Registered number
08615907
GAGAN HOLDINGS LIMITED
Filleted Accounts
For the year ended
31 January 2024
GAGAN HOLDINGS LIMITED
Registered number: 08615907
Balance Sheet
as at 31 January 2024
Notes 2024 2022
£ £
Fixed assets
Tangible assets 3 475,245 376,009
Investments 4 534,010 1,409,010
1,009,255 1,785,019
Current assets
Debtors 5 1,267,626 129,518
Cash at bank and in hand 474,549 759,771
1,742,175 889,289
Creditors: amounts falling due within one year 6 (98,467) (515,065)
Net current assets 1,643,708 374,224
Total assets less current liabilities 2,652,963 2,159,243
Creditors: amounts falling due after more than one year 7 (1,102,198) (426,605)
Net assets 1,550,765 1,732,638
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,550,763 1,732,636
Shareholders' funds 1,550,765 1,732,638
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 members have 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.
Gaganpreet Singh
Director
Approved by the board on 31 January 2025
GAGAN HOLDINGS LIMITED
Notes to the Accounts
for the period from 1 August 2022 to 31 January 2024
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings At Cost
Leasehold land and buildings over the lease term
Plant and machinery 25% Reducing balance
Vehicles 25% Reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2022
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 255,000 217,518 213,801 686,319
Additions - - 119,398 119,398
At 31 January 2024 255,000 217,518 333,199 805,717
Depreciation
At 1 August 2022 - 163,971 146,339 310,310
Charge for the period - 20,081 72,178 92,259
On disposals - - (72,097) (72,097)
At 31 January 2024 - 184,052 146,420 330,472
Net book value
At 31 January 2024 255,000 33,466 186,779 475,245
At 31 July 2022 255,000 53,547 67,462 376,009
4 Investments
Other
investments
£
Cost
At 1 August 2022 1,409,010
Disposals (875,000)
At 31 January 2024 534,010
5 Debtors 2024 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 3,956 129,518
Other debtors 1,263,670 -
1,267,626 129,518
6 Creditors: amounts falling due within one year 2024 2022
£ £
Bank loans and overdrafts 21,695 42,001
Obligations under finance lease and hire purchase contracts 7,070 7,070
Trade creditors 866 124,456
Amounts owed to group undertakings and undertakings in which the company has a participating interest 4,412 -
Corporation tax 23,522 38,025
Other taxes and social security costs 891 9,669
Other creditors 40,011 293,844
98,467 515,065
7 Creditors: amounts falling due after one year 2024 2022
£ £
Bank loans 353,661 396,360
Obligations under finance lease and hire purchase contracts 35,502 25,138
Amounts owed to group undertakings and undertakings in which the company has a participating interest 707,928 -
Rental Deposit 5,107 5,107
1,102,198 426,605
Obligations under financial lease and hire purchase contracts
2021 2020
Net carrying amount for assets under hire purchase agreement included within fixed assets: plant and machinery
Total future minimum payments
not later than one year 420 4,212
not later than five years
420 4,212
8 Related party transactions
Dycut Limited (Company No: 08615923) - Wholly owned Subsidiary
Amount due from the related party 707,928 (26,073)
Unit 9 Swan Business Park
Sandpit Road
Dartford
Kent
DA1 5EU
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