Gentian Projects (Oxfordshire Two) Limited Filleted accounts for Companies House (small and micro)

GENTIAN PROJECTS (OXFORDSHIRE TWO) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09012463

Gentian Projects (Oxfordshire Two) Limited

Filleted Unaudited Financial Statements

31 December 2019

Gentian Projects (Oxfordshire Two) Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£	£

Current assets

Stocks		–	348,468
Debtors	5	83,019	3,287
		--------	---------
		83,019	351,755

Creditors: amounts falling due within one year	6	50,697		458,998
		--------		---------
Net current assets/(liabilities)			32,322		( 107,243)
			--------		---------
Total assets less current liabilities			32,322		( 107,243)
			--------		---------

Capital and reserves

Called up share capital	7	100	100
Profit and loss account		32,222	( 107,343)
		--------	---------
Shareholders funds/(deficit)		32,322	( 107,243)
		--------	---------

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 Section 1A of 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 year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his 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 27 October 2020 , and are signed on behalf of the board by:

Mr J Rockett
Director

Company registration number: 09012463

Gentian Projects (Oxfordshire Two) Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 159 Dobcroft Road, Millhouses, Sheffield, S7 2LT, United Kingdom.

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 have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in ringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

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.

4. Average number of employees

During the year the average number of employees was 2 (2018: 2), which consisted of the directors only.

5. Debtors

	2019	2018
	£	£
Amounts owed by group undertakings	83,019	–
Other debtors	–	3,287
	--------	-------
	83,019	3,287
	--------	-------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	–	1,629
Amounts owed to related undertakings	–	457,369
Corporation tax	7,606	–
Social security and other taxes	43,091	–
	--------	---------
	50,697	458,998
	--------	---------

7. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

8. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2019	2018	2019	2018
	£	£	£	£
Other related parties	220,000	–	83,019	( 457,369)
	---------	----	--------	---------