Registered number
07932208
GERSCHON GOLD LTD
Filleted Accounts
30 April 2023
GERSCHON GOLD LTD
Registered number: 07932208
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 - 218,000
Current assets
Debtors 4 1,154,516 1,125,706
Cash at bank and in hand 339,137 622,795
1,493,653 1,748,501
Creditors: amounts falling due within one year 5 (866,253) (1,134,831)
Net current assets 627,400 613,670
Total assets less current liabilities 627,400 831,670
Creditors: amounts falling due after more than one year 6 - (257,750)
Net assets 627,400 573,920
Capital and reserves
Called up share capital 100 100
Profit and loss account 627,300 573,820
Shareholder's funds 627,400 573,920
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
SAJID GHAFFAR
Director
Approved by the board on 3 October 2023
GERSCHON GOLD LTD
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investment property
Other
investments
£
Cost
At 1 May 2022 218,000
Additions 80,000
Disposals (298,000)
At 30 April 2023 -
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 2023 2022
£ £
Inter company accounts 1,125,706 1,125,706
Other debtors 28,810 -
1,154,516 1,125,706
5 Creditors: amounts falling due within one year 2023 2022
£ £
Director's current accounts 862,362 1,129,185
Taxation and social security costs 3,091 4,846
Other creditors 800 800
866,253 1,134,831
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 257,750
7 Controlling party
The company is controlled by Mr S Ghaffar, who owns 100% of the shareholding.
8 Other information
GERSCHON GOLD LTD is a private company limited by shares and incorporated in England. Its registered office is:
Harlech Court
Bute Terrace
Cardiff
Wales
CF10 2FE
GERSCHON GOLD LTD 07932208 false 2022-05-01 2023-04-30 2023-04-30 VT Final Accounts April 2022 SAJID GHAFFAR No description of principal activity 07932208 2021-05-01 2022-04-30 07932208 core:WithinOneYear 2022-04-30 07932208 core:AfterOneYear 2022-04-30 07932208 core:ShareCapital 2022-04-30 07932208 core:RetainedEarningsAccumulatedLosses 2022-04-30 07932208 2022-05-01 2023-04-30 07932208 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 07932208 bus:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 07932208 bus:Director40 2022-05-01 2023-04-30 07932208 1 2022-05-01 2023-04-30 07932208 2 2022-05-01 2023-04-30 07932208 countries:England 2022-05-01 2023-04-30 07932208 bus:FRS102 2022-05-01 2023-04-30 07932208 bus:FullAccounts 2022-05-01 2023-04-30 07932208 2023-04-30 07932208 core:WithinOneYear 2023-04-30 07932208 core:AfterOneYear 2023-04-30 07932208 core:ShareCapital 2023-04-30 07932208 core:RetainedEarningsAccumulatedLosses 2023-04-30 07932208 core:AdditionsToInvestments 2023-04-30 07932208 core:DisposalsRepaymentsInvestments 2023-04-30 07932208 2022-04-30 iso4217:GBP xbrli:pure