G7 RSK Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC525834 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 6 APRIL 2017 TO 31 MARCH 2018

FOR

G7 RSK LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Miss T Sandhu

REGISTERED OFFICE:

25 Dalziel Drive

Glasgow

G41 4JA

REGISTERED NUMBER:

SC525834 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

-

Tangible assets

4

1,802

521,000

Investment property

5

875,000

521,000

876,802

CURRENT ASSETS

3,812

Debtors

6

762

46,568

Cash at bank

10,685

50,380

11,447

CREDITORS

415,502

Amounts falling due within one year

7

489,274

(365,122

)

NET CURRENT LIABILITIES

(477,827

)

155,878

TOTAL ASSETS LESS CURRENT LIABILITIES

398,975

CREDITORS

(139,309

)

Amounts falling due after more than one year

8

(139,309

)

(2,525

)

PROVISIONS FOR LIABILITIES

(4,646

)

14,044

NET ASSETS

255,020

CAPITAL AND RESERVES

1,000

Called up share capital

10

1,000

Investment properties

21,873

fair value reserve

11

253,226

(8,829

)

Retained earnings

11

794

14,044

SHAREHOLDERS' FUNDS

255,020

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director on 22 March 2019 and were signed by:

Miss T Sandhu - Director

1.	STATUTORY INFORMATION

G7 Rsk Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the total amount of rents due for the period from when the properties were rented.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible assets to determine whether

there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at

fair value at each reporting date with changes in fair value recognised in profit and loss.

Revaluations are conducted annually by the director.

Taxation

Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively

enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the

financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying

amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is

no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the

liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or

substantively enacted by the end of the reporting period.

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

Additions

2,253

At 31 March 2018

2,253

DEPRECIATION

Charge for period

451

At 31 March 2018

451

NET BOOK VALUE

At 31 March 2018

1,802

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 6 April 2017

521,000

Additions

122,847

Revaluations

231,153

At 31 March 2018

875,000

NET BOOK VALUE

At 31 March 2018

875,000

At 5 April 2017

521,000

Fair value at 31 March 2018 is represented by:

£

Valuation in 2018

257,758

Cost

617,242

875,000

The properties are valued at fair value by the director at each balance sheet date based on the director's

knowledge of the values of similar properties in the same areas.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

5.4.17

£

£

Other debtors

-

2,391

Prepayments

762

1,421

762

3,812

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

5.4.17

£

£

Corporation Tax

143

-

Directors' current accounts

487,289

413,130

Accruals and deferred income

1,842

2,372

489,274

415,502

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

5.4.17

£

£

Bank loans more 5 yrs non-inst

139,309

139,309

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

139,309

139,309

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

5.4.17

£

£

Bank loans

139,309

139,309

Bank loan is secured by a Standard Security over the property at Flat 4 Netherdale Kirkvale, Newton Mearns,

G77 5HJ in favour of Charter Court Financial Services Limited.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

5.4.17

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.

RESERVES

Investment

properties

fair

Retained

value

Totals

earnings

reserve

£

£

£

At 6 April 2017

13,044

(8,829

)

21,873

Profit for the period

240,976

240,976

Reserve transfer

-

(231,353

)

231,353

At 31 March 2018

254,020

794

253,226

12.	RELATED PARTY DISCLOSURES

The amount due to the director at the balance sheet date was £487,289 (2017 £413,130). This is on an interest

free basis and has no fixed repayment date.