Garngaber Properties Limited - Accounts to registrar (filleted) - small 17.3
Garngaber Properties Limited - Accounts to registrar (filleted) - small 17.3
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2017 |
for |
Garngaber Properties Limited |
Garngaber Properties Limited (Registered number: SC077655) |
Contents of the Financial Statements |
for the Year Ended 31 January 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Garngaber Properties Limited |
Company Information |
for the Year Ended 31 January 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
145 St Vincent Street |
Glasgow |
G2 5JF |
Garngaber Properties Limited (Registered number: SC077655) |
Balance Sheet |
31 January 2017 |
31.1.17 | 31.1.16 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 3 |
CREDITORS |
Amounts falling due within one year | 4 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 5 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on |
Garngaber Properties Limited (Registered number: SC077655) |
Notes to the Financial Statements |
for the Year Ended 31 January 2017 |
1. | STATUTORY INFORMATION |
Garngaber Properties Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Transition to FRS 102 Section 1A |
The financial statements for the year ended 31 January 2017 are the first financial statements that comply with |
FRS 102 Section 1A. The date of transition is 1 February 2015. |
Changes in accounting policies |
FRS 102 Section 1A requires investment properties to be reported at fair value, with any movements recognised |
in the profit and loss account. Prior to this, under UK GAAP, the investment properties were held at market |
value with any movements being held within revaluation reserves. |
FRS 102 Section 1A requires deferred tax to be provided for on all timing differences. |
Investment properties |
Investment properties are held at fair value. |
Financial instruments |
Creditors |
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a |
past event and are recognised at the settlement amount due after allowing for any trade discounts due. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Garngaber Properties Limited (Registered number: SC077655) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2017 |
3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2016 |
Revaluations | 80,000 |
At 31 January 2017 |
NET BOOK VALUE |
At 31 January 2017 |
At 31 January 2016 |
The fair value of investment properties were made as at 31 January 2017 by the directors on an open market |
basis. The purchase cost of the property was £21,931. |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.17 | 31.1.16 |
£ | £ |
Other creditors |
5. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 February 2016 |
Fair value | 80,000 |
Deferred tax | (14,574 | ) |
At 31 January 2017 |
6. | RELATED PARTY DISCLOSURES |
Included in Other Creditors is a balance of £21,298 (2016: £21,298) due to Miller Beckett & Jackson Limited. |
The directors G Jackson and C Jackson are directors and shareholders of Miller Beckett & Jackson Limited. |