GSP Banner Street Limited - Period Ending 2020-03-31

GSP Banner Street Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

GSP Banner Street Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Investment property	4	17,620,790	17,160,152
Current assets
Debtors	5	135,067	41,444
Cash at bank and in hand		182,609	412,290
		317,676	453,734
Creditors: Amounts falling due within one year	6	(218,446)	(73,528)
Net current assets		99,230	380,206
Total assets less current liabilities		17,720,020	17,540,358
Creditors: Amounts falling due after more than one year	6	(17,593,816)	(17,485,979)
Net assets		126,204	54,379
Capital and reserves
Called up share capital	8	10,000	2
Profit and loss account		116,204	54,377
Total equity		126,204	54,379

GSP Banner Street Limited

Balance Sheet

31 March 2020

For the financial year ending 31 March 2020 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 March 2021 and signed on its behalf by:
 

......................................... Mr G O Farha Director

Company Registration Number: 11238562

GSP Banner Street Limited

Notes to the Financial Statements

Year Ended 31 March 2020

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:
96 Kensington High Street
London
W8 4SG

These financial statements were authorised for issue by the Board on 18 March 2021.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

GSP Banner Street Limited

Notes to the Financial Statements

Year Ended 31 March 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2019 - 3).

4	Investment properties

	2020 £
At 1 April	17,160,152
Additions	460,638
At 31 March	17,620,790

There has been no valuation of investment property by an independent valuer.

GSP Banner Street Limited

Notes to the Financial Statements

Year Ended 31 March 2020

5

Debtors

	2020 £	2019 £
Trade debtors	-	6,751
Other debtors	126,149	22,025
Prepayments	8,918	12,668
	135,067	41,444

6

Creditors

Creditors: amounts falling due within one year

	2020 £	31 March 2019  £
Due within one year
Corporation tax	14,544	12,775
Accrued expenses	174,366	40,224
Deferred income	29,536	20,529
	218,446	73,528

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	7	17,593,816	17,485,979

7	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	7,948,226	7,862,627
Other borrowings	9,645,590	9,623,352
	17,593,816	17,485,979

Santander have a fixed charged over Britannia Lofts and a fixed and floating charge over all property and undertakings of the company.

GSP Banner Street Limited

Notes to the Financial Statements

Year Ended 31 March 2020

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	10,000	10,000	2	2

9	Related party transactions

Summary of transactions with parent

GSP Real Estate Limited and Chatila Limited
 
GSP Banner Street Limited has a loan balance at the year end totalling £4,850,589 with GSP Real Estate Limited, a company also under the control of the directors. The loan is interest free. GSP Real Estate Limited also acts as a guarantor in respect of bank borrowings of GSP Banner Street Limited.

GSP Banner Street Limited has a loan balance at the year end totalling £4,795,000 with Chatila Limited. The loan is interest free.