Ian Gordon Catering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC253286 (Scotland)

Ian Gordon Catering Limited

Unaudited Financial Statements

for the Year Ended 31 July 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

DIRECTOR:

I J Gordon

SECRETARY:

I J Gordon

REGISTERED OFFICE:

9/8 Connaught Place

Edinburgh

EH6 4RQ

REGISTERED NUMBER:

SC253286 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland plc

Edinburgh West End Office

142-144 Princes Street

Edinburgh

EH2 4EQ

FIXED ASSETS

Tangible assets

4

228

342

Investment property

5

203,982

194,515

204,210

194,857

CURRENT ASSETS

Cash at bank

110,737

117,934

CREDITORS

Amounts falling due within one year

6

86,179

88,900

NET CURRENT ASSETS

24,558

29,034

TOTAL ASSETS LESS CURRENT LIABILITIES

228,768

223,891

CREDITORS

Amounts falling due after more than one year

7

(31,732

)

(38,638

)

PROVISIONS FOR LIABILITIES

(43

)

-

NET ASSETS

196,993

185,253

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

43,806

34,339

Retained earnings

152,187

149,914

SHAREHOLDERS' FUNDS

196,993

185,253

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 12 April 2022 and were signed by:

I J Gordon - Director

1.	STATUTORY INFORMATION

Ian Gordon Catering 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 as modified by the revaluation of certain assets.

Turnover and revenue recognition

Turnover represents income from property rental. Revenue is recognised in accordance with the terms of the lease agreement.

Investment property

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

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.

Provision for liability

Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Going concern

The accounts have been prepared on a going concern basis. The director's going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2020

and 31 July 2021

570

DEPRECIATION

At 1 August 2020

228

Charge for year

114

At 31 July 2021

342

NET BOOK VALUE

At 31 July 2021

228

At 31 July 2020

342

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2020

194,515

Revaluations

9,467

At 31 July 2021

203,982

NET BOOK VALUE

At 31 July 2021

203,982

At 31 July 2020

194,515

The investment property was valued on an open market basis by the director, who is not a professional valuer on 31 July 2021.

Fair value at 31 July 2021 is represented by:

£

Valuation in 2015

19,824

Valuation in 2017

9,000

Valuation in 2018

5,515

Valuation in 2021

9,467

Cost

160,176

203,982

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

6,500

5,911

Taxation and social security

1,039

5,694

Other creditors

78,640

77,295

86,179

88,900

Included in other creditors is a balance due on the director's current account. This balance is unsecured, interest-free, and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

31,732

38,638

2021

2020

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

4,032

14,713

4,032

14,713

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

38,232

44,549

The bank loans are secured by a floating charge and standard security over the assets of the company.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 July 2021 set out on pages nil to nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

12 April 2022