more than one year

6

1,565,000

1,850,000

NET ASSETS

294,239

162,814

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

294,139

162,714

SHAREHOLDERS' FUNDS

294,239

162,814

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2018 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 25 January 2019 and were signed by:

S Ghaffar - Director

1.	STATUTORY INFORMATION

Gerschon Gold Ltd 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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Investment properties for which fair value can be measured reliably without undue cost or effort are

measured at fair value at each reporting date with changes in fair value measured through profit and

loss.

The methods and significant assumptions used to ascertain the fair value at the balance sheet date and

fair vale movement in the profit for the year are as follow:

Properties are valued by the directors using a yield calculation to ascertain a fair value.

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 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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2017

1,058,000

Additions

93,750

Disposals

(298,750

)

At 30 April 2018

853,000

NET BOOK VALUE

At 30 April 2018

853,000

At 30 April 2017

1,058,000

Properties are held for investment purposes and as such they are not depreciated. Such properties are

not held for consumption but for investment and the directors consider that to depreciate them would

not give a true and fair view.

The value of the properties, which have been included at a fair value valuation and have been

considered by the directors.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

-

685

Inter company account

1,317,009

1,317,009

1,317,009

1,317,694

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts (see note 7)

60,000

-

Tax

23,638

14,647

Other creditors

11,880

13,570

Directors' current accounts

564,490

470,740

Accrued expenses

10,886

13,257

670,894

512,214

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans (see note 7)

1,565,000

1,850,000

7.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due within one year or on demand:

Bank loans

60,000

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

1,565,000

1,850,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

1,625,000

1,850,000

The bank loan is secured by a first charge of the Fixed Assets of the Company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Retained

earnings

£

At 1 May 2017

162,714

Profit for the year

131,425

At 30 April 2018

294,139

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The Director operates an interest free loan with the Company. The movements on the accounts during

the period are as follows:

S Ghaffar

2018

2017

£

£

Balance b/f

470,740

470,470

Amounts introduced

93,750

-

Amounts withdrawn

-

-

Balance c/f

564,490

470,740

The maximum balance during the year was £564,490 (2017 - £470,740).

12.	RELATED PARTY DISCLOSURES

13.	ULTIMATE CONTROLLING PARTY