Greenford Strategic Property Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06387885 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

FOR

GREENFORD STRATEGIC PROPERTY LIMITED

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

9

DIRECTORS:

M C Cole

Ms J H Cole

REGISTERED OFFICE:

Hanger SE35

Gloucestershire Airport

Staverton

Cheltenham

Gloucestershire

GL51 6SR

REGISTERED NUMBER:

06387885 (England and Wales)

ACCOUNTANTS:

Smith Heath Limited

Brent House

382 Gloucester Road

Cheltenham

Gloucestershire

GL51 7AY

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Greenford Strategic Property Limited for the year ended 31 May 2018 which comprise the

Income Statement, Statement of Financial Position and the related notes from the company's accounting records and

from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Greenford Strategic Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Greenford Strategic Property Limited and state those matters that we have agreed to state to the Board of Directors of Greenford Strategic Property Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Greenford Strategic Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Greenford Strategic Property Limited. You consider that Greenford Strategic Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Greenford Strategic Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Smith Heath Limited

Brent House

382 Gloucester Road

Cheltenham

Gloucestershire

GL51 7AY

12 February 2019

FIXED ASSETS

Intangible assets

4

115,867

133,467

Tangible assets

5

1,343,748

1,040,151

Investment property

6

-

1,308,428

1,459,615

2,482,046

CURRENT ASSETS

Debtors

7

274,086

14,277

Cash at bank and in hand

12,279

342,472

286,365

356,749

CREDITORS

Amounts falling due within one year

8

178,869

271,810

NET CURRENT ASSETS

107,496

84,939

TOTAL ASSETS LESS CURRENT LIABILITIES

1,567,111

2,566,985

CREDITORS

Amounts falling due after more than one year

9

1,349,352

2,542,331

NET ASSETS

217,759

24,654

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

10

296,248

-

Retained earnings

(78,589

)

24,554

SHAREHOLDERS' FUNDS

217,759

24,654

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 12 February 2019 and were signed on its behalf by:

M C Cole - Director

1.	STATUTORY INFORMATION

Greenford Strategic Property 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.

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Acquired goodwill is written off in equal instalments over its estimated useful economic life of 10 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on cost

Investment property

The company carries it`s investment property at fair value. The property values have been provided by the

directors and based on a broad review of similar commercial property values.

Any aggregate surplus or deficit arising from changes in fair value is recognised in retained earnings.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2017

and 31 May 2018

176,000

AMORTISATION

At 1 June 2017

42,533

Charge for year

17,600

At 31 May 2018

60,133

NET BOOK VALUE

At 31 May 2018

115,867

At 31 May 2017

133,467

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 June 2017

1,023,705

92,953

34,530

1,151,188

Additions

-

-

51,800

51,800

Revaluations

226,295

-

-

226,295

At 31 May 2018

1,250,000

92,953

86,330

1,429,283

DEPRECIATION

At 1 June 2017

49,479

40,697

20,861

111,037

Charge for year

20,474

12,107

11,870

44,451

Revaluation adjustments

(69,953

)

-

-

(69,953

)

At 31 May 2018

-

52,804

32,731

85,535

NET BOOK VALUE

At 31 May 2018

1,250,000

40,149

53,599

1,343,748

At 31 May 2017

974,226

52,256

13,669

1,040,151

Cost or valuation at 31 May 2018 is represented by:

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Valuation in 2018

226,295

-

-

226,295

Cost

1,023,705

92,953

86,330

1,202,988

1,250,000

92,953

86,330

1,429,283

Freehold properties were valued on 31 May 2018 by M C Cole, director of the company.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST OR VALUATION

At 1 June 2017

34,530

Transfer to ownership

(34,530

)

At 31 May 2018

-

DEPRECIATION

At 1 June 2017

20,861

Charge for year

4,316

Transfer to ownership

(25,177

)

At 31 May 2018

-

NET BOOK VALUE

At 31 May 2018

-

At 31 May 2017

13,669

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2017

1,439,574

Disposals

(1,439,574

)

At 31 May 2018

-

DEPRECIATION

At 1 June 2017

131,146

Charge for year

13,633

Eliminated on disposal

(144,779

)

At 31 May 2018

-

NET BOOK VALUE

At 31 May 2018

-

At 31 May 2017

1,308,428

7.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Other debtors

265,815

7,717

2018

2017

£

£

Amounts falling due after more than one year:

Other debtors

8,271

6,560

Aggregate amounts

274,086

14,277

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

24,843

49,050

Hire purchase contracts

-

4,576

Trade creditors

80,692

88,565

Taxation and social security

51,747

39,972

Other creditors

21,587

89,647

178,869

271,810

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 2-5 years

95,000

216,000

Bank loans more 5 yr by instal

467,328

805,201

Other loans repayable > 5yrs

787,024

1,521,130

1,349,352

2,542,331

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans repayable > 5yrs

787,024

1,521,130

Repayable by instalments

Bank loans more 5 yr by instal

467,328

805,201

10.

RESERVES

Fair

value

reserve

£

Revaluation in year

296,248

At 31 May 2018

296,248