ACCOUNTS - Final Accounts

GAPSUN PROPERTIES LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-11-302020-11-30truetruetruetruetruefalse2019-12-01falseNo description of principal activity32true 08891150 2019-12-01 2020-11-30 08891150 2018-12-01 2019-11-30 08891150 2020-11-30 08891150 2019-11-30 08891150 2018-12-01 08891150 c:CompanySecretary1 2019-12-01 2020-11-30 08891150 c:Director1 2019-12-01 2020-11-30 08891150 c:Director2 2019-12-01 2020-11-30 08891150 c:Director3 2019-12-01 2020-11-30 08891150 c:RegisteredOffice 2019-12-01 2020-11-30 08891150 d:FreeholdInvestmentProperty 2020-11-30 08891150 d:FreeholdInvestmentProperty 2019-11-30 08891150 d:CurrentFinancialInstruments 2020-11-30 08891150 d:CurrentFinancialInstruments 2019-11-30 08891150 d:CurrentFinancialInstruments d:WithinOneYear 2020-11-30 08891150 d:CurrentFinancialInstruments d:WithinOneYear 2019-11-30 08891150 d:UKTax 2019-12-01 2020-11-30 08891150 d:UKTax 2018-12-01 2019-11-30 08891150 d:ShareCapital 2019-12-01 2020-11-30 08891150 d:ShareCapital 2020-11-30 08891150 d:ShareCapital 2018-12-01 2019-11-30 08891150 d:ShareCapital 2019-11-30 08891150 d:ShareCapital 2018-12-01 08891150 d:SharePremium 2019-12-01 2020-11-30 08891150 d:SharePremium 2020-11-30 08891150 d:SharePremium 2018-12-01 2019-11-30 08891150 d:SharePremium 2019-11-30 08891150 d:SharePremium 2018-12-01 08891150 d:RetainedEarningsAccumulatedLosses 2019-12-01 2020-11-30 08891150 d:RetainedEarningsAccumulatedLosses 2020-11-30 08891150 d:RetainedEarningsAccumulatedLosses 2018-12-01 2019-11-30 08891150 d:RetainedEarningsAccumulatedLosses 2019-11-30 08891150 d:RetainedEarningsAccumulatedLosses 2018-12-01 08891150 c:OrdinaryShareClass1 2019-12-01 2020-11-30 08891150 c:OrdinaryShareClass1 2020-11-30 08891150 c:OrdinaryShareClass1 2019-11-30 08891150 c:FRS102 2019-12-01 2020-11-30 08891150 c:Audited 2019-12-01 2020-11-30 08891150 c:FullAccounts 2019-12-01 2020-11-30 08891150 c:PrivateLimitedCompanyLtd 2019-12-01 2020-11-30 08891150 2 2019-12-01 2020-11-30 08891150 6 2019-12-01 2020-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08891150

GAPSUN PROPERTIES LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

GAPSUN PROPERTIES LIMITED

COMPANY INFORMATION

Directors	H F Smith
	D Smith
	C H Smith


Company secretary	D Smith


Registered number	08891150


Registered office	Hawke House
	Old Station Road
	Loughton
	IG10 4PL


Independent auditors	Haslers
	Chartered Accountants & Statutory Auditor
	Old Station Road
	Loughton
	Essex
	IG10 4PL

GAPSUN PROPERTIES LIMITED

CONTENTS

	Page
Strategic Report	1
Directors' Report	2
Directors' Responsibilities Statement	3
Independent Auditors' Report	4 - 6
Statement of Comprehensive Income	7
Balance Sheet	8
Statement of Changes in Equity	9
Notes to the Financial Statements	10 - 17

GAPSUN PROPERTIES LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2020

Introduction

The principal activity of the company in the year under review was that of rental of investment properties.

Business review

Company performance has been as expected. One new property has been acquired and rented from March 2019.

Principal risks and uncertainties

The risk managed by the company are market and interest rate related. The company manages these through experience and consultation with advisers.

Financial key performance indicators

Turnover and net profit are considered to be the key performance indicators.

This report was approved by the board on 18 November 2021 and signed on its behalf.

H F Smith

Director

Page 1

GAPSUN PROPERTIES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2020

The directors present their report and the financial statements for the year ended 30 November 2020.

Results and dividends

The profit for the year, after taxation, amounted to £963,735 (2019 - £1,061,911).

The directors do not recommend a dividend for the period.

Directors

The directors who served during the year were:

H F Smith

D Smith

C H Smith

Future developments

The directors consider that there are no significant future developments which require disclosure.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

The COVID-19 outbreak post year end has impacted on the recoverability of rental amounts, however the company has kept this under control by implementing payment plans. No adjusting disclosures are considered necessary in respect of this.

Auditors

The auditors, Haslers, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 November 2021 and signed on its behalf.

H F Smith

Director

Page 2

GAPSUN PROPERTIES LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2020

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

GAPSUN PROPERTIES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GAPSUN PROPERTIES LIMITED

Opinion

We have audited the financial statements of Gapsun Properties Limited (the 'Company') for the year ended 30 November 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 30 November 2020 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Page 4

GAPSUN PROPERTIES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GAPSUN PROPERTIES LIMITED (CONTINUED)

Other information

The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Page 5

GAPSUN PROPERTIES LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GAPSUN PROPERTIES LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Christina Georgiou (Senior Statutory Auditor)

for and on behalf of

Haslers

Chartered Accountants

Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL

18 November 2021

Page 6

GAPSUN PROPERTIES LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 NOVEMBER 2020

	2020	2019
Note	£	£


Turnover	4	965,541	960,743
Cost of sales		(14,649)	(54,744)
Gross profit		950,892	905,999
Administrative expenses		(32,010)	(54,475)
Operating profit		918,882	851,524
Amounts written off investments		(701,100)	-
Interest receivable and similar income	7	745,953	52,426
Profit before tax		963,735	903,950
Tax on profit	8	-	157,961
Profit for the financial year		963,735	1,061,911

There were no recognised gains and losses for 2020 or 2019 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2020 (2019:£NIL).

