Gatsby Property Limited Filleted accounts for Companies House (small and micro)

Gatsby Property Limited Filleted accounts for Companies House (small and micro)

GATSBY PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08604687
Gatsby Property Limited
Filleted unaudited financial statements
31 August 2021
Gatsby Property Limited
Statement of financial position
31 August 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,101,137
1,101,138
Investments
6
150
150
-----------
-----------
1,101,287
1,101,288
Current assets
Stocks
3,711,071
3,710,816
Debtors
7
23,878
11,067
Cash at bank and in hand
105,850
75,294
-----------
-----------
3,840,799
3,797,177
Creditors: amounts falling due within one year
8
( 4,836,285)
( 4,832,199)
-----------
-----------
Net current liabilities
( 995,486)
( 1,035,022)
-----------
-----------
Total assets less current liabilities
105,801
66,266
---------
-------
Net assets
105,801
66,266
---------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
105,701
66,166
---------
-------
Shareholders funds
105,801
66,266
---------
-------
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 31st August 2021 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 24 May 2022 , and are signed on behalf of the board by:
Mr J C Ainsworth-Jackson
Director
Company registration number: 08604687
Gatsby Property Limited
Notes to the financial statements
year ended 31st August 2021
1. General information
The principal activity of the company is property investment (rental and development) and management . The company is a private limited company, which is incorporated in England and Wales (no 08604687 ). 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on legal exchange of contracts, 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.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Vehicles
-
3 years straight line
Equipment
-
3 years straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Financial instruments
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.
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.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Investment Property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st September 2020
1,100,000
180
6,016
2,883
1,109,079
Additions
–
558
–
–
558
Disposals
–
–
( 6,016)
–
( 6,016)
-----------
----
------
------
-----------
At 31st August 2021
1,100,000
738
–
2,883
1,103,621
-----------
----
------
------
-----------
Depreciation
At 1st September 2020
–
20
6,016
1,905
7,941
Charge for the year
–
107
–
452
559
Disposals
–
–
( 6,016)
–
( 6,016)
-----------
----
------
------
-----------
At 31st August 2021
–
127
–
2,357
2,484
-----------
----
------
------
-----------
Carrying amount
At 31st August 2021
1,100,000
611
–
526
1,101,137
-----------
----
------
------
-----------
At 31st August 2020
1,100,000
160
–
978
1,101,138
-----------
----
------
------
-----------
The investment property owned by the Company has been valued by the Directors and in their opinion it is fairly stated at it's open market value at the balance sheet date. The historical cost of the property is £1,052,420 (2020 - £1,052,420). The movement in fair value on the investment property is charged to the profit and loss account. The cumulative fair value adjustment within the profit and loss reserve as at 31 August 2021 is a surplus of £47,580 (2020 - £47,580).
6. Investments
Shares in group undertakings
£
Cost
At 1st September 2020 and 31st August 2021
150
----
Impairment
At 1st September 2020 and 31st August 2021
–
----
Carrying amount
At 31st August 2021
150
----
At 31st August 2020
150
----
7. Debtors
2021
2020
£
£
Trade debtors
–
1,095
Other debtors
23,878
9,972
-------
-------
23,878
11,067
-------
-------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
5,020
1,358
Accruals and deferred income
–
1,935
Corporation tax
6,400
1,600
Social security and other taxes
–
460
Other creditors
4,824,865
4,826,846
-----------
-----------
4,836,285
4,832,199
-----------
-----------