Greenwich Development Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05933941 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2018

for

Greenwich Development Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

R Anderson

SECRETARY:

R Anderson

REGISTERED OFFICE:

Omnia One

125 Queen Street

Sheffield

S1 2DU

REGISTERED NUMBER:

05933941 (England and Wales)

ACCOUNTANTS:

Royston Parkin Limited

2 President Buildings

Savile Street East

Sheffield

South Yorkshire

S4 7UQ

FIXED ASSETS

Property, plant and equipment

4

951,659

951,659

CURRENT ASSETS

Debtors

5

83,166

79,508

CREDITORS

Amounts falling due within one year

6

141,765

135,936

NET CURRENT LIABILITIES

(58,599

)

(56,428

)

TOTAL ASSETS LESS CURRENT LIABILITIES

893,060

895,231

CREDITORS

Amounts falling due after more than one year

7

(897,880

)

(897,880

)

ACCRUALS AND DEFERRED INCOME

(720

)

(720

)

NET LIABILITIES

(5,540

)

(3,369

)

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

120,000

120,000

Retained earnings

(125,640

)

(123,469

)

SHAREHOLDERS' FUNDS

(5,540

)

(3,369

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 24 July 2019 and were signed by:

R Anderson - Director

1.	STATUTORY INFORMATION

Greenwich Development Ltd 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.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Land and buildings

-

not provided

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	PROPERTY, PLANT AND EQUIPMENT

Land and

buildings

£

COST

At 1 October 2017

and 30 September 2018

951,659

NET BOOK VALUE

At 30 September 2018

951,659

At 30 September 2017

951,659

Included in cost of land and buildings is freehold land of £ 951,659 (2017 - £ 951,659 ) which is not

depreciated.

The assets have been valued based on there original mortgage valuation and then updated by the

directors to current market value using research carried out against similar properties.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

68,727

68,727

Amounts owed by group undertakings

14,439

10,781

83,166

79,508

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

253

733

Other creditors

141,512

135,203

141,765

135,936

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

897,880

897,880

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

897,880

897,880

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

897,880

897,880

A Mortgage is held by Keystone Buy to Let Mortgages over the property at 70 Brunswick Street,

Sheffield, S10 2FL dated 5th September 2008.

A Mortgage is held by Keystone Buy to Let Mortgages over the property at 114 Neill Road, Sheffield,

S11 8QJ dated 5th September 2008.

A Legal Charge is held by Keystone Buy to Let Mortgages Ltd over the property at 70 Brunswick

Street, Sheffield, S10 2FL dated 7th June 2008.

A Legal Charge is held by Keystone Buy to Let Mortgages over the property at 114 Neill Road,

Sheffield, S11 8QJ dated 13th June 2008.

A Legal Charge is held by Keystone Buy to Let Mortgages Ltd over the property at 118 Ashgate

Road, Chesterfield, S40 4AQ dated 7th June 2008.

A Debenture is held over the company by HSBC Bank plc dated 18th September 2007. This is in the

form of a fixed and floating charges over the undertaking and all money and liabilities whatever,

whenever and howsoever incurred by the company whether now or in the future.

A Legal Charge is held by Alliance & Leicester Commercial Bank PLC over the property at 118

Ashgate Road, Chesterfield, S40 4AQ dated 11th July 2007 including all rights attached or

appurtenant to it and all building erections, fixtures and fittings, fixed plant and machinery and any

insurance and any proceeds of sale or other realisation thereof and shall include each and every part or

parts thereof..

9.

RESERVES

Revaluation

reserve

£

At 1 October 2017

and 30 September 2018

120,000

10.	ULTIMATE CONTROLLING PARTY

11.	GOING CONCERN

The company's accounts have been prepared on a going concern basis. The director has confirmed

that he will not remove his loan account balance from the company in order to assist in the provision

of financial support.