Gartcosh Landworks Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC322551 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

GARTCOSH LANDWORKS COMPANY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Ian Steven

REGISTERED OFFICE:

4d Auchingramont Road

Hamilton

ML3 6JT

BUSINESS ADDRESS:

Unit 1A

95 Westburn Drive

Cambuslang

Glasgow

G72 7NA

REGISTERED NUMBER:

SC322551 (Scotland)

ACCOUNTANTS:

William Duncan (UK) Limited

Chartered Accountants

4d Auchingramont Road

Hamilton

ML3 6JT

BANKERS:

Bank of Scotland plc

258/262 Dumbarton Road

Glasgow

G11 6TU

CURRENT ASSETS

Debtors

3

164

-

Cash at bank and in hand

221

581

385

581

CREDITORS

Amounts falling due within one year

4

21,300

20,750

NET CURRENT LIABILITIES

(20,915

)

(20,169

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(20,915

)

(20,169

)

CREDITORS

Amounts falling due after more than one year

5

1,040,281

1,040,281

NET LIABILITIES

(1,061,196

)

(1,060,450

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(1,061,198

)

(1,060,452

)

SHAREHOLDERS' FUNDS

(1,061,196

)

(1,060,450

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

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 19 December 2019 and were signed by:

Ian Steven - Director

1.	STATUTORY INFORMATION

Gartcosh Landworks Company Limited 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.	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.

Going concern

At the statement of financial position date, the company's liabilities exceeded its total assets by £1,061,196. In

order to meet its day to day working capital requirements, the company requires the continuing support of its

creditors and the director understands that these arrangements will continue.

The financial statements have been prepared on a going concern basis which assumes that the company will

continue in operational existence for the foreseeable future.

If the company was unable to continue in operational existence for the foreseeable future, adjustments would

have to be made to reduce the statement of financial position values of assets to their recoverable amounts, to

provide for further liabilities that might arise.

The director believes that it is appropriate for the financial statements to be prepared on a going concern basis.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method less any impairment.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in

liabilities on the statement of financial position.

(iii) Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

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.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

VAT

164

-

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Director's loan

700

-

Accrued charges

20,600

20,750

21,300

20,750

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Other creditors

1,040,281

1,040,281

6.	RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the director amounting to £700.