Ian Gordon Catering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC253286 (Scotland)

Ian Gordon Catering Limited

Unaudited Financial Statements

for the Year Ended 31 July 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I J Gordon

Mrs M R Gordon

SECRETARY:

I J Gordon

REGISTERED OFFICE:

9/8 Connaught Place

Edinburgh

EH6 4RQ

REGISTERED NUMBER:

SC253286 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland plc

Edinburgh West End Office

142-144 Princes Street

Edinburgh

EH2 4EQ

FIXED ASSETS

Tangible assets

3

-

-

Investment property

4

275,599

267,750

275,599

267,750

CURRENT ASSETS

Debtors

5

1,900

625

Cash at bank

4,859

29

6,759

654

CREDITORS

Amounts falling due within one year

6

80,161

81,520

NET CURRENT LIABILITIES

(73,402

)

(80,866

)

TOTAL ASSETS LESS CURRENT LIABILITIES

202,197

186,884

CREDITORS

Amounts falling due after more than one year

7

59,158

66,319

NET ASSETS

143,039

120,565

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

9

49,469

41,620

Retained earnings

92,570

77,945

SHAREHOLDERS' FUNDS

143,039

120,565

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 6 February 2019 and were signed on its behalf by:

I J Gordon - Director

1.	STATUTORY INFORMATION

Ian Gordon Catering Limited is a private company, limited by shares , registered in Scotland. The

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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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 as modified by the revaluation of certain assets.

Turnover and revenue recognition

Turnover represents income from property rental. Revenue is recognised in accordance with the

terms of the lease agreement.

Investment property

Investment properties are shown at their open market value. The surplus or deficit arising from the

annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its

reversal, on an individual investment property is expected to be permanent, in which case it is

recognised in the profit and loss account for the year.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and

subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2017

and 31 July 2018

225

DEPRECIATION

At 1 August 2017

and 31 July 2018

225

NET BOOK VALUE

At 31 July 2018

-

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2017

267,750

Revaluations

7,849

At 31 July 2018

275,599

NET BOOK VALUE

At 31 July 2018

275,599

At 31 July 2017

267,750

The investment properties were valued on an open market basis by the directors, who are not

professional valuers on 31 July 2018.

Fair value at 31 July 2018 is represented by:

£

Valuation in 2015

28,870

Valuation in 2017

12,750

Valuation in 2018

7,849

Cost

226,130

275,599

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

1,900

625

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

7,877

7,658

Taxation and social security

3,900

4,122

Other creditors

68,384

69,740

80,161

81,520

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

59,158

66,319

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

25,101

33,212

25,101

33,212

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

67,035

73,977

The bank loans are secured by a floating charge and standard security over the assets of the

company.

9.

RESERVES

Fair

value

reserve

£

At 1 August 2017

41,620

Property revaluation

7,849

At 31 July 2018

49,469

The fair value reserve represents the net revaluation surplus that is not readily distributable as

realised earnings.