GWARM Properties Ltd - Period Ending 2015-04-05

Registration number: 04835039

GWARM Properties Ltd

Unaudited Abbreviated Accounts

for the Year Ended 5 April 2015
 

Taxitax
79 College Road
Harrow
Middlesex
HA1 1BD

GWARM Properties Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

GWARM Properties Ltd
(Registration number: 04835039)
Abbreviated Balance Sheet at 5 April 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					839,612			756,079
Current assets
Debtors					7,828			8,796
Cash at bank and in hand					11,358			14,465
					19,186			23,261
Creditors: Amounts falling due within one year					(55,916)			(69,181)
Net current liabilities					(36,730)			(45,920)
Total assets less current liabilities					802,882			710,159
Creditors: Amounts falling due after more than one year					(542,560)			(544,346)
Net assets					260,322			165,813
Capital and reserves
Called up share capital		4			1,000			1,000
Revaluation reserve					264,246			181,143
Profit and loss account					(4,924)			(16,330)
Shareholders' funds					260,322			165,813

For the year ending 5 April 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 14 November 2015 and signed on its behalf by:

.........................................
Wendy Kent
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

GWARM Properties Ltd
(Registration number: 04835039)
Abbreviated Balance Sheet at 5 April 2015
......... continued

.........................................
Geoffrey Kent
Chairman

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

GWARM Properties Ltd
Notes to the Abbreviated Accounts for the Year Ended 5 April 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents rent charged to tenants.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Furniture and office equipment	25% straight line basis

Investment properties

Investment properties are held at valuation and are not depreciated.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. No provision has been made for deferred tax on gains recognised on revaluing property to its market value as the company does not intend to sell the revalued assets. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

GWARM Properties Ltd
Notes to the Abbreviated Accounts for the Year Ended 5 April 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 6 April 2014		762,378			762,378
Revaluations		83,103			83,103
Additions		817			817
At 5 April 2015		846,298			846,298
Depreciation
At 6 April 2014		6,299			6,299
Charge for the year		387			387
At 5 April 2015		6,686			6,686
Net book value
At 5 April 2015		839,612			839,612
At 5 April 2014		756,079			756,079

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due after more than one year		310,362			312,123

Included in the creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years not by instalments		310,363			312,123

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 4

GWARM Properties Ltd
Notes to the Abbreviated Accounts for the Year Ended 5 April 2015
......... continued

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Geoffrey Kent
Loan from director to the company to acquire property	116,099	12	116,111	12
Wendy Kent
Loan from director to the company to acquire property	116,099	12	116,112	13

Page 5