Gatsby Property Limited Filleted accounts for Companies House (small and micro)

Gatsby Property Limited Filleted accounts for Companies House (small and micro)

GATSBY PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08604687
Gatsby Property Limited
Filleted unaudited financial statements
31 August 2019
Gatsby Property Limited
Statement of financial position
31 August 2019
31 Aug 19
31 Jul 18
Note
£
£
£
Fixed assets
Tangible assets
5
1,100,319
1,102,834
Investments
6
150
250
-----------
-----------
1,100,469
1,103,084
Current assets
Stocks
3,669,834
3,643,269
Debtors
7
5,145
16,213
Cash at bank and in hand
57,093
20,855
-----------
-----------
3,732,072
3,680,337
Creditors: amounts falling due within one year
8
( 4,841,175)
( 4,828,307)
-----------
-----------
Net current liabilities
( 1,109,103)
( 1,147,970)
-----------
-----------
Total assets less current liabilities
( 8,634)
( 44,886)
------
-------
Net liabilities
( 8,634)
( 44,886)
------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 8,734)
( 44,986)
------
-------
Shareholders funds
( 8,634)
( 44,886)
------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31st August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 May 2020 , and are signed on behalf of the board by:
Mr J C Ainsworth-Jackson
Director
Company registration number: 08604687
Gatsby Property Limited
Notes to the financial statements
period from 1st August 2018 to 31st August 2019
1. General information
The principal activity of the company is property investment (rental and development) and management . The company is a private limited company, which is incorporated in England and Wales (no 08604687 ). The address of the registered office is Gresham House, 5-7 St Pauls Street, Leeds, LS1 2JG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared on the basis that the company can continue as a going concern as the Director has agreed to continue to support the business and defer his loan in preference to other creditors. In arriving at this conclusion, the directors have given due consideration to the impact of the worldwide Covid-19 pandemic on future operations and the ability of the company to continue to operate as a going concern. The directors recognise that the situation remains highly fluid and as a result making accurate forecasts on the likely implications is difficult but the directors do recognise that trading over the coming months could potentially be adversely affected. Despite this, the directors remain confident that the company can continue to operate as a going concern. This assessment is based on the understanding that the company will continue to trade over the coming months, albeit it at a potentially reduced level than was initially anticipated. This, along with government support and retained reserves will allow the company to continue to meet it's obligations as they fall due and operate as a going concern. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies .
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on legal exchange of contracts, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Vehicles
-
3 years straight line
Equipment
-
3 years straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2018: 2 ).
5. Tangible assets
Investment Property
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st August 2018 and 31st August 2019
1,100,000
6,016
1,526
1,107,542
-----------
------
------
-----------
Depreciation
At 1st August 2018
–
4,010
698
4,708
Charge for the period
–
2,006
509
2,515
-----------
------
------
-----------
At 31st August 2019
–
6,016
1,207
7,223
-----------
------
------
-----------
Carrying amount
At 31st August 2019
1,100,000
–
319
1,100,319
-----------
------
------
-----------
At 31st July 2018
1,100,000
2,006
828
1,102,834
-----------
------
------
-----------
The investment property owned by the Company has been valued by the Directors and in their opinion it is fairly stated at it's open market value at the balance sheet date. The historical cost of the property is £1,052,420 (2018 - £1,052,420). The movement in fair value on the investment property is charged to the profit and loss account. The cumulative fair value adjustment within the profit and loss reserve as at 31 August 2019 is a surplus of £47,580 (2018 - £47,580).
6. Investments
Shares in group undertakings
£
Cost
At 1st August 2018
250
Disposals
( 100)
----
At 31st August 2019
150
----
Impairment
At 1st August 2018 and 31st August 2019
–
----
Carrying amount
At 31st August 2019
150
----
At 31st July 2018
250
----
7. Debtors
31 Aug 19
31 Jul 18
£
£
Trade debtors
2,250
–
Other debtors
2,895
16,213
------
-------
5,145
16,213
------
-------
8. Creditors: amounts falling due within one year
31 Aug 19
31 Jul 18
£
£
Trade creditors
398
–
Accruals and deferred income
1,050
1,050
Social security and other taxes
3,644
1,631
Other creditors
4,836,083
4,825,626
-----------
-----------
4,841,175
4,828,307
-----------
-----------
9. Financial instruments at fair value
31 Aug 19
31 Jul 18
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
1,100,000
1,100,000
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-----------