GOF International Limited - Accounts to registrar - small 16.3d
GOF International Limited - Accounts to registrar - small 16.3d
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2016 |
FOR |
GOF INTERNATIONAL LIMITED |
GOF INTERNATIONAL LIMITED (REGISTERED NUMBER: 01684123) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2016 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
GOF INTERNATIONAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Global House |
303 Ballards Lane |
London |
N12 8NP |
SOLICITORS: |
303 Ballards Lane |
London |
N12 8NP |
GOF INTERNATIONAL LIMITED (REGISTERED NUMBER: 01684123) |
STATEMENT OF FINANCIAL POSITION |
30 APRIL 2016 |
30.4.16 | 30.4.15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
GOF INTERNATIONAL LIMITED (REGISTERED NUMBER: 01684123) |
STATEMENT OF FINANCIAL POSITION - continued |
30 APRIL 2016 |
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 on |
GOF INTERNATIONAL LIMITED (REGISTERED NUMBER: 01684123) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2016 |
1. | STATUTORY INFORMATION |
GOF International Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the services are |
provided to the customer. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Motor vehicles | - |
Land and building held and used in the Company's own activities for production and supply of goods or for |
administration purposes are stated in the statement of financial position at their revalued amounts. Revaluations |
are carried out regularly so that the carrying amounts do not materially differ form using the fair value at the date of |
the statement of financial position. |
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. |
Once the property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation |
reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings |
unless an asset is derecognised. |
Stocks |
Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price |
less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net |
realisable value is less than cost. |
Deferred tax |
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods |
different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing |
differences which result in an obligation to pay more (or a right to pay less) tax at a future date, at the tax rates that |
are expected to apply when the timing differences reverse, based on current tax and laws. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GOF INTERNATIONAL LIMITED (REGISTERED NUMBER: 01684123) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2016 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Short | and | Motor |
property | leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2015 |
Disposals | ( |
) | ( |
) |
Revaluations |
At 30 April 2016 |
DEPRECIATION |
At 1 May 2015 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2016 |
NET BOOK VALUE |
At 30 April 2016 |
At 30 April 2015 |
Cost or valuation at 30 April 2016 is represented by: |
Fixtures |
Freehold | Short | and |
property | leasehold | fittings | Totals |
£ | £ | £ | £ |
Valuation in 2016 | 19,888,474 | - | - | 19,888,474 |
Cost | 4,611,526 | 10,000 | 81,501 | 4,703,027 |
24,500,000 | 10,000 | 81,501 | 24,591,501 |
If freehold properties had not been revalued they would have been included at the following historical cost: |
30.4.16 | 30.4.15 |
£ | £ |
Cost | 4,611,526 | 4,611,526 |
The freehold properties were valued on an open market basis on 30 April 2016 by the company directors . |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 May 2015 |
and 30 April 2016 |
NET BOOK VALUE |
At 30 April 2016 |
At 30 April 2015 |
GOF INTERNATIONAL LIMITED (REGISTERED NUMBER: 01684123) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2016 |
5. | FIXED ASSET INVESTMENTS - continued |
The company has 100,000 ordinary shares in Gandhi Investments Ltd which represents fifty percent of the ordinary |
share capital. At the 31 March 2016 Gandhi Investments Ltd has net assets of £785,187 and a profit for the year of |
£46,072. The directors consider that the investment will be recoverable in the long term as it represents an |
investment in industrial premises. |
6. | DEBTORS |
30.4.16 | 30.4.15 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by participating interests | 1,826,756 | 1,544,619 |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by participating interests | 279,756 | 279,756 |
Aggregate amounts |
Long term debtors relate to a long term loan in Gandhi Investments Ltd. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.16 | 30.4.15 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.16 | 30.4.15 |
£ | £ |
Bank loans |
Amounts owed to participating interests | 2,771,344 | 2,769,028 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.16 | 30.4.15 |
£ | £ |
Bank loans |
During the year the bank loan was repaid in full. |
GOF INTERNATIONAL LIMITED (REGISTERED NUMBER: 01684123) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2016 |
10. | RELATED PARTY DISCLOSURES |
As at 30 April 2016, the company was owed £279,756 (2014- £279,756) from Gandhi Investments Ltd, a related |
company. |
As at 30 April 2016 the company was owed £1,826,756 (2015 - £1,544,619) from Gandhi Oriental Foods Ltd as per |
note 7 above, a company under the common control of the directors who are major shareholders. Gandhi Oriental |
Foods Ltd trades from the freehold premises owned by the company. During the year the company purchased |
goods from Gandhi Oriental Foods Ltd amounting to £2,929,055 which are not made at normal trading but at cost. |
The company owes £2,771,344 (2015 - £2,769,028) to Gandhi Oriental Foods Ltd, a related company, following |
financial assistance with the acquisition of an industrial unit. |
This company and Gandhi Oriental Foods Limited are under the common control of the directors who are also the |
major shareholders. |
11. | ULTIMATE CONTROLLING PARTY |
The company is under the control of its shareholders, who are also the directors. |
12. | FIRST YEAR ADOPTION |
These financial statements for the year ended 30 April 2016 are the first financial statements that comply with FRS |
102. The date of transition is the 1 May 2014. The transition to FRS 102 has resulted in a small number of changes |
in accounting policies to those used previously. The nature of these changes and their impact on opening equity |
and profit for the comparative period are explained in the notes below. |