| Greater London Developments Limited |
| Notes to the Accounts |
| for the year ended 31 March 2018 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of rent received or receivable, net of discounts and value added taxes. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25% reducing balance |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Investment Property |
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Investment properties are measured at fair value annually with any change recognised in the profit and loss account. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Narendrakumar Thanki |
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Firm: |
Adams Mitchell |
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Date of audit report: |
19 March 2019 |
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| 3 |
Tangible fixed assets |
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Investment properties |
|
Plant and machinery etc |
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Total |
| £ |
£ |
£ |
|
Cost or valuation |
|
At 1 April 2017 |
1,500,000 |
|
6,980 |
|
1,506,980 |
|
Surplus on revaluation |
100,000 |
|
- |
|
100,000 |
|
At 31 March 2018 |
1,600,000 |
|
6,980 |
|
1,606,980 |
|
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|
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|
|
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|
|
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Depreciation |
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At 1 April 2017 |
- |
|
4,771 |
|
4,771 |
|
Charge for the year |
- |
|
552 |
|
552 |
|
At 31 March 2018 |
- |
|
5,323 |
|
5,323 |
|
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Net book value |
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At 31 March 2018 |
1,600,000 |
|
1,657 |
|
1,601,657 |
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At 31 March 2017 |
1,500,000 |
|
2,209 |
|
1,502,209 |
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Investment properties were revalued as at 15 March 2017 by Savills who are independent of the company and have experience of valuing similar properties. The property has been valued on an open market existing use basis. |
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| 4 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
220,427 |
|
- |
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Other debtors |
- |
|
143,875 |
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|
220,427 |
|
143,875 |
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| 5 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
7,000 |
|
- |
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Taxation and social security costs |
22,302 |
|
17,465 |
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Other creditors |
190,545 |
|
198,733 |
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|
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|
219,847 |
|
216,198 |
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| 6 |
Controlling party |
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The company considers Interland Group Limited as its parent undertaking, whose registered office is:
109 Gloucester Place
London
W1U 6JW |
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| 7 |
Other information |
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Greater London Developments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
109 Gloucester Place |
|
London |
|
W1U 6JW |
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Its trading address is: |
|
73 Mayrove Road |
|
London |
|
NW6 2EG |
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| 8 |
Charges held on properties |
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Interland Capital Limited, a company under common control, has borrowed funds from Secure Trust Bank PLC. Their borrowing is secured on the company's assets and undertakings. |