The notes on pages 10 to 17 form part of these financial statements.

Page 7

GAPSUN PROPERTIES LIMITED

REGISTERED NUMBER: 08891150

BALANCE SHEET

AS AT 30 NOVEMBER 2020

	2020	2020	2019	2019
Note	£	£	£	£

Fixed assets
Investment property	10		12,611,488		12,611,488
			12,611,488		12,611,488
Current assets
Debtors: amounts falling due within one year	11	21,016,652		16,556,712
Cash at bank and in hand	12	9,269,791		12,894,430
		30,286,443		29,451,142
Creditors: amounts falling due within one year	13	(2,841,350)		(2,969,784)
Net current assets			27,445,093		26,481,358
Total assets less current liabilities			40,056,581		39,092,846

Net assets			40,056,581		39,092,846

Capital and reserves
Called up share capital	14	100	100
Share premium account	15	24,999,900	24,999,900
Profit and loss account	15	15,056,581	14,092,846
		40,056,581	39,092,846

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2021.

H F Smith

Director

The notes on pages 10 to 17 form part of these financial statements.

Page 8

GAPSUN PROPERTIES LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2020

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 December 2019	100	24,999,900	14,092,846	39,092,846
Comprehensive income for the year
Profit for the year	-	-	963,735	963,735
Total comprehensive income for the year	-	-	963,735	963,735
At 30 November 2020	100	24,999,900	15,056,581	40,056,581

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2019

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 December 2018	100	24,999,900	13,030,935	38,030,935
Comprehensive income for the year
Profit for the year	-	-	1,061,911	1,061,911
Total comprehensive income for the year	-	-	1,061,911	1,061,911
At 30 November 2019	100	24,999,900	14,092,846	39,092,846

The notes on pages 10 to 17 form part of these financial statements.

Page 9

GAPSUN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

1.	General information

Gapsun Properties Limited is a private company, limited by shares, incorporated in England and Wales, registration number of 08891150. The registered office is Hawke House, Old Station Road, Loughton, Essex, IG10 4PL. The principal activity of the company continued to be that of rental of investment properties.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the company, and rounded to the nearest pound.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Trad Properties LLP as at 30 November 2020 and these financial statements may be obtained from Companies House.

Page 10

GAPSUN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 11

GAPSUN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

2.Accounting policies (continued)

2.6

Investment property

investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 12

GAPSUN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
Management considers that there are no judgements that have been made in the process of applying the entity's accounting policies that have a significant effect on the financial statements. Furthermore, management considers that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

Turnover

The whole of the turnover is attributable to rental income.

All turnover arose within the United Kingdom.

5.	Auditors' remuneration
		2020	2019
		£	£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements

6,000

The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2020	2019
	No.	No.

Directors	3	2

Page 13

GAPSUN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

7.	Interest receivable
		2020	2019
		£	£

	Other interest receivable	745,953	52,426
		745,953	52,426

8.	Taxation

		2020	2019
		£	£

Corporation tax
Current tax on profits for the year	-	108,145
Adjustments in respect of previous periods	-	(266,106)

Total current tax	-	(157,961)

Factors affecting tax charge for the year
The tax assessed for the year is lower than (2019 - lower than) the standard rate of corporation tax in the UK of 19% (2019 - 19%). The differences are explained below:
	2020	2019
	£	£

Profit on ordinary activities before tax

963,735

903,950

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)	183,110	171,751
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	-	2,140
Adjustments to tax charge in respect of prior periods	-	(266,106)
Group relief	(183,110)	(65,746)
Total tax charge for the year	-	(157,961)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 14

GAPSUN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

9.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	Additions	701,100
	At 30 November 2020	701,100
	Impairment
	Charge for the period	701,100
	At 30 November 2020	701,100
	Net book value
	At 30 November 2020	-
	At 30 November 2019	-

10.	Investment property

		Freehold investment property
		£
	Valuation
	At 1 December 2019	12,611,488
	At 30 November 2020	12,611,488

The 2020 valuations were made by the directors, on an open market value for existing use basis.

Page 15

GAPSUN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

11.

Debtors

					2020	2019
					£	£


Trade debtors	94,175	3,637
Amounts owed by group undertakings	14,653,100	10,703,200
Other debtors	6,094,377	5,849,875
Prepayments and accrued income	175,000	-
	21,016,652	16,556,712

12.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	9,269,791	12,894,430
	9,269,791	12,894,430

13.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	13,123	7,700
Amounts owed to group undertakings	978,390	978,390
Corporation tax	-	108,145
Other taxation and social security	17,947	55,159
Other creditors	1,731,902	1,737,602
Accruals and deferred income	99,988	82,788
	2,841,350	2,969,784

14.	Share capital
		2020	2019
		£	£

Allotted, called up and fully paid

100 (2019 - 100) Ordinary shares of £1.00 each	100	100

Page 16

GAPSUN PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

15.

Reserves

Share premium account

The share premium account represents amounts in respect of share issues exceeding the nominal value of the shares.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

16.	Related party transactions
	Key management personnel At the year end £78,829 (2019: £79,029) was due to key management personnel. Other related parties At the year end, £4,594,375 (2019: £4,349,873) was due from other related parties and £1,653,075 (2019: £1,658,573) was due to other related parties.

17.	Controlling party

The company is owned by Trad Properties LLP which is controlled by The Trustees of the Trad Scaffolding Co. Limited (H F Smith) FURBS, and H F Smith is the controlling trustee.

Page 17