Goldway Developers Ltd

Goldway Developers Ltd

GOLDWAY DEVELOPERS LTD - Company Information

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Company Registration No. 08837800 (England and Wales)
Goldway Developers Ltd Unaudited accounts for the year ended 31 January 2017
Goldway Developers Ltd Unaudited accounts Contents
Page
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Goldway Developers Ltd Company Information for the year ended 31 January 2017
Director
Neal Patel
Company Number
08837800 (England and Wales)
Registered Office
Upper Floors 99 Clapton Common London E5 9AB
Accountants
Precision (UK) Ltd 30 Castlewood Road London N16 6DW
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Goldway Developers Ltd Statement of financial position as at 31 January 2017
2017 
2016 
Notes
£ 
£ 
Fixed assets
Investment property
4
1,056,108 
1,041,987 
Creditors: amounts falling due within one year
5
(697,638)
(675,288)
Net current liabilities
(697,638)
(675,288)
Total assets less current liabilities
358,470 
366,699 
Provisions for liabilities
Deferred tax
6
(71,438)
(74,559)
Net assets
287,032 
292,140 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
287,031 
292,139 
Shareholders' funds
287,032 
292,140 
For the year ending 31 January 2017 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 31 October 2017.
Neal Patel Director Company Registration No. 08837800
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Goldway Developers Ltd Notes to the Accounts for the year ended 31 January 2017
1
Statutory information
Goldway Developers Ltd is a private company, limited by shares, registered in England and Wales, registration number 08837800. The registered office and principal place of business is Upper Floors, 99 Clapton Common, London, E5 9AB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
These financial statements for the year ended 31 January 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 February 2015. The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note 8 below.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
4
Investment property
2017 
£ 
Fair value at 1 February 2016
1,041,987 
Additions
14,121 
At 31 January 2017
1,056,108 
5
Creditors: amounts falling due within one year
2017 
2016 
£ 
£ 
Other creditors
697,038 
674,688 
Accruals
600 
600 
697,638 
675,288 
6
Deferred taxation
2017 
2016 
£ 
£ 
Revaluation of investment property
71,438 
74,559 
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Goldway Developers Ltd Notes to the Accounts for the year ended 31 January 2017
2017 
2016 
£ 
£ 
Provision at start of year
74,559 
76,000 
Credited to the profit and loss account
(3,121)
(1,441)
Provision at end of year
71,438 
74,559 
7
Average number of employees
During the year the average number of employees was 0 (2016: 0).
8
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 February 2015 
31 January 2016 
£ 
£ 
Capital and reserves (as previously stated)
374,376 
217,581 
Deffered tax
(76,000)
74,559 
Capital and reserves (as restated)
298,376 
292,140 
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015. The following were changes in accounting policies arising from the transition to FRS 102: (a) Investment properties Previously, the company's investment properties were held at market value, with aggregate surplus or deficit being recorded in the revaluation reserve, with the exception of permanent diminutions in value which were written off through the profit and loss account. Under FRS 102, these properties are held at fair value, with changes in fair value being recorded in the profit and loss account. (b) Deferred tax on unrealised gains and losses on investment properties Previously, no deferred tax was recognised on the timing differences between the accounting and tax treatment of the revaluation of the company's investment properties. Under FRS 102, deferred tax is recognised on the difference between the cost for tax purposes and the fair value of the company's investment properties, with movements recorded in the profit and loss account.
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