Gomrath Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10623427 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2020 TO 31 MARCH 2021

FOR

GOMRATH LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

2,640

-

Investments

5

10,714,094

2,818,882

Investment property

6

16,500

16,500

10,733,234

2,835,382

CURRENT ASSETS

Debtors

7

3,555

3,451

Cash at bank

69,373

1,379

72,928

4,830

CREDITORS

Amounts falling due within one year

8

8,572,114

2,468,505

NET CURRENT LIABILITIES

(8,499,186

)

(2,463,675

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,234,048

371,707

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

2,233,948

371,607

SHAREHOLDERS' FUNDS

2,234,048

371,707

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2021 and were signed on its behalf by:

D P Wright - Director

1.	STATUTORY INFORMATION

Gomrath Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

10623427

Registered office:

Fieldside

Macclesfield Road

Alderley Edge

Cheshire

SK9 7BN

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade creditors and other creditors, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Investments

Fixed asset investments are stated at cost less provision for permanent impairment, unless publicly traded or their fair value can otherwise be measured reliably, then the investments are stated at fair value with changes in fair value recognised in the profit and loss.

Going concern

Based on current trading and future expectations, the directors are confident the company will continue to trade profitably in future periods and generate sufficient cash flows to meet its obligations as they fall due for payment.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

2,640

At 31 March 2021

2,640

NET BOOK VALUE

At 31 March 2021

2,640

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 March 2020

2,818,882

Additions

7,494,408

Disposals

(722,088

)

Revaluations

1,083,230

Reclassification/transfer

39,662

At 31 March 2021

10,714,094

NET BOOK VALUE

At 31 March 2021

10,714,094

At 29 February 2020

2,818,882

Other investments includes listed investments shown at a value of £9,762,752, costing £8,214,032 (2020 value £2,600,611 and cost: £2,202,215), and unlisted investments at a cost of £905,139 (2020: £218,271).

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2020

and 31 March 2021

16,500

NET BOOK VALUE

At 31 March 2021

16,500

At 29 February 2020

16,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

3,555

3,451

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

-

1,008

Other creditors

8,572,114

2,467,497

8,572,114

2,468,505

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Other loans

849,370

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 March 2020

371,607

Profit for the period

1,876,841

Dividends

(14,500

)

At 31 March 2021

2,233,948

Reserves includes £1,481,626 (2020: £398,396) of undistributable reserves relating to the revaluation of listed investments.

12.	RELATED PARTY DISCLOSURES

At the balance sheet date, within other creditors is an amount of £7,678,257 (2020: £2,464,677) due to a director, D P Wright.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by D P Wright and Mrs E J Wright in their capacity as trustees of two discretionary settlements.