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REGISTERED NUMBER: 06543733 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 30 April 2024

for

G. K. Fashion Limited

G. K. Fashion Limited (Registered number: 06543733)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


G. K. Fashion Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: B Rani





REGISTERED OFFICE: 434 Thurmaston Boulevard
Leicester
Leicestershire
LE4 9LE





REGISTERED NUMBER: 06543733 (England and Wales)





AUDITORS: Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

G. K. Fashion Limited (Registered number: 06543733)

Strategic Report
for the Year Ended 30 April 2024

The director presents her strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The year under review has seen turnover decrease from £13.1m to £6.5m, representing an decrease of £6.6m. The director is satisfied with this result in the context of what is a very competitive market place, compounded with the global inflationary pressures.

Under prevailing market conditions the results are considered to be satisfactory and much credit is due to the management and staff throughout the company.

PRINCIPAL RISKS AND UNCERTAINTIES
The director considers the company has potential risks similar to those faced by similar companies in the sector, namely retaining the loyalty of its customers, suppliers and staff.

Considerable emphasis is devoted to maintaining service levels with customers and working closely with suppliers on logistical and quality issues to ensure that high levels of performance are achieved.

In terms of Brexit, G. K. Fashion Limited is exposed to the same risks as most British businesses in the sector, namely market volatility, potential changes in interest rates and a potential reduction in consumer demand as a result of inflation.

KEY PERFORMANCE INDICATORS
The key performance indicators that the director monitors the business by are the levels of turnover achieved, margins achieved and the net current assets position.

FUTURE DEVELOPMENTS
The director considers that the company's market place will remain competitive in the near future. However, the director believes that the company is well placed to take advantage of every opportunity in the coming year.

ON BEHALF OF THE BOARD:





B Rani - Director


29 January 2025

G. K. Fashion Limited (Registered number: 06543733)

Report of the Director
for the Year Ended 30 April 2024

The director presents her report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture of women's outerwear.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2024.

DIRECTOR
B Rani held office during the whole of the period from 1 May 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





B Rani - Director


29 January 2025

Report of the Independent Auditors to the Members of
G. K. Fashion Limited

Qualified opinion
We have audited the financial statements of G. K. Fashion Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matters described in the basis for qualified opinion section of our report, the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its loss for the
year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice;
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We were unable to observe the counting of physical stock held by the company at 30 April 2024, 30 April 2023 and 30 April 2022 due to the geographical location of the physical stock, which was held overseas. We were unable to satisfy ourselves by alternative means concerning the stock quantities of £132,341 held at 30 April 2022, £186,477 held at 30 April 2023 and £220,577 held at 30 April 2024 by using other audit procedures. Consequently we were unable to determine whether any adjustment to these amounts in the balance sheet at 30 April 2023 or 30 April 2024 was necessary or whether there was any consequential effect on cost of sales for the years ended 30 April 2023 and 30 April 2024.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
G. K. Fashion Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

Arising solely from the limitation on the scope of our work relating to stock, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the
purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you, if, in our opinion:
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
G. K. Fashion Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

- Understanding the nature of the industry and sector, control environment and business performance;
- Consideration of the results of our enquiries of management and those charged with governance
about their own identification and assessment of the risks of irregularities;
- Understanding the company's policies and procedures on compliance with laws and regulations and
management of fraud risk, including documentation of instances of non-compliance of laws and
regulations and instances of actual, suspected or alleged fraud;
- Consideration of matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators of fraud;
- Understanding the legal and regulatory frameworks that the company operates in through enquiry of
management and those charged with governance and understanding the company's industry and
sector. The key laws and regulations that were considered to have an effect on material amounts and
disclosures in the financial statements included the Companies Act and tax legislation.

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations described as having a direct effect on the financial
statement;
- Enquiring of management, those charged with governance and, where applicable, the company's
solicitors concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud;
- Reviewing minutes of meetings of those charged with governance and, where applicable,
correspondence with regulators;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness and evaluating the business rationale of significant
transactions outside the normal course of business;
- Communication of potential fraud risks to all engagement team members and remaining alert to any
indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Report of the Independent Auditors to the Members of
G. K. Fashion Limited


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Torr (Senior Statutory Auditor)
for and on behalf of Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

29 January 2025

G. K. Fashion Limited (Registered number: 06543733)

Statement of Comprehensive
Income
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   

TURNOVER 3 6,466,166 13,052,456

Cost of sales (6,043,335 ) (10,348,148 )
GROSS PROFIT 422,831 2,704,308

Administrative expenses (709,711 ) (820,479 )
OPERATING (LOSS)/PROFIT 5 (286,880 ) 1,883,829

