GATCOMBE PROPERTIES LIMITED Filleted accounts for Companies House (small and micro)

GATCOMBE PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00809539

GATCOMBE PROPERTIES LIMITED

Filleted Unaudited Financial Statements

30 September 2021

GATCOMBE PROPERTIES LIMITED

Statement of Financial Position

30 September 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		4,165,340	4,165,300

Current assets

Debtors	5	1,128,575	1,014,852
Cash at bank and in hand		141,449	343,087
		------------	------------
		1,270,024	1,357,939

Creditors: amounts falling due within one year	6	1,336,704		1,356,496
		------------		------------
Net current (liabilities)/assets			( 66,680)	1,443
			------------	------------
Total assets less current liabilities			4,098,660	4,166,743
			------------	------------

Capital and reserves

Called up share capital	1,600,000	1,600,000
Revaluation reserve	472,234	472,234
Profit and loss account	2,026,426	2,094,509
	------------	------------
Shareholders funds	4,098,660	4,166,743
	------------	------------

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 30 September 2021 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

GATCOMBE PROPERTIES LIMITED

Statement of Financial Position (continued)

30 September 2021

These financial statements were approved by the board of directors and authorised for issue on 14 December 2022 , and are signed on behalf of the board by:

Mr E Tajtelbaum

Director

Company registration number: 00809539

GATCOMBE PROPERTIES LIMITED

Accounting Policies

Year ended 30 September 2021

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.

Revenue recognition

The turnover in the income and expenditure account represents rents and charges receivable during the year.

Income tax

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.

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.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

GATCOMBE PROPERTIES LIMITED

Notes to the Financial Statements

Year ended 30 September 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).

4. Tangible assets

	Land and buildings
	£
Cost
At 1 October 2020 and 30 September 2021	4,165,340
	------------
Depreciation
At 1 October 2020 and 30 September 2021	–
	------------
Carrying amount
At 30 September 2021	4,165,340
	------------
At 30 September 2020	4,165,340
	------------

The company's investment properties were revalued by the director at open market value.

5. Debtors

	2021	2020
	£	£
Other debtors	1,128,575	1,014,852
	------------	------------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Other creditors	1,336,704	1,356,496
	------------	------------