G7 RSK Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC525834 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

G7 RSK LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Miss T Sandhu

REGISTERED OFFICE:

25 Dalziel Drive

Glasgow

G41 4JA

REGISTERED NUMBER:

SC525834 (Scotland)

ACCOUNTANTS:

John M Taylor & Co

Chartered Accountants

9 Glasgow Road

PAISLEY

Renfrewshire

PA1 3QS

FIXED ASSETS

876,802

Tangible assets

4

921,067

CURRENT ASSETS

762

Debtors

5

2,192

10,685

Cash at bank

48,000

11,447

50,192

CREDITORS

489,274

Amounts falling due within one year

6

541,037

(477,827

)

NET CURRENT LIABILITIES

(490,845

)

398,975

TOTAL ASSETS LESS CURRENT LIABILITIES

430,222

CREDITORS

(139,309

)

Amounts falling due after more than one year

7

(139,309

)

(4,646

)

PROVISIONS FOR LIABILITIES

(5,727

)

255,020

NET ASSETS

285,186

CAPITAL AND RESERVES

1,000

Called up share capital

9

1,000

Investment properties

253,226

fair value reserve

263,892

794

Retained earnings

20,294

255,020

SHAREHOLDERS' FUNDS

285,186

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 her 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 24 December 2019 and were signed by:

Miss T Sandhu - Director

1.	STATUTORY INFORMATION

G7 Rsk Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents the total amount of rents due for the period from when the properties were rented.

Tangible fixed assets

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

Investment properties

-

not provided

Fixtures and fittings

-

20% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible assets to determine whether

there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Investment properties

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in

the income statement. Revaluations are conducted annually by the director at each balance sheet date based on

the director's knowledge of similar properties in the same area.

Taxation

Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively

enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the

financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying

amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is

no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be

recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the

liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or

substantively enacted by the end of the reporting period.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks,

other short-term liquid investments with original maturities of three months or less and bank overdrafts.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the

income statement. Derivative financial instruments are initially recorded at cost and thereafter at fair value with

changes recognised in the income statement.

4.	TANGIBLE FIXED ASSETS

Fixtures

Investment

and

Totals

properties

fittings

£

£

£

COST OR VALUATION

At 1 April 2018

877,253

875,000

2,253

Additions

33,240

32,670

570

Revaluations

11,500

11,500

-

At 31 March 2019

921,993

919,170

2,823

DEPRECIATION

At 1 April 2018

451

-

451

Charge for year

475

-

475

At 31 March 2019

926

-

926

NET BOOK VALUE

At 31 March 2019

921,067

919,170

1,897

At 31 March 2018

876,802

875,000

1,802

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Prepayments and accrued income

2,192

762

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Corporation Tax

5,092

143

Directors' current accounts

530,928

487,289

Accruals and deferred income

5,017

1,842

541,037

489,274

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans more 5 yrs non-inst

139,309

139,309

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

139,309

139,309

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

139,309

139,309

The bank loan is secured by a Standard Security dated 11 November 2016 over the property at Flat 4 Netherdale

Kirkvale, Newton Mearns, G77 5HJ in favour of Charter Court Financial Services Limited.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Miss T Sandhu.