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GITA STORES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021






GITA STORES LIMITED (REGISTERED NUMBER: 06427829)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GITA STORES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: Mrs G Amin





REGISTERED OFFICE: 163-165 Chepstow Road
Newport
Gwent
NP19 8GH





REGISTERED NUMBER: 06427829 (England and Wales)





ACCOUNTANTS: Vinney Ross & Co Ltd
Greenhill House, Suite B
184 Station Road
Harrow
Middlesex
HA1 2RH

GITA STORES LIMITED (REGISTERED NUMBER: 06427829)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 277,169 278,046
277,169 278,046

CURRENT ASSETS
Stocks 12,650 12,109
Cash at bank and in hand 4,419 3,580
17,069 15,689
CREDITORS
Amounts falling due within one
year

6

184,403

194,479
NET CURRENT LIABILITIES (167,334 ) (178,790 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

109,835

99,256

CREDITORS
Amounts falling due after more
than one year

7

67,471

73,173
NET ASSETS 42,364 26,083

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 42,264 25,983
SHAREHOLDERS' FUNDS 42,364 26,083

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

GITA STORES LIMITED (REGISTERED NUMBER: 06427829)

BALANCE SHEET - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 22 March 2022 and were signed by:





Mrs G Amin - Director


GITA STORES LIMITED (REGISTERED NUMBER: 06427829)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Gita Stores 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of five years.

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.
Land and buildings - not provided
Plant and machinery etc - 25% 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 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.


GITA STORES LIMITED (REGISTERED NUMBER: 06427829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued
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.

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 year was 2 (2020 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2021
and 31 December 2021 25,000
AMORTISATION
At 1 January 2021
and 31 December 2021 25,000
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

GITA STORES LIMITED (REGISTERED NUMBER: 06427829)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2021
and 31 December 2021 249,441 77,030 326,471
DEPRECIATION
At 1 January 2021 - 44,925 44,925
Charge for year - 4,377 4,377
At 31 December 2021 - 49,302 49,302
NET BOOK VALUE
At 31 December 2021 249,441 27,728 277,169
At 31 December 2020 249,441 32,105 281,546

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 27,445 24,949
Trade creditors 1,650 2,889
Taxation and social security 4,454 4,973
Other creditors 150,854 161,668
184,403 194,479

Other creditors represents amount owing to the director.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2021 2020
£    £   
Bank loans 67,471 73,173

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 15,840 21,542