Gilmartin Ley Limited - Period Ending 2019-03-31
Gilmartin Ley Limited - Period Ending 2019-03-31
Registrar
Registration number:
for the Year Ended
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB
Gilmartin Ley Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Gilmartin Ley Limited
Company Information
Directors |
M P Gilmartin FRICS Mrs J Evans J B P Salmon MRICS J P Gilmartin MRICS C A Gilmartin MRICS Mrs S A Gilmartin |
Company secretary |
Mrs S A Gilmartin |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Gilmartin Ley Limited
(Registration number: 02201161)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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100 |
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Profit and loss account |
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336,153 |
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Total equity |
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336,253 |
For the financial year ended 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:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 2 |
Gilmartin Ley Limited
(Registration number: 02201161)
Balance Sheet as at 31 March 2019 (continued)
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
M P Gilmartin FRICS
Director
Page 3 |
Gilmartin Ley Limited
Notes to the Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Tax
Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
33% straight line basis |
No depreciation is provided in respect of Land and buildings and is revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This treatment as regards the Company's freehold property may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, the Directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Page 4 |
Gilmartin Ley Limited
Notes to the Financial Statements for the Year Ended 31 March 2019 (continued)
2 |
Accounting policies (continued) |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Upon transition to FRS 102 Section 1A Goodwill has been reviewed by the directors and is being amortised over its useful life of 13.3 years.
Investments
Investments in equity shares which are not publicly traded are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are paid.
Page 5 |
Gilmartin Ley Limited
Notes to the Financial Statements for the Year Ended 31 March 2019 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Amortisation |
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At 1 April 2018 |
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Amortisation charge |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Page 6 |
Gilmartin Ley Limited
Notes to the Financial Statements for the Year Ended 31 March 2019 (continued)
Tangible assets |
Land and buildings |
Fixtues and fittings |
Total |
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Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
- |
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Charge for the year |
- |
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At 31 March 2019 |
- |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Included within the net book value of land and buildings above is £415,763 (2018 - £415,763) in respect of freehold land and buildings.
Page 7 |
Gilmartin Ley Limited
Notes to the Financial Statements for the Year Ended 31 March 2019 (continued)
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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Provision |
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At 1 April 2018 |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings |
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- |
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Other debtors |
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- |
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Prepayments and accrued income |
3,261 |
1,796 |
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Total current trade and other debtors |
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Page 8 |
Gilmartin Ley Limited
Notes to the Financial Statements for the Year Ended 31 March 2019 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Corporation tax |
13,063 |
26,842 |
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Accruals and deferred income |
21,375 |
13,846 |
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Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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2019 |
2018 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
Page 9 |
Gilmartin Ley Limited
Notes to the Financial Statements for the Year Ended 31 March 2019 (continued)
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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Directors loan account |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 10 |