Interest receivable and similar income - 913
(286,880 ) 1,884,742

Interest payable and similar expenses 6 (7,762 ) (9,327 )
(LOSS)/PROFIT BEFORE TAXATION (294,642 ) 1,875,415

Tax on (loss)/profit 7 57,574 (369,328 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(237,068

)

1,506,087

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(237,068

)

1,506,087

G. K. Fashion Limited (Registered number: 06543733)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £   
FIXED ASSETS
Tangible assets 8 546,222 584,744

CURRENT ASSETS
Stocks 9 220,577 186,477
Debtors 10 7,367,405 7,115,599
Cash at bank and in hand 66,456 238,685
7,654,438 7,540,761
CREDITORS
Amounts falling due within one year 11 (3,272,582 ) (2,950,682 )
NET CURRENT ASSETS 4,381,856 4,590,079
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,928,078

5,174,823

PROVISIONS FOR LIABILITIES 13 (37,709 ) (47,386 )
NET ASSETS 4,890,369 5,127,437

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 4,890,269 5,127,337
SHAREHOLDERS' FUNDS 4,890,369 5,127,437

The financial statements were approved by the director and authorised for issue on 29 January 2025 and were signed by:





B Rani - Director


G. K. Fashion Limited (Registered number: 06543733)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 100 3,621,250 3,621,350

Changes in equity
Total comprehensive income - 1,506,087 1,506,087
Balance at 30 April 2023 100 5,127,337 5,127,437

Changes in equity
Total comprehensive income - (237,068 ) (237,068 )
Balance at 30 April 2024 100 4,890,269 4,890,369

G. K. Fashion Limited (Registered number: 06543733)

Cash Flow Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (57,506 ) (546,175 )
Interest paid (7,762 ) (9,327 )
Tax paid (179,966 ) 8,335
Net cash from operating activities (245,234 ) (547,167 )

Cash flows from investing activities
Purchase of tangible fixed assets (4,191 ) (75,902 )
Interest received - 913
Net cash from investing activities (4,191 ) (74,989 )

Cash flows from financing activities
Amount introduced by directors 77,196 41,481
Amount withdrawn by directors - 12,027
Net cash from financing activities 77,196 53,508

Decrease in cash and cash equivalents (172,229 ) (568,648 )
Cash and cash equivalents at
beginning of year

2

238,685

807,333

Cash and cash equivalents at end of
year

2

66,456

238,685

G. K. Fashion Limited (Registered number: 06543733)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.4.24 30.4.23
£    £   
(Loss)/profit before taxation (294,642 ) 1,875,415
Depreciation charges 42,713 45,527
Finance costs 7,762 9,327
Finance income - (913 )
(244,167 ) 1,929,356
Increase in stocks (34,100 ) (54,136 )
Increase in trade and other debtors (251,806 ) (900,414 )
Increase/(decrease) in trade and other creditors 472,567 (1,520,981 )
Cash generated from operations (57,506 ) (546,175 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 66,456 238,685
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 238,685 807,333


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 238,685 (172,229 ) 66,456
238,685 (172,229 ) 66,456
Total 238,685 (172,229 ) 66,456

G. K. Fashion Limited (Registered number: 06543733)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

G. K. Fashion 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.

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 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 fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and Valued Added Tax.

The company recognises turnover when the following criteria have been met:

i) Sale of goods

Revenue from the sale of goods is recognised when :
(a) the significant risks and rewards of ownership have been transferred to the buyer;
(b) the company retains no ongoing involvement or control over the goods;
(c) the revenue can be reliably measured;
(d) it is probable that the Company will receive the consideration due under the transaction; and
(e) the costs incurred in respect of the transaction can be reliably measured.

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to the location and condition necessary for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property5% on reducing balance
Plant and machinery15% on reducing balance
Motor vehicles25% on reducing balance
Computer equipment33% straight line

Stocks
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

G. K. Fashion Limited (Registered number: 06543733)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
30.4.24 30.4.23
£    £   
Wages and salaries 871,663 1,629,091
Social security costs 92,217 151,794
Other pension costs 17,694 29,455
981,574 1,810,340

G. K. Fashion Limited (Registered number: 06543733)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
30.4.24 30.4.23

Director 1 1
Sales & Distribution 40 87
41 88

30.4.24 30.4.23
£    £   
Director's remuneration 15,600 15,600

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

30.4.24 30.4.23
£    £   
Other operating leases 415,000 415,000
Depreciation - owned assets 42,713 45,526
Auditors' remuneration 10,000 8,000
Foreign exchange differences 13 1,856

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Corporation tax interest 7,762 9,327

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
30.4.24 30.4.23
£    £   
Current tax:
UK corporation tax (47,897 ) 369,034

Deferred tax (9,677 ) 294
Tax on (loss)/profit (57,574 ) 369,328

UK corporation tax has been charged at 25% (2023 - 19.49%).

