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

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 2020
GATCOMBE PROPERTIES LIMITED
Statement of Financial Position
30 September 2020
2020
2019
Note
£
£
£
Fixed assets
Tangible assets
4
4,165,300
4,148,738
Current assets
Debtors
5
1,014,852
805,057
Cash at bank and in hand
343,087
585,160
------------
------------
1,357,939
1,390,217
Creditors: amounts falling due within one year
6
1,356,496
1,345,574
------------
------------
Net current assets
1,443
44,643
------------
------------
Total assets less current liabilities
4,166,743
4,193,381
------------
------------
Capital and reserves
Called up share capital
1,600,000
1,600,000
Revaluation reserve
472,234
472,234
Profit and loss account
2,094,509
2,121,147
------------
------------
Shareholders funds
4,166,743
4,193,381
------------
------------
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 2020 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 2020
These financial statements were approved by the board of directors and authorised for issue on 30 December 2021 , 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 2020
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.
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 2020
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 (2019: 4 ).
4. Tangible assets
Land and buildings
£
Cost
At 1 October 2019
4,148,738
Additions
16,562
------------
At 30 September 2020
4,165,300
------------
Depreciation
At 1 October 2019 and 30 September 2020
–
------------
Carrying amount
At 30 September 2020
4,165,300
------------
At 30 September 2019
4,148,738
------------
The company's investment properties were revalued by the director at open market value.
5. Debtors
2020
2019
£
£
Other debtors
1,014,852
805,057
------------
---------
6. Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
1,356,496
1,345,574
------------
------------