Fmc Gosling Properties Limited
Fmc Gosling Properties Limited
Registered number: 08974625
Unaudited Financial Statements
For The Year Ended
30 April 2023
Kent Coast Accounts Ltd
AAT Licenced Accountants
39 Brooke Avenue
Margate
Kent
CT9 5NG
Fmc Gosling Properties Limited
Unaudited Financial Statements
For The Year Ended
30 April 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Page 1
Fmc Gosling Properties Limited
Balance Sheet
As At
30 April 2023
Balance Sheet
Registered number:
08974625
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investment Properties | 4 |
|
|
||
|
|
|
||||
| CURRENT ASSETS | |||||
| Debtors | 5 |
|
|
||
| Cash at bank and in hand |
|
|
|||
|
|
|
||||
| Creditors: Amounts Falling Due Within One Year | 6 |
( |
( |
||
| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
|||
| TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|||
| Creditors: Amounts Falling Due After More Than One Year | 7 |
( |
( |
||
| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 8 |
( |
( |
||
| NET ASSETS |
|
|
|||
| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
|
|
||
| Revaluation reserve | 12 |
|
|
||
| Profit and Loss Account |
|
|
|||
| SHAREHOLDERS' FUNDS | 261,806 | 230,389 | |||
Page 1
Page 2
Fmc Gosling Properties Limited
Balance Sheet (continued)
As At
30 April 2023
On behalf of the board
|
Director
|
|
|
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Fmc Gosling Properties Limited
Notes to the Financial Statements
For The Year Ended
30 April 2023
Notes to the Financial Statements
1.
General Information
Fmc Gosling Properties Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08974625
. The registered office is Hillview 79 Highland Road, Chartham, Canterbury, CT4 7QQ.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
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 and rebates. Revenue from the collection of rental income is matched against the period it is related to.
2.4.
Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account with those values held in a separate non-distributable reserve. These reserves are ring-fenced from distribution.
Deferred taxation is recognised at each valuation period based on measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 4 (2022: 4)
Cost or valuation as at
30 April 2023
represented by:
The 2023 valuations were made by the directors, on an open market value for existing use basis.
If the Investment properties had been accounted for under the historic cost accounting rules, the
properties would have been measured as 2023 - £544,432 (2021 - £541,358)
Page 3
Page 4
Fmc Gosling Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 April 2023
4.
Investment Property
| 2023 | |
|---|---|
| £ | |
| Fair Value | |
| As at
|
|
| Revaluations | 50,000 |
| As at
|
|
5.
Debtors
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 5,244 | 1,937 | |
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Other creditors | 297,807 | 287,221 | |
| Taxation and social security |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due After More Than One Year
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
|
|
|
|
||
Of the creditors falling due after more than one year the following amounts are due after more than five years.
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
|
|
8.
Deferred Taxation
The provision for deferred taxation is made up from fair value valuation surplus measurements.
Deferred taxation is recognised at each valuation period based on measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 77,630 | 54,880 | |
Page 4
Page 5
Fmc Gosling Properties Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 April 2023
9.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at
|
|
54,880 |
| Deferred taxation |
|
|
| Balance at
|
|
77,630 |
10.
Share Capital
| 2023 | 2022 | ||
|---|---|---|---|
| Allotted, called up and fully paid | £ | £ | |
|
|
1 | 1 | |
|
|
99 | 99 | |
| 100 | 100 | ||
11.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
|
Amounts advanced | Amounts repaid | Amounts written off | As at
|
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mrs Michelle Kelly |
|
|
|
- |
|
The above loan attracts interest at the annual rate of NIL and the above is interest free and has been paid post year end.
12.
Reserves
| Revaluation Reserve | |
|---|---|
| £ | |
| As at
|
|
| Net investment property revaluation reserve |
|
| As at
|
|
Non-distributable reserves relate to the surplus on the revaluation of investment properties under IAS16 of the Financial Reporting Standards 102. These reserves are ring-fenced from distribution.
13.
Related Party Transactions
Included within other creditors is a loan to the company of 2023 - £292,756 (2022 - £282,769) leant by a key member of the board. This loan is interest free and repayable on demand.
14.
Controlling Party Not Known
The company's ultimate controlling party is by virtue of his ownership of 100% of the issued share capital in the company.
Page 5