GAIGER_PROPERTIES_LIMITED - Accounts

GAIGER PROPERTIES LIMITED - Company Information

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Company Registration No. 05607283 (England and Wales)

GAIGER PROPERTIES LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2015

GAIGER PROPERTIES LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

GAIGER PROPERTIES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

3,234,443

2,584,443

Current assets

Stocks

1,318,000

Debtors

4,255

8,480

Cash at bank and in hand

10,920

15,175

1,326,480

Creditors: amounts falling due within one year

(1,002,840)

(1,791,473)

Net current liabilities

(987,665)

(464,993)

Total assets less current liabilities

2,246,778

2,119,450

Creditors: amounts falling due after more than one year

(297,822)

(346,614)

1,948,956

1,772,836

Capital and reserves

Called up share capital

1,000,500

Profit and loss account

948,456

772,336

Shareholders' funds

1,948,956

1,772,836

For the financial year ended 31 May 2015 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 7 December 2015

Mr G M Gaiger

Mr J H Gaiger

Director

Company Registration No. 05607283

GAIGER PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover and profits

Turnover represents amounts receivable for rentals net of VAT. Amounts for long term developments are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts.

1.4

Tangible fixed assets and depreciation

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.5

Revenue recognition

Revenue from rental income is recognised on an accruals basis over the life of the tenancy.

Revenue from development properties is recognised in the income statement when the significant risks and rewards of ownership have been transferred to the purchaser and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

GAIGER PROPERTIES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 1 June 2014

2,584,443

Additions

650,000

At 31 May 2015

3,234,443

At 31 May 2014

2,584,443

Creditors: amounts falling due after more than one year

2015

2014

Analysis of loans repayable in more than five years

Total amounts repayable by instalments which are due in more than five years

91,918

(145,044)

Share capital

2015

2014

Allotted, called up and fully paid

2,001,000 Ordinary of 50p each

1,000,500

Ultimate parent company

The company is controlled by joint shareholders, MJ Gaiger, VE Gaiger and AF Ciechan.

Related party relationships and transactions

Other transactions

There was a loan to the company from a member of the directors' and shareholders' family amounting to £74,366 (2014 - £73,374). Interest at commercial rates amounting to £1,647 was payable for the year (2014 - £1,625).

The company has completed the process of developing building sites and has incurred costs in the year with Gaiger Brothers Limited of £nil (2014 - £543,045). The amount outstanding at the year end and included in trade creditors was £nil (2014 - £1,595,261). The creditors, amounts owed to company under common control, include a loan from Gaiger Brothers Limited of £781,758.

The directors of the company are also directors of Gaiger Brothers Limited. The shareholders also jointly own 100% of Gaiger Brothers Limited.