Gannet Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC619191 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

FOR

GANNET DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A G Macdonald

S H Rough

D G W Stewart

C D Trainer

REGISTERED OFFICE:

204 West George Street

Glasgow

G2 2PQ

REGISTERED NUMBER:

SC619191 (Scotland)

ACCOUNTANTS:

McLay, McAlister & McGibbon (Ayr) Ltd

19 Wellington Square

Ayr

Ayrshire

KA7 1EZ

CURRENT ASSETS

Stocks

4

3,588,016

3,141,397

Debtors

5

1,191

85,431

Prepayments and accrued income

6,942

3,363

Cash at bank

146,987

92,803

3,743,136

3,322,994

CREDITORS

Amounts falling due within one year

6

3,750,988

3,329,444

NET CURRENT LIABILITIES

(7,852

)

(6,450

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(7,852

)

(6,450

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(7,952

)

(6,550

)

(7,852

)

(6,450

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 27 October 2022 and were signed on its behalf by:

S H Rough - Director

1.	STATUTORY INFORMATION

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

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.

The company continues to be supported by the shareholders. Accordingly, the directors have adopted the going concern basis in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks and work in progress

Stocks are valued at the lower of cost and net realisable value. Work in progress consists of all land and building project costs on property development held for eventual resale. The cost of work in progress includes specific interest costs incurred during the period to completion of construction. Net realisable value is based on estimated selling price less the estimated costs of completion and disposal assuming where appropriate that sites will be fully developed and sold in the ordinary course of business. Profit on development sales is recognised on completion of the sales of individual properties.

Amounts recoverable on contracts are stated at cost plus attributable profit taken as a proportion of the work carried out to date, if the final outcome can be assessed with reasonable certainty, and after provision for any known or anticipated losses.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4.

STOCKS

Interest costs of £143,179 (2021 - £72,336) have been capitalised within work in progress at a rate of 4%.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Other debtors

1,191

85,431

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Trade creditors

2,651

29,037

Amounts owed to participating interests

3,740,169

3,292,239

Other creditors

8,168

8,168

3,750,988

3,329,444

7.	RELATED PARTY DISCLOSURES

At the year end loan balances of £1,872,569 (2021 - £1,646,224) were owed to Dawn Developments Limited and £1,867,600 (2021 - £1,646,015) to Forrest Developments Limited, both being the shareholding companies. Interest is charged at 4% and these loans are repayable on demand.