Gryffe Residential Limited - Limited company accounts 18.2

REGISTERED NUMBER: SC172876 (Scotland)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Gryffe Residential Limited

Page

Company Information

1

Report of the Director

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTOR:

J Harper

REGISTERED OFFICE:

22 Carden Place

Aberdeen

AB10 1UQ

REGISTERED NUMBER:

SC172876 (Scotland)

ACCOUNTANTS:

MacDonald Accountancy Services

12 Allardice Street

Stonehaven

Aberdeenshire

AB39 2BQ

The director presents his report with the financial statements of the company for the year ended 31 March 2019.

DIRECTOR

J Harper held office during the whole of the period from 1 April 2018 to the date of this report.

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:

J Harper - Director

8 May 2019

TURNOVER

-

-

Administrative expenses

20,664

25,337

(20,664

)

(25,337

)

Other operating income

36,350

46,022

OPERATING PROFIT

4

15,686

20,685

Interest payable and similar expenses

17,846

15,879

(LOSS)/PROFIT BEFORE TAXATION

(2,160

)

4,806

Tax on (loss)/profit

-

533

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(2,160

)

4,273

FIXED ASSETS

Tangible assets

5

4,500

6,000

Investment property

6

1,365,000

1,365,000

1,369,500

1,371,000

CURRENT ASSETS

Debtors

7

257,945

255,758

Cash at bank

47,136

50,501

305,081

306,259

CREDITORS

Amounts falling due within one year

8

19,600

20,118

NET CURRENT ASSETS

285,481

286,141

TOTAL ASSETS LESS CURRENT LIABILITIES

1,654,981

1,657,141

CREDITORS

Amounts falling due after more than one year

9

540,167

540,167

NET ASSETS

1,114,814

1,116,974

CAPITAL AND RESERVES

Called up share capital

6

6

Revaluation reserve

11

801,429

801,429

Retained earnings

313,379

315,539

SHAREHOLDERS' FUNDS

1,114,814

1,116,974

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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 8 May 2019 and were signed by:

J Harper - Director

1.	STATUTORY INFORMATION

Gryffe Residential 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.19

31.3.18

£

£

Depreciation - owned assets

1,500

1,573

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2018

and 31 March 2019

46,472

DEPRECIATION

At 1 April 2018

40,472

Charge for year

1,500

At 31 March 2019

41,972

NET BOOK VALUE

At 31 March 2019

4,500

At 31 March 2018

6,000

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

and 31 March 2019

1,365,000

NET BOOK VALUE

At 31 March 2019

1,365,000

At 31 March 2018

1,365,000

Fair value at 31 March 2019 is represented by:

£

Valuation in 2016

1,365,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

180

-

Other debtors

257,765

255,758

257,945

255,758

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

100

85

Taxation and social security

-

533

Other creditors

19,500

19,500

19,600

20,118

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans

540,167

540,167

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

540,167

540,167

11.

RESERVES

Revaluation

reserve

£

At 1 April 2018

and 31 March 2019

801,429