Good Luck Traders (UK) Limited Company accounts

GOOD LUCK TRADERS (UK) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07673166

Good Luck Traders (UK) Limited

Unaudited Financial Statements

31 July 2018

Good Luck Traders (UK) Limited

Financial Statements

Year ended 31 July 2018

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

The following pages do not form part of the financial statements

Chartered tax advisers report to the director on the preparation of the unaudited statutory financial statements	10

Good Luck Traders (UK) Limited

Director's Report

Year ended 31 July 2018

The director presents his report and the unaudited financial statements of the company for the year ended 31 July 2018 .

Principal activities

The principal activity of the company during the year was that of operating a conveneince store.

Directors

The directors who served the company during the year were as follows:

Mr D S Bhatia
Mr A S Kapoor	(Resigned 31 May 2018)

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 15 April 2019 and signed on behalf of the board by:

Mr D S Bhatia
Director

Registered office:

1 Agincourt Villas

Uxbridge Road

Hillingdon

Middlesex

UB10 0NX

Good Luck Traders (UK) Limited

Statement of Income and Retained Earnings

Year ended 31 July 2018

	2018	2017
Note	£	£
Turnover	269,580	280,558

Cost of sales	197,114	207,389
	---------	---------
Gross profit	72,466	73,169

Administrative expenses	64,803	77,784
Other operating income	–	7,928
	--------	--------
Operating profit	7,663	3,313

Interest payable		1,525	889
		--------	--------
Profit before taxation	5	6,138	2,424

Taxation on ordinary activities	1,169	588
	-------	-------
Profit for the financial year and total comprehensive income	4,969	1,836
	-------	-------

Dividends paid and payable	–	( 1,500)

Retained earnings at the start of the year	1,266	930
	-------	-------
Retained earnings at the end of the year	6,235	1,266
	-------	-------

All the activities of the company are from continuing operations.

Good Luck Traders (UK) Limited

Statement of Financial Position

31 July 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	6	6,499	6,999
Tangible assets	7	12,915	13,885
		--------	--------
		19,414	20,884

Current assets

Stocks		30,792	35,586
Debtors	8	10,850	10,850
Cash at bank and in hand		10,786	10,097
		--------	--------
		52,428	56,533

Creditors: amounts falling due within one year	9	64,409		62,509
		--------		--------
Net current liabilities			11,981	5,976
			--------	--------
Total assets less current liabilities			7,433	14,908

Creditors: amounts falling due after more than one year	10		–	12,444

Provisions

Taxation including deferred tax	1,098	1,098
	-------	--------
Net assets	6,335	1,366
	-------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	6,235	1,266
	-------	-------
Shareholders funds	6,335	1,366
	-------	-------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Good Luck Traders (UK) Limited

Statement of Financial Position (continued)

31 July 2018

These financial statements were approved by the board of directors and authorised for issue on 15 April 2019 , and are signed on behalf of the board by:

Mr D S Bhatia
Director

Company registration number: 07673166

Good Luck Traders (UK) Limited

Notes to the Financial Statements

Year ended 31 July 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Agincourt Villas, Uxbridge Road, Hillingdon, Middlesex, UB10 0NX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 3 (2017: 4 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Amortisation of intangible assets	500	500
Depreciation of tangible assets	2,205	2,449
	-------	-------

6. Intangible assets

	Goodwill
	£
Cost
At 1 August 2017 and 31 July 2018	9,999
	-------
Amortisation
At 1 August 2017	3,000
Charge for the year	500
	-------
At 31 July 2018	3,500
	-------
Carrying amount
At 31 July 2018	6,499
	-------
At 31 July 2017	6,999
	-------

7. Tangible assets

	Land and buildings	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2017	4,091	34,971	1,200	40,262
Additions	–	1,235	–	1,235
	-------	--------	-------	--------
At 31 July 2018	4,091	36,206	1,200	41,497
	-------	--------	-------	--------
Depreciation
At 1 August 2017	–	25,791	586	26,377
Charge for the year	–	2,083	122	2,205
	-------	--------	-------	--------
At 31 July 2018	–	27,874	708	28,582
	-------	--------	-------	--------
Carrying amount
At 31 July 2018	4,091	8,332	492	12,915
	-------	--------	-------	--------
At 31 July 2017	4,091	9,180	614	13,885
	-------	--------	-------	--------

8. Debtors

	2018	2017
	£	£
Other debtors	10,850	10,850
	--------	--------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	9,167	6,723
Trade creditors	2,490	–
Corporation tax	1,169	587
Social security and other taxes	890	1,087
Other creditors	50,693	54,112
	--------	--------
	64,409	62,509
	--------	--------

10. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	–	12,444
	----	--------

11. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A S Kapoor	( 14,122)	848	( 13,274)
	--------	----	--------

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A S Kapoor	( 12,850)	( 1,272)	( 14,122)
	--------	-------	--------

Good Luck Traders (UK) Limited

Management Information

Year ended 31 July 2018

The following pages do not form part of the financial statements.

Good Luck Traders (UK) Limited

Chartered Tax Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Good Luck Traders (UK) Limited

Year ended 31 July 2018

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 July 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

SK ASSOCIATES LTD Chartered Tax Advisers

1 Agincourt Villas Uxbridge Road Hillingdon Middlesex UB10 0NX

15 April 2019