G. K. Fashion Limited (Registered number: 06543733)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.4.24 30.4.23
£    £   
(Loss)/profit before tax (294,642 ) 1,875,415
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 19.493%)

(73,661

)

365,575

Effects of:
Expenses not deductible for tax purposes 5,762 3,370

Enhanced capital allowances - (167 )
Change in tax rate for deferred tax provision (3,206 ) -
Change in tax rate for corporation tax 13,531 550
Total tax (credit)/charge (57,574 ) 369,328

8. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 518,007 261,369 600 3,110 783,086
Additions - - - 4,191 4,191
At 30 April 2024 518,007 261,369 600 7,301 787,277
DEPRECIATION
At 1 May 2023 47,048 149,679 589 1,026 198,342
Charge for year 23,548 16,753 3 2,409 42,713
At 30 April 2024 70,596 166,432 592 3,435 241,055
NET BOOK VALUE
At 30 April 2024 447,411 94,937 8 3,866 546,222
At 30 April 2023 470,959 111,690 11 2,084 584,744

9. STOCKS
30.4.24 30.4.23
£    £   
Raw materials 83,338 6,566
Finished goods 137,239 179,911
220,577 186,477

Stock recognised in cost of sales during the year as an expense was £3,427,136 (2023 - £8,553,154).

G. K. Fashion Limited (Registered number: 06543733)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 1,366,723 329,734
Other debtors 5,995,020 6,733,807
Prepayments 5,662 52,058
7,367,405 7,115,599

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 2,542,591 1,630,282
Corporation tax 341,184 569,047
Social security and other taxes 218,545 686,967
Other creditors 8,410 6,452
Directors' current accounts 89,223 12,027
Accrued expenses 72,629 45,907
3,272,582 2,950,682

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.4.24 30.4.23
£    £   
Within one year 120,485 350,000
Between one and five years - 115,068
120,485 465,068

13. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£    £   
Deferred tax
Accelerated capital allowances 37,709 47,386

Deferred
tax
£   
Balance at 1 May 2023 47,386
Credit to Statement of Comprehensive Income during year (9,677 )
Balance at 30 April 2024 37,709

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
100 Ordinary £1 100 100

G. K. Fashion Limited (Registered number: 06543733)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

15. RESERVES

Retained Earnings

Retained earnings represents cumulative profits and losses, net of dividends paid and other adjustments.

16. RELATED PARTY DISCLOSURES

Key management personnel of the entity

Key management personnel are considered to be the statutory director and sales director of the company. Their remuneration totals £58,300 (2023 - £57,200) and employer pension contributions were £1,081 (2023 - £1,081).

The company had transactions with the director. During the year, repayments of £272,200 (2023 - £106,346) were received from the director and further advances of £195,004 (2023 - £51,924) were made. The balance on the director's loan account as at 30 April 2024 is a creditor of £89,223 (2023 - £12,027). This included £Nil (2023 - £914) of interest payable on the outstanding creditor.

During the year, there were no dividends paid to the director (2023 - £Nil).

Other related parties

The company undertook transactions with companies in which the director is also a director. During the year, a rental charge of £366,250 (2023 - £350,000) was incurred from these companies and purchases of £1,633,824 (2023 - £3,563,556) were made from them. Furthermore, loan advances of £712 (2023 - £992,395) were made to these companies and loan repayments of £955,000 (2023 - £nil) were received. As at 30 April 2024, the balance owed by these companies was £2,427,265 (2023 - £3,969,107). This balance is interest free and repayable on demand.

The company undertook transactions with companies in which the sales director is also a director. During the year, purchases of £1,346,089 (2023 - £2,546,425) were made from these companies. Furthermore, loan advances of £292,000 (2023 - £1,700,000) were made to these companies and loan repayments of £Nil (2023 - £Nil) were received. As at 30 April 2024, the balance owed by these companies was £1,889,581 (2023 - £1,696,532). This balance is interest free and repayable on demand.

The company undertook transactions with a company in which the director's close family hold an interest. During the year, a rental charge of £48,750 (2023 - £65,000) was incurred from this company. Furthermore, loan repayments of £20,000 (2023 - £Nil) were received from it. As at 30 April 2024, the balance owed by this company was £384,115 (2023 - £442,615). This balance is interest free and repayable on demand.

17. ULTIMATE CONTROLLING PARTY

The controlling party is B Rani and V Kumar.