Greyclyde Developments Limited - Period Ending 2019-08-31

Greyclyde Developments Limited
Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Greyclyde Developments Limited
Company Information

Directors

S E Gerrard S M Gerrard E J Rawlins

Registered office

197 Ballards Lane Finchley London N3 1LP

Accountants

Sobell Rhodes LLP Ground Floor Unit 501 Centennial Park Centennial Avenue Elstree, Borehamwood Hertfordshire WD6 3FG

Greyclyde Developments Limited
(Registration number: 04813732)
Balance Sheet as at 31 August 2019

	Note	2019 £	2018 £
Fixed assets
Investments	4	100	100
Current assets
Debtors	5	502,767	367,980
Cash at bank and in hand		5,840	15,579
		508,607	383,559
Creditors: Amounts falling due within one year	6	(1,800)	-
Net current assets		506,807	383,559
Net assets		506,907	383,659
Capital and reserves
Called up share capital		730	730
Other reserves		76	76
Profit and loss account		506,101	382,853
Total equity		506,907	383,659

For the financial year ending 31 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 July 2020 and signed on its behalf by:
 

.........................................

S E Gerrard
Director

Greyclyde Developments Limited
Notes to the Financial Statements for the Year Ended 31 August 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
197 Ballards Lane
Finchley
London
N3 1LP

The presentational currency of the Company is GBP (£).

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have a reasonable expectation that the company and its subsidiaries will continue to have adequate resources to fund its working capital for the foreseeable future. The directors have carried out a detailed assessment of budgets and forecasts following the unprecedented outbreak of Covid-19 which has resulted in the disruption to various businesses.

As a result of that review, the directors have taken appropriate measures to enable them to have a reasonable expectation that the company and its subsidiaries will have sufficient working capital for a period of at least 12 months from the date these financial statements have been signed. The directors expect the full financial support of related parties and loan providers to continue.

On the basis of the above, the directors are of the opinion it is appropriate to prepare these financial statements on a going concern basis.

Tax

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expenses recognised as other comprehensive income or to an item recognised directly in an equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Greyclyde Developments Limited
Notes to the Financial Statements for the Year Ended 31 August 2019

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial position date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Greyclyde Developments Limited
Notes to the Financial Statements for the Year Ended 31 August 2019

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities, like loans to related parties and investments in non-puttable ordinary shares.

Recognition and measurement
Basic financial assets and liabilities, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets and liabilities are subsequently carried at amortised cost using the effective interest method.

 Impairment
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2018 - 4).

Greyclyde Developments Limited
Notes to the Financial Statements for the Year Ended 31 August 2019

4	Investments

Subsidiaries	£
Cost or valuation
At 1 September 2018	100
Provision
Carrying amount
At 31 August 2019	100
At 31 August 2018	100

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2019	2018

Subsidiary undertakings
Abbeytown Limited	England & Wales	Ordinary	100%	100%

The principal activity of Abbeytown Limited is sale and development of properties. The Company's profit during the year was £1,032,138 and had aggregate share capital and reserves of £13,664,401 as at the reporting date.

5

Debtors

	Note	2019 £	2018 £
Amounts owed by related parties	8	502,697	367,980
Prepayments		70	-
		502,767	367,980

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Accruals and deferred income	1,800	-

Greyclyde Developments Limited
Notes to the Financial Statements for the Year Ended 31 August 2019

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary A shares of £0.01 each	27,439	274	27,439	274
Ordinary B shares of £0.01 each	27,438	274	27,438	274
Ordinary C shares of £0.01 each	8,251	83	8,251	83
Ordinary D shares of £0.01 each	6,880	69	6,880	69
Ordinary E shares of £0.01 each	1,849	18	1,849	18
Ordinary F shares of £0.01 each	1,143	11	1,143	11
	73,000	730	73,000	730

8	Related party transactions

The Company did not disclose transactions with wholly owned members of the group in line with section 33.1A.