Gallowgate Property Limited Company Accounts

GALLOWGATE PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10044026

Gallowgate Property Limited

Filleted Unaudited Financial Statements

31 March 2017

Gallowgate Property Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	4

Gallowgate Property Limited

Officers and Professional Advisers

The board of directors	Mr R R Hands
	Mr A R Tailford

Registered office	27 Medomsley Road
	Consett
	Co Durham
	DH8 5HE

Accountants	Murray and Lamb
	Chartered accountant
	27 Medomsley Road
	Consett
	County Durham
	DH8 5HE

Bankers	LloydsTSB bank plc
	Grey Street
	Newcastle-upon-Tyne

Gallowgate Property Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Gallowgate Property Limited

Year ended 31 March 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Murray and Lamb Chartered accountant

27 Medomsley Road Consett County Durham DH8 5HE

8 November 2017

Gallowgate Property Limited

Statement of Financial Position

31 March 2017

	2017
Note	£	£

Fixed assets

Tangible assets	4		789,508

Current assets

Debtors	5	1,719
Cash at bank and in hand		3,925
		-------
		5,644

Creditors: amounts falling due within one year	6	844,034
		---------
Net current liabilities			838,390
			---------
Total assets less current liabilities			( 48,882)
			--------
Net liabilities			( 48,882)
			--------

Capital and reserves

Profit and loss account		( 48,882)
		--------
Shareholders deficit		( 48,882)
		--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 8 November 2017 , and are signed on behalf of the board by:

Mr R R Hands
Director

Company registration number: 10044026

Gallowgate Property Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 27 Medomsley Road, Consett, Co Durham, DH8 5HE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

4. Tangible assets

	Land and buildings
	£
Cost
Additions	789,508
	---------
At 31 March 2017	789,508
	---------
Depreciation
At 1 April 2016 and 31 March 2017	–
	---------
Carrying amount
At 31 March 2017	789,508
	---------

5. Debtors

	2017
	£
Other debtors	1,719
	-------

6. Creditors: amounts falling due within one year

	2017
	£
Trade creditors	3,634
Other creditors	840,400
	---------
	844,034
	---------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr R R Hands	–	( 420,000)	( 420,000)
Mr A R Tailford	–	( 420,000)	( 420,000)
	----	---------	---------
	–	( 840,000)	( 840,000)
	----	---------	---------

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.