ACCOUNTS - Final Accounts

Share capital

GANCO DEVELOPMENTS LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseproperty developmentfalse2016-04-01 07117472 2016-04-01 2017-03-31 07117472 2017-03-31 07117472 2016-03-31 07117472 c:Director2 2016-04-01 2017-03-31 07117472 d:CurrentFinancialInstruments 2017-03-31 07117472 d:CurrentFinancialInstruments 2016-03-31 07117472 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 07117472 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 07117472 d:ShareCapital 2017-03-31 07117472 d:ShareCapital 2016-03-31 07117472 d:RetainedEarningsAccumulatedLosses 2017-03-31 07117472 d:RetainedEarningsAccumulatedLosses 2016-03-31 07117472 c:OrdinaryShareClass1 2016-04-01 2017-03-31 07117472 c:OrdinaryShareClass1 2017-03-31 07117472 c:FRS102 2016-04-01 2017-03-31 07117472 c:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 07117472 c:FullAccounts 2016-04-01 2017-03-31 07117472 c:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 07117472 1 2016-04-01 2017-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07117472

GANCO DEVELOPMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

GANCO DEVELOPMENTS LIMITED

REGISTERED NUMBER: 07117472

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2017

	2017	2017	2016	2016
Note	£	£	£	£


Current assets
Debtors: amounts falling due within one year	3	769,251		752,051
Cash at bank and in hand	4	36		-
		769,287		752,051
Creditors: amounts falling due within one year	5	(1,426,817)		(1,429,895)
Net current liabilities			(657,530)		(677,844)

Net liabilities			(657,530)		(677,844)

Capital and reserves
Called up share capital	6	1	1
Profit and loss account		(657,531)	(677,845)
		(657,530)	(677,844)

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GANCO DEVELOPMENTS LIMITED

REGISTERED NUMBER: 07117472

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2017

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2017.

N A Gani

Director

The notes on pages 3 to 5 form part of these financial statements.

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GANCO DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.	General information

Ganco Developments Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 1 Commonside West, Mitcham, Surrey, CR4 4HA.
The company specialises in property development.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102. The date of transition is 1 April 2015.
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

The following principal accounting policies have been applied:

2.2

Going concern

The company's Statement of financial position shows net current liabilities of £657,530 (2016 - £667,844) which indicate that the company may not be a going concern.
The directors have received informal comfirmation that the company will not be required to repay the loans until they are in a position to do so. This will be after they have completed further developments. On this basis, the directors believe that the preparation of the accounts on a going concern basis is appropriate.

2.3

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.4

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.5

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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GANCO DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.6

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.7

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

2.8

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Debtors

					2017	2016
					£	£


Amounts owed by group undertakings	381,691	345,784
Other debtors	387,560	406,267
	769,251	752,051

4.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	36	-
Less: bank overdrafts	-	(4,520)
	36	(4,520)

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GANCO DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

5.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank overdrafts	-	4,520
Corporation tax	3,900	2,800
Other taxation and social security	21,309	20,967
Other creditors	1,397,358	1,397,358
Accruals and deferred income	4,250	4,250
	1,426,817	1,429,895

Allotted, called up and fully paid

1 Ordinary share of £1	1	1

Related party transactions

During the year, a company under common control was charged £24,793 (2016 - £23,171) by Ganco Developments Limited in respect of loan interest. At the year end, an amount of £378,983 (2016 - £354,190) was due from the related party.
At the year end, an amount of £381,691 (2016 - £389,284) was due from fellow subsidiaries.
At the year end, an amount of £150,000 (2016 - £150,000) was due to a company under common control.

8.	Ultimate parent company and controlling party

The ultimate parent company up to 14 May 2017 was Ganco (Holdings) Limited, a company registered in England & Wales. From 14 May 2017, the ultimate parent company is Newell Limited.
The company was under the control of the directors throughout the year.

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