Gravitas Housing Ltd - Limited company accounts 18.2

REGISTERED NUMBER: 10590597 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

GRAVITAS HOUSING LTD

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTORS:

Ms K J Mcdaid

H S Rai

R S Wyles

SECRETARY:

REGISTERED OFFICE:

Council Offices

St Peters Hill

Grantham

Lincolnshire

NG31 6PZ

REGISTERED NUMBER:

10590597 (England and Wales)

ACCOUNTANTS:

Burgin & Co.

Blue Pig Cottage

1 Elmer Street North

Grantham

Lincolnshire

NG31 6RE

The directors present their report with the financial statements of the company for the year ended 31 March 2019.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property development

DIRECTORS

R S Wyles has held office during the whole of the period from 1 April 2018 to the date of this report.

Other changes in directors holding office are as follows:

Ms T E Blackwell - resigned 8 August 2018

S R Ingram - resigned 8 August 2018

Ms K J Mcdaid - appointed 8 August 2018

H S Rai - appointed 8 August 2018

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to

small companies.

ON BEHALF OF THE BOARD:

R S Wyles - Director

19 December 2019

TURNOVER

-

-

Administrative expenses

81,079

-

OPERATING LOSS and

LOSS BEFORE TAXATION

(81,079

)

-

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(81,079

)

-

CURRENT ASSETS

Stocks

3

1,197,659

-

Debtors

4

25,635

-

Cash at bank

385,303

100

1,608,597

100

CREDITORS

Amounts falling due within one year

5

569,576

-

NET CURRENT ASSETS

1,039,021

100

TOTAL ASSETS LESS CURRENT LIABILITIES

1,039,021

100

CAPITAL AND RESERVES

Called up share capital

6

1,120,100

100

Retained earnings

(81,079

)

-

SHAREHOLDERS' FUNDS

1,039,021

100

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 directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors on 19 December 2019 and were signed on its behalf by:

Ms K J Mcdaid - Director

H S Rai - Director

R S Wyles - Director

1.	STATUTORY INFORMATION

Gravitas Housing 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.

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.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet 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.

STOCKS

2019

2018

£

£

Work-in-progress

1,197,659

-

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Prepayments

7,371

-

Vat account

18,264

-

25,635

-

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

568,576

-

Accrued expenses

1,000

-

569,576

-

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,120,100

Ordinary

£1

1,120,100

100

1,120,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

7.	ULTIMATE CONTROLLING PARTY

Gravitas Housing Limited is a wholly owned subsidiary of South Kestevan District Council.