Gusto Developments Limited 31/03/2019 iXBRL

GUSTO DEVELOPMENTS LIMITED - Company Information

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Company registration number: 03478665

Gusto Developments Limited

Unaudited filleted financial statements

31 March 2019

Gusto Developments Limited

Contents

Statement of financial position

Notes to the financial statements

Gusto Developments Limited

Statement of financial position

31 March 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Investments	5	270,066		159,625
		_________		_________
			270,066		159,625

Current assets
Stocks	6	1,303,270		426,908
Debtors	7	1,799		347,498
Cash at bank and in hand		13,375		242,021
		_________		_________
		1,318,444		1,016,427
Creditors: amounts falling due
within one year	8	( 1,541,889)		( 1,231,392)
		_________		_________
Net current liabilities			( 223,445)		( 214,965)
			_________		_________
Total assets less current liabilities			46,621		( 55,340)

			_________		_________
Net assets/(liabilities)			46,621		( 55,340)
			_________		_________

Capital and reserves
Called up share capital			2		2
Fair value reserve			270,066		159,623
Profit and loss account			( 223,447)		( 214,965)
			_________		_________
Shareholders funds/(deficit)			46,621		( 55,340)
			_________		_________

For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 17 August 2019 , and are signed on behalf of the board by:

Mr S N Wright

Director

Company registration number: 03478665

Gusto Developments Limited

Notes to the financial statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Millennium Green Business Centre, Rio Drive, Collingham, Newark, Notts, NG23 7NB.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Investments in associates

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion, borrowing costs and other costs incurred in bringing the stocks to their present location and condition.

Construction contracts

Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the year end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expenses immediately, with a corresponding provision for an onerous contract being recognised. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.

Borrowing costs

Specific borrowing costs directly attributable to the acquisition and development of stock are added to the cost of those stocks. All other borrowing costs are recognised in the profit or loss in the period in which they are incurred.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2018: Nil).

5. Investments

	Shares in group undertakings and participating interests	Total
	£	£
Cost
At 1 April 2018	159,625	159,625
Fair value adjustment	110,441	110,441
	_________	_________
At 31 March 2019	270,066	270,066
	_________	_________
Impairment
At 1 April 2018 and 31 March 2019	-	-
	_________	_________
Carrying amount
At 31 March 2019	270,066	270,066
	_________	_________
At 31 March 2018	159,625	159,625
	_________	_________

6. Stocks

	2019	2018
	£	£
Finished goods and goods for resale	1,303,270	426,908
	_________	_________

Borrowing costs capitalised in the year totals £17,374 (2018 - £7,385).

7. Debtors

	2019	2018
	£	£
Trade debtors	500	-
Amounts owed by group undertakings and undertakings in which the company has a participating interest	-	339,998
Other debtors	1,299	7,500
	_________	_________
	1,799	347,498
	_________	_________

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	116,565	24,339
Amounts owed to group undertakings and undertakings in which the company has a participating interest	725,000	1,200,000
Corporation tax	-	5,553
Other creditors	700,324	1,500
	_________	_________
	1,541,889	1,231,392
	_________	_________

Melsar Finance Limited holds a fixed and floating charge over the assets of the company.

9. Related party transactions

Included in creditors at 31 March 2019 is an interest free loan owed to a company which holds a participating interest totalling £725,000 (2018 - £1,200,000).Included in debtors at 31 March 2018 was an interest free loan owed from a company in which a participating interest is held totalling £339,998 (2019 - £nil).

10. Controlling party

The company is a wholly owned subsidiary of Gusto Group Limited whose registered address is Millenium Green Business Centre, Rio Drive, Newark, NG23 7NB.