REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
for |
GANDHI ORIENTAL FOODS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2023 |
for |
GANDHI ORIENTAL FOODS LIMITED |
GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090) |
Contents of the Financial Statements |
for the year ended 30 APRIL 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
GANDHI ORIENTAL FOODS LIMITED |
Company Information |
for the year ended 30 APRIL 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Global House |
303 Ballards Lane |
London |
N12 8NP |
GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090) |
Statement of Financial Position |
30 APRIL 2023 |
30/4/23 | 30/4/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090) |
Statement of Financial Position - continued |
30 APRIL 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090) |
Notes to the Financial Statements |
for the year ended 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Gandhi Oriental Foods Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customers. |
Goodwill |
Acquired goodwill is written off in equal instalments over the its life. |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Land and building held and used in the Company's own activities for production and supply of goods or for administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. |
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. |
Depreciation on cost of buildings is charged to profit and loss. Depreciation on the revaluation amount on buildings is charged to the revaluation reserve, so as to write off their value less residual value, over their estimated useful life, using the straight line method. |
Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. |
Stocks |
Stock is valued at the lower of cost and net realisable value. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090) |
Notes to the Financial Statements - continued |
for the year ended 30 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
AMORTISATION |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090) |
Notes to the Financial Statements - continued |
for the year ended 30 APRIL 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2022 |
Additions |
Revaluations |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Cost or valuation at 30 April 2023 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2023 | 1,736,483 | - | - | - | 1,736,483 |
Cost | 2,873,517 | 730,890 | 112,823 | 177,888 | 3,895,118 |
4,610,000 | 730,890 | 112,823 | 177,888 | 5,631,601 |
The fair value of the freehold properties at April 2023 has been arrived at on the basis of a professional valuation carried out at that date by Copping Joyce, Chartered Certified valuers. |
6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
The above represent investments into two private limited companies at cost. The directors believe that the investment value represent the current market value of those shares. |
GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090) |
Notes to the Financial Statements - continued |
for the year ended 30 APRIL 2023 |
7. | DEBTORS |
30/4/23 | 30/4/22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by participating interests | 42,651 | 42,651 |
Amounts owed by associates |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by participating interests | 99,000 | 99,000 |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/4/23 | 30/4/22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/4/23 | 30/4/22 |
£ | £ |
Other creditors |
10. | LEASING AGREEMENTS |
At 30 April 2023 the company had annual commitments of £74,030 (2022- £81,541) under non-cancellable operating lease which expire within two to five years. |
11. | PROVISIONS FOR LIABILITIES |
30/4/23 | 30/4/22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax | 434,121 | - |
445,899 | 6,363 |
Deferred |
tax |
£ |
Balance at 1 May 2022 |
Provided during year |
Balance at 30 April 2023 |
GANDHI ORIENTAL FOODS LIMITED (REGISTERED NUMBER: 01034090) |
Notes to the Financial Statements - continued |
for the year ended 30 APRIL 2023 |
12. | RESERVES |
Revaluation |
reserve |
£ |
Revaluation reserve | 1,288,653 |
At 30 April 2023 |
13. | RELATED PARTY DISCLOSURES |
The company is owed £141,651 (2022- £141,651) by Mongoose Brewing Company Ltd, a connected company. This balance is split between due within one year of £42,651 and due in more than one year of £99,000. |
14. | ULTIMATE CONTROLLING PARTY |
The company is under control of the directors who are also the major shareholders. |