Gwendolen Knitting Co Limited - Accounts to registrar (filleted) - small 18.2
Gwendolen Knitting Co Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2021 |
| FOR |
| GWENDOLEN KNITTING CO LIMITED |
| GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| GWENDOLEN KNITTING CO LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST MARCH 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 109 Coleman Road |
| Leicester |
| LE5 4LE |
| GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084) |
| STATEMENT OF FINANCIAL POSITION |
| 31ST MARCH 2021 |
| 31/3/21 | 31/3/20 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
7 |
( |
) |
( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Revaluation reserve | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31ST MARCH 2021 |
| 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 |
| GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST MARCH 2021 |
| 1. | STATUTORY INFORMATION |
| Gwendolen Knitting Co Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| TURNOVER |
| Turnover represents rental income, excluding value added tax. |
| TANGIBLE FIXED ASSETS |
| Plant and machinery | - |
| 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. |
| This is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view. |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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 statement of financial position date. |
| GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| DEFERRED TAX |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1st April 2020 |
| Additions |
| Disposals | ( |
) |
| At 31st March 2021 |
| DEPRECIATION |
| At 1st April 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31st March 2021 |
| NET BOOK VALUE |
| At 31st March 2021 |
| At 31st March 2020 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1st April 2020 |
| and 31st March 2021 |
| NET BOOK VALUE |
| At 31st March 2021 |
| At 31st March 2020 |
| GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2021 |
| 5. | INVESTMENT PROPERTY - continued |
| The freehold property is held for the use of letting under operating leases. |
| The investment properties are secured. |
| Fair value at 31st March 2021 is represented by: |
| £ |
| Valuation in 2005 | 929,553 |
| Valuation in 2010 | 1,000,000 |
| Valuation in 2019 | 2,300,000 |
| Cost | 770,447 |
| 5,000,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 31/3/21 | 31/3/20 |
| £ | £ |
| Cost | 770,447 | 770,447 |
| Investment property was valued on an open market value basis on 31st March 2019 by the director . |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/3/21 | 31/3/20 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/3/21 | 31/3/20 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31/3/21 | 31/3/20 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| GWENDOLEN KNITTING CO LIMITED (REGISTERED NUMBER: 01988084) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST MARCH 2021 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31/3/21 | 31/3/20 |
| value: | £ | £ |
| Ordinary share capital | £1 | 1,500 | 1,500 |
| 10. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1st April 2020 |
| and 31st March 2021 |
| 11. | RELATED PARTY DISCLOSURES |
| Included within creditors is loan from directors of £77,043 (2020: £30,722). |
| 12. | ULTIMATE CONTROLLING PARTY |
| The ultimate parent company is Umar Holdings Limited, a company registered in England and Wales. |