Gossco2012 Limited Filleted accounts for Companies House (small and micro)

GOSSCO2012 LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08779767

Gossco2012 Limited

Filleted Unaudited Financial Statements

31 January 2021

Gossco2012 Limited

Financial Statements

Year ended 31 January 2021

Contents	Pages

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	3 to 5

Gossco2012 Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Gossco2012 Limited

Year ended 31 January 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Gossco2012 Limited for the year ended 31 January 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Gossco2012 Limited in accordance with the terms of our engagement letter dated 20 October 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Gossco2012 Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gossco2012 Limited and its director for our work or for this report.

It is your duty to ensure that Gossco2012 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Gossco2012 Limited. You consider that Gossco2012 Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Gossco2012 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HEBBLETHWAITES Chartered Accountants

2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ

27 October 2021

Gossco2012 Limited

Statement of Financial Position

31 January 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	4	5,400,476	1,210,976

Current assets

Debtors	5	38,066	30,556
Cash at bank and in hand		36,283	25,278
		--------	--------
		74,349	55,834

Creditors: amounts falling due within one year	6	5,128,276	949,265
		------------	---------
Net current liabilities		5,053,927	893,431
		------------	------------
Total assets less current liabilities		346,549	317,545
		---------	---------
Net assets		346,549	317,545
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	346,449	317,445
	---------	---------
Shareholder funds	346,549	317,545
	---------	---------

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 31 January 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 member has 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 25 October 2021 , and are signed on behalf of the board by:

P G Cunningham
Director

Company registration number: 08779767

Gossco2012 Limited

Notes to the Financial Statements

Year ended 31 January 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 Abbeydale Hall, Abbeydale Road South, Sheffield, South Yorkshire, S17 3LJ.

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.

Revenue recognition

Turnover is the amounts due in respect of rents and service charges receivable and net of VAT.

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. 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 fixed assets are stated at cost and no depreciation is charged. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

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.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings
	£
Cost
At 1 February 2020	1,210,976
Additions	4,189,500
	------------
At 31 January 2021	5,400,476
	------------
Depreciation
At 1 February 2020 and 31 January 2021	–
	------------
Carrying amount
At 31 January 2021	5,400,476
	------------
At 31 January 2020	1,210,976
	------------

Included within the above is investment property as follows:

	£
	------------
At 1 February 2020 and 31 January 2021	5,400,476
	------------

The company's tangible fixed assets consist solely of investment properties and are not subject to depreciation. The total of £5,400,476 is the historic purchase cost.

5. Debtors

	2021	2020
	£	£
Trade debtors	16,595	17,672
Other debtors	21,471	12,884
	--------	--------
	38,066	30,556
	--------	--------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	206,977	11,182
Corporation tax	–	4,400
Other creditors	4,921,299	933,683
	------------	---------
	5,128,276	949,265
	------------	---------

7. Related party transactions

The company financed the purchase of its property by bank lending via an intercompany loan account with PTA Developments Limited and the property is used as a cross guarantee for the borrowings of PTA Developments Limited, whose total bank borrowings at 31 January 2021 were £19,583,343 (2020 £11,626,000). Creditors include the intercompany loan account balance of £4,857,951 (2020 £873,451).