Gage (Investments) Limited - Period Ending 2016-09-30

Registration number: 00761103

Gage (Investments) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2016
 

Palmer, Riley & Co.
Chartered Accountants
1st Floor, Unit E2
Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT

Gage (Investments) Limited
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Income and Expenditure Account 4

Balance Sheet 5

Notes to the Financial Statements 6 to 9

Gage (Investments) Limited
Company Information

Directors

Mr. R.T. Gage Mr. C.T. Gage Mr. J.R. Gage

Company secretary

Mr. C.T. Gage

Registered office

1st Floor Unit E2 Fareham Heights Standard Way Fareham Hampshire PO16 8 XT

Accountants

Palmer, Riley & Co. Chartered Accountants 1st Floor, Unit E2 Fareham Heights Standard Way Fareham Hampshire PO16 8XT

Page 1

Gage (Investments) Limited
Directors' Report for the Year Ended 30 September 2016

The directors present their report and the unaudited financial statements for the year ended 30 September 2016.

Directors of the company

The directors who held office during the year were as follows:

Mr. R.T. Gage

Mr. C.T. Gage - Company secretary and director

Mr. J.R. Gage

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 1 May 2017 and signed on its behalf by:

.........................................
Mr. R.T. Gage
Director

Page 2

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Gage (Investments) Limited
for the Year Ended 30 September 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Gage (Investments) Limited for the year ended 30 September 2016 set out on pages 4 to 9 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 http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Gage (Investments) Limited, as a body, in accordance with the terms of our engagement letter dated 3 April 2016. Our work has been undertaken solely to prepare for your approval the accounts of Gage (Investments) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Gage (Investments) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Gage (Investments) Limited 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 Gage (Investments) Limited. You consider that Gage (Investments) Limited 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 Gage (Investments) Limited. 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.

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

Palmer, Riley & Co.
Chartered Accountants
1st Floor, Unit E2
Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT

27 April 2017

Page 3

Gage (Investments) Limited
Income and Expenditure Account for the Year Ended 30 September 2016

		Note			2016 £			2015 £
Rent receivable					22,024			21,574
Administrative expenses					(7,885)			(7,928)
Operating surplus		2			14,139			13,646
Surplus on ordinary activities before taxation					14,139			13,646
Tax on surplus on ordinary activities		4			(2,832)			(2,733)
Surplus for the financial year		10			11,307			10,913

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 4

Gage (Investments) Limited
(Registration number: 00761103)
Balance Sheet at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		5			538,095			538,112
Current assets
Debtors		6			6,620			3,430
Cash at bank and in hand					8,332			10,382
					14,952			13,812
Creditors: Amounts falling due within one year		7			(49,159)			(48,503)
Net current liabilities					(34,207)			(34,691)
Net assets					503,888			503,421
Capital and reserves
Called up share capital		8			13,550			13,550
Revaluation reserve		10			489,269			489,269
Profit and loss account		10			1,069			602
Shareholders' funds					503,888			503,421

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

For the year ending 30 September 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.

Approved and authorised for issue by the Board on 1 May 2017 and signed on its behalf by:

.........................................
Mr. R.T. Gage
Director

The notes on pages 6 to 9 form an integral part of these financial statements.
Page 5

Gage (Investments) Limited
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Rent receivable

Turnover comprises the invoiced value of rent in respect of the letting of property by the company. The company is not registered for Value Added Tax.

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
Office equipment	15% per annum on net book value

Investment properties

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This is in accordance with the FRSSE which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

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.

2	Operating profit

Operating profit is stated after charging:

		2016 £			2015 £
Depreciation of tangible fixed assets		17			20

Page 6

Gage (Investments) Limited
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

3	Directors' remuneration

The directors' remuneration for the year was as follows:

		2016 £			2015 £
Remuneration		4,840			5,300

4

Taxation

Tax on profit on ordinary activities

		2016 £			2015 £
Current tax
Corporation tax charge		2,832			2,733

5	Tangible fixed assets

		Freehold land and buildings £			Investment properties £			Office equipment £			Total £
Cost or valuation
At 1 October 2015		8,000			530,000			1,163			539,163
Depreciation
At 1 October 2015		-			-			1,051			1,051
Charge for the year		-			-			17			17
At 30 September 2016		-			-			1,068			1,068
Net book value
At 30 September 2016		8,000			530,000			95			538,095
At 30 September 2015		8,000			530,000			112			538,112

Revaluations

The investment properties class of fixed assets was revalued on 16 February 2015 by Cyan Power Limited who is external to the company. The basis of this valuation was current freehold market value subject to existing tenancies. This class of assets has a current value of £530,000 (2015 - £530,000) and a carrying amount at historical cost of £40,730 (2015 - £40,730). The depreciation on this historical cost is £nil (2015 - £nil). The last full valuation of investment properties was carried out on 16 February 2015.

Page 7

Gage (Investments) Limited
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

6

Debtors

		2016 £			2015 £
Other debtors		6,620			3,430

7	Creditors: Amounts falling due within one year

		2016 £			2015 £
Corporation tax		2,832			2,733
Other taxes and social security		1			61
Other creditors		46,326			45,709
		49,159			48,503

8	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		13,550			13,550			13,550			13,550

9

Dividends

		2016 £			2015 £
Dividends paid
Current year interim dividend paid		10,840			10,840

10

Reserves

		Revaluation reserve £			Profit and loss account £			Total £
At 1 October 2015		489,269			602			489,871
Profit for the year		-			11,307			11,307
Dividends		-			(10,840)			(10,840)
At 30 September 2016		489,269			1,069			490,338

Page 8

Gage (Investments) Limited
Notes to the Financial Statements for the Year Ended 30 September 2016
......... continued

11	Related party transactions

During the year the company made the following related party transactions:

Mr. R.T. Gage ( Director )   Mr. R.T. Gage rents a property from the company for which he paid a rent of £2,880 (2015 - £2,880). As at 30th September 2016 the company was owed £240 in respect of rent paid in arrears (2015 - £240). These transactions have been carried out on normal commercial terms. . Dividends paid to Mr. R.T. Gage during the year amounted to £6,040 (2015 - £6,040). Advances made between Mr. R.T. Gage and the company to help fund the company trading. These are all interest free and repayable on demand . At the balance sheet date the amount due to Mr. R.T. Gage was £36,375 ( 2015 - £35,758 ) .

Mr. C.T. Gage ( Director )   Dividends paid to Mr. C.T. Gage during the year amounted to £2,400 (£2,400 in 2015). Advances made between Mr. C.T. Gage and the company to help fund the company trading. These are all interest free and repayable on demand . At the balance sheet date the amount due to Mr. C.T. Gage was £6,172 ( 2015 - £6,172 ) .

Mr. J.R. Gage ( Director )   Dividends paid to Mr. J.R. Gage during the year amounted to £2,400 (2015 - £2,400). Advances made between Mr. J.R. Gage and the company to help fund the company trading. These are all interest free and repayable on demand . At the balance sheet date the amount due to Mr. J.R. Gage was £2,400 ( 2015 - £2,400 ) .

12

Control

The company is controlled by Mr R. T. Gage who holds the majority of the issued share capital.

Page 9