Gatsby Living (Chapel Fields) Limited Filleted accounts for Companies House (small and micro)

GATSBY LIVING (CHAPEL FIELDS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12244456

Gatsby Living (Chapel Fields) Limited

Filleted unaudited financial statements

31 August 2020

Gatsby Living (Chapel Fields) Limited

Statement of financial position

31 August 2020

	31 Aug 20
Note	£	£

Current assets

Debtors	5	15,325
Cash at bank and in hand		21,158
		-------
		36,483

Creditors: amounts falling due within one year	6	55,364
		-------
Net current liabilities			18,881
			-------
Total assets less current liabilities			( 18,881)
			-------
Net liabilities			( 18,881)
			-------

Capital and reserves

Called up share capital		10,000
Profit and loss account		( 28,881)
		-------
Shareholders funds		( 18,881)
		-------

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 income statement has not been delivered.

For the period ending 31 August 2020 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 period 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 24 May 2021 , and are signed on behalf of the board by:

Mr J C Ainsworth-Jackson
Director

Company registration number: 12244456

Gatsby Living (Chapel Fields) Limited

Notes to the financial statements

period from 4 October 2019 to 31 August 2020

1. General information

The principal activity of the company is property investment (rental and development). The company is a private limited company, which is incorporated in England and Wales (no 12244456 ). 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 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.

Going concern

The financial statements have been prepared on the basis that the company can continue to operate as a going concern. The directors, having made due and careful enquiry, are of the opinion that the company can execute its operations over the next 12 months. This conclusion was made having considered the impact of the worldwide Covid-19 pandemic on future operations. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

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.

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. Debt instruments are subsequently measured at amortised cost. 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. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 2.

5. Debtors

	31 Aug 20
	£

Amounts owed by group undertakings	10,000
Other debtors	5,325
	-------
	15,325
	-------

6. Creditors: amounts falling due within one year

	31 Aug 20
	£

Trade creditors	14,614
Amounts owed to group undertakings	40,000
Other creditors	750
	-------
	55,364
	-------