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REGISTERED NUMBER: 10575116 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

GURU NANAK COUTURE LIMITED

GURU NANAK COUTURE LIMITED (REGISTERED NUMBER: 10575116)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GURU NANAK COUTURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: V Sethi
Mrs A Sethi





REGISTERED OFFICE: 7 St John's Road
Harrow
Middlesex
HA1 2EY





REGISTERED NUMBER: 10575116 (England and Wales)





ACCOUNTANTS: Macalvins Limited
Chartered Accountants
7 St John's Road
Harrow
Middlesex
HA1 2EY

GURU NANAK COUTURE LIMITED (REGISTERED NUMBER: 10575116)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 101,876 113,015

CURRENT ASSETS
Stocks 161,325 245,500
Debtors 5 205,374 143,055
Cash at bank and in hand 23,972 29,989
390,671 418,544
CREDITORS
Amounts falling due within one year 6 471,808 402,789
NET CURRENT (LIABILITIES)/ASSETS (81,137 ) 15,755
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,739

128,770

CREDITORS
Amounts falling due after more than one year 7 5,833 10,833
NET ASSETS 14,906 117,937

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium Account 300,000 300,000
Retained earnings (285,194 ) (182,163 )
14,906 117,937

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 March 2025 and were signed on its behalf by:





V Sethi - Director


GURU NANAK COUTURE LIMITED (REGISTERED NUMBER: 10575116)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Guru Nanak Couture 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis notwithstanding the company's net current liabilities position as at the year end. The directors of the company have provided with an undertaking that they will continue to support financially for the foreseeable future and that they will not seek repayment of the amounts currently owing to them in the twelve months from the date of signing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 9 ) .

GURU NANAK COUTURE LIMITED (REGISTERED NUMBER: 10575116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 108,421 23,666 12,500 144,587
Additions 3,154 875 - 4,029
At 31 March 2024 111,575 24,541 12,500 148,616
DEPRECIATION
At 1 April 2023 18,863 5,482 7,227 31,572
Charge for year 11,056 2,794 1,318 15,168
At 31 March 2024 29,919 8,276 8,545 46,740
NET BOOK VALUE
At 31 March 2024 81,656 16,265 3,955 101,876
At 31 March 2023 89,558 18,184 5,273 113,015

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 205,374 143,055

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 5,000 5,000
Trade creditors 119,624 89,793
Taxation and social security 196,827 142,444
Other creditors 150,357 165,552
471,808 402,789

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 5,833 10,833

Amounts falling due in more than five years:

Repayable by instalments
Bank Loans due after more than
5 years 5,833 10,833
5,833 10,833

8. RELATED PARTY DISCLOSURES

Included within other creditors as at year end is £69,638 (2023: £55,319), an amount owed to the directors of the company. The amount owed is unsecured and there are no specific terms to the repayment of this amount.