GWARM Properties Ltd - Period Ending 2016-04-05

Registration number: 04835039

GWARM Properties Ltd

Unaudited Abbreviated Accounts

for the Year Ended 5 April 2016
 

Taxitax
79 College Road
Harrow
Middlesex
HA1 1BD

GWARM Properties Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
GWARM Properties Ltd
for the Year Ended 5 April 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GWARM Properties Ltd for the year ended 5 April 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of GWARM Properties Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of GWARM Properties Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GWARM Properties Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that GWARM Properties Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GWARM Properties Ltd. You consider that GWARM Properties Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of GWARM Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Taxitax
79 College Road
Harrow
Middlesex
HA1 1BD

22 December 2016

Page 1

GWARM Properties Ltd
(Registration number: 04835039)
Abbreviated Balance Sheet at 5 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					839,697			839,612
Current assets
Debtors					8,432			7,828
Cash at bank and in hand					3,850			11,358
					12,282			19,186
Creditors: Amounts falling due within one year					(50,850)			(55,916)
Net current liabilities					(38,568)			(36,730)
Total assets less current liabilities					801,129			802,882
Creditors: Amounts falling due after more than one year					(539,760)			(542,560)
Net assets					261,369			260,322
Capital and reserves
Called up share capital		4			1,000			1,000
Revaluation reserve					264,246			264,246
Profit and loss account					(3,877)			(4,924)
Shareholders' funds					261,369			260,322

For the year ending 5 April 2016 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 21 December 2016 and signed on its behalf by:

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

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

GWARM Properties Ltd
(Registration number: 04835039)
Abbreviated Balance Sheet at 5 April 2016
......... continued

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

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

GWARM Properties Ltd
Notes to the Abbreviated Accounts for the Year Ended 5 April 2016
......... 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 January 2015).

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 4

GWARM Properties Ltd
Notes to the Abbreviated Accounts for the Year Ended 5 April 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 6 April 2015		846,298			846,298
Additions		386			386
At 5 April 2016		846,684			846,684
Depreciation
At 6 April 2015		6,686			6,686
Charge for the year		301			301
At 5 April 2016		6,987			6,987
Net book value
At 5 April 2016		839,697			839,697
At 5 April 2015		839,612			839,612

3

Creditors

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

		2016 £			2015 £
Amounts falling due after more than one year		307,572			310,362

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

		2016 £			2015 £
After more than five years not by instalments		307,573			310,363

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Page 5

GWARM Properties Ltd
Notes to the Abbreviated Accounts for the Year Ended 5 April 2016
......... continued

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Geoffrey Arthur Kent
Loan from director to the company to acquire property	116,094	5	116,099	12
Wendy Kent
Loan from director to the company to acquire property	116,094	50	116,099	12

Page 6