GANNICUS PROPERTIES LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09903646 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

GANNICUS PROPERTIES LIMITED

Page

Statement of Financial Position

1

to

2

Notes to the Financial Statements

3

to

8

FIXED ASSETS

Investments

4

200

200

Investment property

5

4,446,995

739,604

4,447,195

739,804

CURRENT ASSETS

Debtors

6

1,810,344

252,138

Cash at bank

15,397

5,564

1,825,741

257,702

CREDITORS

Amounts falling due within one year

7

(1,216,029

)

(895,923

)

NET CURRENT ASSETS/(LIABILITIES)

609,712

(638,221

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,056,907

101,583

CREDITORS

Amounts falling due after more than one year

8

(1,679,070

)

(170,302

)

NET ASSETS/(LIABILITIES)

3,377,837

(68,719

)

CAPITAL AND RESERVES

Called up share capital

3,485,299

3

Share premium

32,179

-

Retained earnings

(139,641

)

(68,722

)

3,377,837

(68,719

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 December 2020 and were signed by:

L D Cox - Director

1.	STATUTORY INFORMATION

GANNICUS PROPERTIES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09903646

Registered office:

20 Watergate Mansions

St Marys Place

Shrewsbury

SY1 1DW

The principal activity of the company during the year was that of an investment property company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Investment properties

The open market value of the investment properties has been determined by the directors, based on their experience of the market and the selling price of similar properties.

Revenue recognition

Turnover represents rental income due for the year exclusive of Value Added Tax. Rental income is recognised in the period of rental.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

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.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Going concern

The accounts have been prepared on the going concern basis, see later note.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 3 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2019

and 31 December 2019

200

NET BOOK VALUE

At 31 December 2019

200

At 31 December 2018

200

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Tullius Properties Limited

Registered office: 20 Watergate Mansions St. Marys Place, Shrewsbury, England, SY1 1DW

Nature of business: property management services

%

Class of shares:

holding

Ordinary

100.00

5.	INVESTMENT PROPERTY

Total

£

COST

At 1 January 2019

739,604

Additions

7,124,891

Disposals

(3,417,500

)

At 31 December 2019

4,446,995

NET BOOK VALUE

At 31 December 2019

4,446,995

At 31 December 2018

739,604

The investment properties are included at cost. The director believes this to be an accurate reflection of the current fair value at 31 December 2019.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

-

690

Amounts owed by group undertakings

-

5,840

Other debtors

10,021

20,716

Other loans receivable

844,352

-

Amounts due from connected

companies

4,039

224,794

S455 tax recoverable

232,788

-

Directors' current accounts

716,270

-

Prepayments and accrued income

2,874

98

1,810,344

252,138

Amounts owed by group undertakings and connected companies are unsecured, interest free and are repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

34,276

1,274

Other loans

-

300,000

Trade creditors

3,008

3,374

Amounts owed to group undertakings

19,076

-

Tax

232,788

-

Other creditors

5,921

-

Amounts due to connected

companies

896,309

504,232

Directors' current accounts

11,056

70,092

Accruals and deferred income

13,595

16,951

1,216,029

895,923

Amounts owed to group undertakings and connected companies are unsecured, interest free and are repayable on demand

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans - 1-5 years

137,106

6,502

Bank loans due over 5 years

1,541,964

163,800

1,679,070

170,302

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due over 5 years

1,541,964

163,800

The company has 11 bank loans.

The first bank loan is a mortgage over Land to the North of Mytton Hall. The loan is interest only, is accruing interest at a rate of 9.90%, and is repayable by December 2027.The loan is secured by a floating charge dated 22 December 2017 over the investment property held by the company, in favour of Together Commercial Finance Limited.

The second bank loan is a mortgage over the property known as Flat 2 Brook Court. The loan is accruing interest at a rate of 4.59%, and is repayable by September 2045. The loan is secured by a floating charge dated 21 August 2018 over the investment property held by the company, in favour of Belmont Green Finance Limited, trading as Vida Homeloans.

The third bank loan is a mortgage over the property known as Ercall Lodge. The loan is accruing interest at a rate of 4.59%, and is repayable by March 2039.

The fourth bank loan is a mortgage over the property known as 20 Watergate Mansions. The loan is accruing interest at a rate of 3.69%, and is repayable by July 2044. The loan is secured by a floating charge dated 9 August 2019 over the investment property held by the company, in favour of Belmont Green Finance Limited, trading as Vida Homeloans.

The fifth bank loan is a mortgage over the property known as 42B Bargates. The loan is accruing interest at a rate of 5.24%, and is repayable by May 2030.

The sixth bank loan is a mortgage over the property known as The Lodge. The loan is accruing interest at a rate of 5.35%, and is repayable by March 2044.

The seventh bank loan is a mortgage over the property known as The Mill House. The loan is accruing interest at a rate of 3.69%, and is repayable by October 2044. The loan is secured by a floating charge dated 20 November 2019 over the investment property held by the company, in favour of Belmont Green Finance Limited, trading as Vida Homeloans.

The eighth bank loan is a mortgage over the property known as Flat 4, 37-39 Egerton St. The loan is accruing interest at a rate of 3.99%, and is repayable by November 2044. The loan is secured by a floating charge dated 10 December 2019 over the investment property held by the company, in favour of Belmont Green Finance Limited, trading as Vida Homeloans.

The ninth bank loan is a mortgage over the property known as Registered Land at Hinton Hall. The loan is accruing interest at a rate of 8.24%, and is repayable by March 2027.

The tenth bank loan is a mortgage over the property known as Unregistered Land at Hinton Hall. The loan is accruing interest at a rate of 7.99%, and is repayable by October 2029.

The eleventh bank loan is a mortgage over the property known as 16A Oswalds Way. The loan is accruing interest at a rate of 3.99%, and is repayable by October 2044. The loan is secured by a floating charge dated 22 November 2019 over the investment property held by the company, in favour of Belmont Green Finance Limited, trading as Vida Homeloans.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2019 and 31 December 2018:

31.12.19

31.12.18

£

£

L D Cox

Balance outstanding at start of year

(30,212

)

(101,373

)

Amounts advanced

820,257

80,066

Amounts repaid

(73,775

)

(8,905

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

716,270

(30,212

)

By virtue of the outstanding loan account balances a liability to taxation exists under Section 455 of CTA 2010 of £232,788 as the loan was not repaid within nine months of the year end. This has been provided for in full.

10.	EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events up to the date of approval of the financial statements by the Board.

11.	GOING CONCERN

The accounts have been prepared on the going concern basis. The directors believe this to be appropriate as due to the ongoing financial support of the lenders and a connected company, Springcare Limited.