Colgate and Gray Land Limited - Period Ending 2016-12-31

Registration number: 00460382

Colgate and Gray Land Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ

Colgate and Gray Land Limited

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4 to 5
Statement of Changes in Equity	6
Notes to the Financial Statements	7 to 12

Colgate and Gray Land Limited

Company Information

Director	Mr John Henry Summers

Registered office

17-19 Trafalgar House Quarry Road Newhaven East Sussex BN9 9DD

Accountants

Lucraft Hodgson & Dawes LLP 2/4 Ash Lane Rustington Littlehampton West Sussex BN16 3BZ

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Colgate and Gray Land Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Colgate and Gray Land Limited for the year ended 31 December 2016 as set out on pages 3 to 12 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 Colgate and Gray Land Limited, 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 Colgate and Gray Land Limited and state those matters that we have agreed to state to the Board of Directors of Colgate and Gray Land Limited, 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 Colgate and Gray Land Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Colgate and Gray Land 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 Colgate and Gray Land Limited. You consider that Colgate and Gray Land 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 Colgate and Gray Land 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.

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

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
Littlehampton
West Sussex
BN16 3BZ

29 September 2017

Page 2

Colgate and Gray Land Limited

Statement of Comprehensive Income for the Year Ended 31 December 2016

	Note	2016  £	2015  £
Profit for the year		5,260,416	1,231,377
Total comprehensive income for the year		5,260,416	1,231,377

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 3

Colgate and Gray Land Limited

(Registration number: 00460382)
Balance Sheet as at 31 December 2016

	Note	2016  £	2015  £
Fixed assets
Tangible assets	4	628	938
Investment property	5	12,000,000	5,500,000
		12,000,628	5,500,938
Current assets
Debtors	6	55,236	19,285
Cash at bank and in hand		15,567	2,412
		70,803	21,697
Creditors: Amounts falling due within one year	7	(418,464)	(422,502)
Net current liabilities		(347,661)	(400,805)
Total assets less current liabilities		11,652,967	5,100,133
Provisions for liabilities		(1,904,941)	(612,523)
Net assets		9,748,026	4,487,610
Capital and reserves
Called up share capital		25,000	25,000
Share premium reserve		42,040	42,040
Other reserves		9,657,746	4,450,164
Profit and loss account		23,240	(29,594)
Total equity		9,748,026	4,487,610

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 4

Colgate and Gray Land Limited

(Registration number: 00460382)
Balance Sheet as at 31 December 2016

Approved and authorised by the director on 29 September 2017
 

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

Mr John Henry Summers

Director

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 5

Colgate and Gray Land Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Share premium £	Non-distributable reserve £	Profit and loss account £	Total £
At 1 January 2016	25,000	42,040	4,450,164	(29,594)	4,487,610
Profit for the year	-	-	-	5,260,416	5,260,416
Other comprehensive income	-	-	5,207,582	(5,207,582)	-
Total comprehensive income	-	-	5,207,582	52,834	5,260,416
At 31 December 2016	25,000	42,040	9,657,746	23,240	9,748,026

	Share capital £	Share premium £	Non-distributable reserve £	Profit and loss account £	Total £
At 1 January 2015	25,000	42,040	3,246,848	(57,655)	3,256,233
Profit for the year	-	-	-	1,231,377	1,231,377
Other comprehensive income	-	-	1,203,316	(1,203,316)	-
Total comprehensive income	-	-	1,203,316	28,061	1,231,377
At 31 December 2015	25,000	42,040	4,450,164	(29,594)	4,487,610

The notes on pages 7 to 12 form an integral part of these financial statements.

Page 6

Colgate and Gray Land Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales..

The address of its registered office is:
17-19 Trafalgar House
Quarry Road
Newhaven
East Sussex
BN9 9DD
United Kingdom

These financial statements were authorised for issue by the director on 29 September 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 7

Colgate and Gray Land Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2015 - 1).

Page 8

Colgate and Gray Land Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4	Tangible assets

	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2016	1,250	1,250
At 31 December 2016	1,250	1,250
Depreciation
At 1 January 2016	312	312
Charge for the year	310	310
At 31 December 2016	622	622
Carrying amount
At 31 December 2016	628	628
At 31 December 2015	938	938

Included within the net book value of land and buildings above is £Nil (2015 - £Nil) in respect of freehold land and buildings.
 

5	Investment properties

	2016  £
At 1 January	5,500,000
Fair value adjustments	6,500,000
At 31 December	12,000,000

There has been no valuation of investment property by an independent valuer.

6

Debtors

	2016 £	2015 £
Trade debtors	53,585	7,434
Other debtors	1,651	11,851
Total current trade and other debtors	55,236	19,285

Page 9

Colgate and Gray Land Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

7

Creditors

	Note	2016  £	2015  £
Due within one year
Loans and borrowings	8	145,650	196,920
Trade creditors		28,793	1,800
Other payables		151,195	156,545
Accrued expenses		72,759	52,901
Income tax liability		20,067	14,336
		418,464	422,502

8	Loans and borrowings

	2016  £	2015  £
Current loans and borrowings
Other borrowings	145,650	196,920

9	Transition to FRS 102

This is the first year that the company has presented its results under FRS102. The last financial statements prepared under previous UK GAAP were for the year ended 31 December 2015. The date of transition to FRS102 was 1 January 2016.

Set out below are the changes in accounting policies which reconcile profit for the year ended 31 December 2015 and the total equity as at 1 January 2015 and 31 December 2015 between UK GAAP as previously reported and FRS102.

The company has recognised the latent tax within revaluation of the investment property.

The company has reclassified the reserves in respect of the revaluation of the investment properties.

Page 10

Colgate and Gray Land Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 1 January 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		4,000,000	-	-	4,000,000
Current assets
Debtors		18,005	-	-	18,005
Cash at bank and in hand		221	-	-	221
		18,226	-	-	18,226
Creditors: Amounts falling due within one year		(446,153)	-	-	(446,153)
Net current liabilities		(427,927)	-	-	(427,927)
Total assets less current liabilities		3,572,073	-	-	3,572,073
Provisions for liabilities		-	-	(315,840)	(315,840)
Net assets/(liabilities)		3,572,073	-	(315,840)	3,256,233
Capital and reserves
Called up share capital		25,000	-	-	25,000
Share premium reserve		42,040	-	-	42,040
Revaluation reserve		3,562,687	(3,562,687)	-	-
Other reserves		-	3,562,687	(315,840)	3,246,847
Profit and loss account		(57,654)	-	-	(57,654)
Total equity		3,572,073	-	(315,840)	3,256,233

Page 11

Colgate and Gray Land Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		938	-	-	938
Investment property		5,500,000	-	-	5,500,000
		5,500,938	-	-	5,500,938
Current assets
Debtors		19,285	-	-	19,285
Cash at bank and in hand		2,413	-	-	2,413
		21,698	-	-	21,698
Creditors: Amounts falling due within one year		(422,503)	-	-	(422,503)
Net current liabilities		(400,805)	-	-	(400,805)
Total assets less current liabilities		5,100,133	-	-	5,100,133
Provisions for liabilities		-	-	(612,523)	(612,523)
Net assets/(liabilities)		5,100,133	-	(612,523)	4,487,610
Capital and reserves
Called up share capital		25,000	-	-	25,000
Share premium reserve		42,040	-	-	42,040
Revaluation reserve		5,062,687	(5,062,687)	-	-
Other reserves		-	5,062,687	(612,523)	4,450,164
Profit and loss account		(29,594)	-	-	(29,594)
Total equity		5,100,133	-	(612,523)	4,487,610

Page 12