Abbreviated Company Accounts - GATSBY PROPERTY LIMITED

GATSBY PROPERTY LIMITED - Company Information

08604687 GATSBY PROPERTY LIMITED 2014-07-31 false 2013-07-10 2014-07-31 true 08604687 2013-07-10 2014-07-31 08604687 2014-07-31 08604687 uk-gaap-cd-bus:Director1 2013-07-10 2014-07-31 08604687 uk-gaap-cd-bus:Director2 2013-07-10 2014-07-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-07-10 2014-07-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-07-31 iso4217:GBP shares

Registered Number 08604687

GATSBY PROPERTY LIMITED

Abbreviated Accounts

31 July 2014

GATSBY PROPERTY LIMITED Registered Number 08604687

Abbreviated Balance Sheet as at 31 July 2014

	Notes	2014
		£
Fixed assets
Tangible assets	2	1,052,420
		1,052,420
Current assets
Stocks		832,521
Debtors		2,549
Cash at bank and in hand		76,302
		911,372
Creditors: amounts falling due within one year		(5,750)
Net current assets (liabilities)		905,622
Total assets less current liabilities		1,958,042
Creditors: amounts falling due after more than one year		(1,941,967)
Total net assets (liabilities)		16,075
Capital and reserves
Called up share capital	3	100
Profit and loss account		15,975
Shareholders' funds		16,075

For the year ending 31 July 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 27 March 2015

And signed on their behalf by:
Mr J C Jackson, Director

GATSBY PROPERTY LIMITED Registered Number 08604687

Notes to the Abbreviated Accounts for the period ended 31 July 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax.

Other accounting policies
Investment properties

Investment properties are shown at their open market value. The surplus or deficit arising from revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

This is in accordance with SSAP 19 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

In the opinion of the director, valuations of the individual properties would involve expenditure of time and resources which are not justified by any material improvement in the accuracy of the figures.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

2Tangible fixed assets

	£
Cost
Additions	1,052,420
Disposals	-
Revaluations	-
Transfers	-
At 31 July 2014	1,052,420
Depreciation
Charge for the year	-
On disposals	-
At 31 July 2014	-
Net book values
At 31 July 2014	1,052,420

The freehold property, held for investment, has been valued by the Directors based on expenditure in the year at £1,115,789.

3Called Up Share Capital
Allotted, called up and fully paid:

	2014 £
100 Ordinary shares of £100 each	10,000