Gowerlane Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03685131 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2021

for

Gowerlane Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N Zamek

REGISTERED OFFICE:

The Office

Inglewood Mansions

289 West End Lane

London

NW6 1RE

REGISTERED NUMBER:

03685131 (England and Wales)

ACCOUNTANTS:

Town & Forest

Chartered Accountants

First Floor, New Barnes Mill

Cottonmill Lane

St Albans

AL1 2HA

FIXED ASSETS

Tangible assets

4

7,860

14,627

Investment property

5

10,848,937

9,880,000

10,856,797

9,894,627

CURRENT ASSETS

Debtors

6

14,823,183

12,019,375

Cash at bank and in hand

1,110,063

2,864,348

15,933,246

14,883,723

CREDITORS

Amounts falling due within one year

7

20,566,296

17,755,783

NET CURRENT LIABILITIES

(4,633,050

)

(2,872,060

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,223,747

7,022,567

CREDITORS

Amounts falling due after more than one year

8

(262,520

)

(217,114

)

PROVISIONS FOR LIABILITIES

10

(1,146,462

)

(965,598

)

NET ASSETS

4,814,765

5,839,855

CAPITAL AND RESERVES

Called up share capital

2

2

Non-distributable reserve

4,487,885

3,716,438

Retained earnings

326,878

2,123,415

4,814,765

5,839,855

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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 31 May 2022 and were signed by:

N Zamek - Director

1.	STATUTORY INFORMATION

Gowerlane Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

At 31 May 2021, the balance sheet showed net current liabilities of £4,633,050 (2020 - £2,872,060) but net assets of £4,814,765 (2020 - £5,839,855). The director has given an undertaking to financially support the company for at least 12 months from the date of signature on the balance sheet. The situation will be reviewed after this time. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes. Rent received is recognised over the period of rental, and income from management charges is recognised as the service is provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

In accordance with the provisions of section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", investment properties are included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Trade debtors

Trade debtors are carried at original net invoice amount less an estimate for doubtful debtors. Bad debts are written off when identified. Specific provisions are made against debts whose recovery is considered doubtful.

Provisions and accruals

Provisions are recognised when there is a present legal or constructive obligation as a result of past events and the amount can be reliably estimated. Provisions are not recognised for future operating losses.

Government grants

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2020

1,200

11,641

12,428

25,038

50,307

Disposals

-

-

(12,428

)

(12,002

)

(24,430

)

At 31 May 2021

1,200

11,641

-

13,036

25,877

DEPRECIATION

At 1 June 2020

1,117

8,186

8,824

17,553

35,680

Charge for year

21

864

751

1,736

3,372

Eliminated on disposal

-

-

(9,575

)

(11,460

)

(21,035

)

At 31 May 2021

1,138

9,050

-

7,829

18,017

NET BOOK VALUE

At 31 May 2021

62

2,591

-

5,207

7,860

At 31 May 2020

83

3,455

3,604

7,485

14,627

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2020

9,880,000

Additions

16,625

Revaluations

952,312

At 31 May 2021

10,848,937

NET BOOK VALUE

At 31 May 2021

10,848,937

At 31 May 2020

9,880,000

Fair value at 31 May 2021 is represented by:

£

Valuation in 2016

4,967,065

Valuation in 2018

953,685

Valuation in 2020

709,012

Valuation in 2021

952,312

Cost

3,266,863

10,848,937

In the opinion of the director, the market value of the property at the balance sheet date was £10,848,937 on an open market basis.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade debtors

72,650

67,007

Amounts owed by group undertakings

14,715,801

11,936,417

Other debtors

904

4,865

Directors' current accounts

19,094

-

Prepayments and accrued income

14,734

11,086

14,823,183

12,019,375

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Bank loans and overdrafts

4,594

-

Trade creditors

13,079

2,739

Amounts owed to group undertakings

20,449,428

17,638,684

Social security and other taxes

9,934

12,889

Other creditors

24,513

13,342

Tenant deposits

33,655

50,089

Pensions payable

-

1,210

Directors' current accounts

-

897

Accruals and deferred income

31,093

35,933

20,566,296

17,755,783

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.21

31.5.20

£

£

Bank loans - 2-5 years

45,406

-

Bank loans more 5 yrs non-inst

217,114

217,114

262,520

217,114

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

217,114

217,114

9.	SECURED DEBTS

Trimont Real Estate Advisors, U.K., Ltd holds fixed and floating charges over Gowerlane Limited. The floating charge covers all of the property or undertaking of the company. The charges also contain a negative pledge.

10.	PROVISIONS FOR LIABILITIES

31.5.21

31.5.20

£

£

Deferred tax

1,146,462

965,598

Deferred

tax

£

Balance at 1 June 2020

965,598

Utilised during year

180,864

Balance at 31 May 2021

1,146,462

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2021 and 31 May 2020:

31.5.21

31.5.20

£

£

N Zamek

Balance outstanding at start of year

(897

)

(290

)

Amounts advanced

1,065,450

139,832

Amounts repaid

(1,045,459

)

(140,439

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

19,094

(897

)

The above loan is unsecured, interest free and repayable on demand.