Company Registration No. 07942365 (England and Wales)
GIGANT PRODUCTS FOR INDUSTRY LTD
ANNUAL REPORT
AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GIGANT PRODUCTS FOR INDUSTRY LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
100,368
99,752
Current assets
Debtors
4
220,304
266,122
Cash at bank and in hand
431,512
654,794
651,816
920,916
Creditors: amounts falling due within one year
5
(228,324)
(507,313)
Net current assets
423,492
413,603
Total assets less current liabilities
523,860
513,355
Provisions for liabilities
(21,946)
(24,843)
Net assets
501,914
488,512
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
501,814
488,412
Total equity
501,914
488,512
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GIGANT PRODUCTS FOR INDUSTRY LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
I Street
Director
Company Registration No. 07942365
GIGANT PRODUCTS FOR INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
3
1
Accounting policies
Company information
Gigant Products for Industry Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bournemouth Road, Chandler's Ford, Eastleigh, Hampshire, SO53 3DA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
Computer equipment
33.33% straight line
Motor vehicles
20% straight line / 25% reducing balance
GIGANT PRODUCTS FOR INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (Continued)
4
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The carrying values of tangible fixed assets are reviewed for impairment at each reporting date or when events or changes in circumstances indicate the carrying value may not be recoverable.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially recognised at transaction price including transaction costs and where receivable after more than one year are carried at amortised cost using the effective interest method. Basic financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price including transaction costs and where payable after more than one year are carried at amortised cost using the effective interest method. Basic financial liabilities classified as payable within one year are not amortised.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
GIGANT PRODUCTS FOR INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (Continued)
5
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
GIGANT PRODUCTS FOR INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
147,624
Additions
33,919
Disposals
(9,275)
At 31 March 2024
172,268
Depreciation and impairment
At 1 April 2023
47,872
Depreciation charged in the year
33,303
Eliminated in respect of disposals
(9,275)
At 31 March 2024
71,900
Carrying amount
At 31 March 2024
100,368
At 31 March 2023
99,752
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
212,413
260,976
Other debtors
7,891
5,146
220,304
266,122
GIGANT PRODUCTS FOR INDUSTRY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
80,134
240,668
Taxation and social security
66,460
124,132
Other creditors
81,730
142,513
228,324
507,313
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Financial commitments, guarantees and contingent liabilities
The company had total financial commitments, guarantees and contingent liabilities at the balance sheet date of £14,339 (2023: £nil).