Garden Estates Limited - Limited company accounts 17.3

REGISTERED NUMBER: 04680051 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

GARDEN ESTATES LIMITED

Page

Company Information

1

Report of the Director

2

Abridged Income Statement

3

Other Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

7

Notes to the Financial Statements

8

Reconciliation of Equity

12

Reconciliation of Profit

14

DIRECTOR:

Z Mehta

REGISTERED OFFICE:

24 Bedford Row

London

WC1R 4TQ

REGISTERED NUMBER:

04680051 (England and Wales)

ACCOUNTANTS:

Mehta & Tengra

Chartered Accountants

24 Bedford Row

London

WC1R 4TQ

The director presents his report with the financial statements of the company for the year ended 31 March 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of investment in properties.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

DIRECTOR

Z Mehta held office during the whole of the period from 1 April 2016 to the date of this report.

FIXED ASSETS

Changes in fixed assets are shown in note 6 & 7 to the accounts.

TAXATION STATUS

The company is a close company within the provisions of the Corporation taxes Act 2010.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Z Mehta - Director

29 November 2017

GROSS PROFIT

89,050

85,356

Administrative expenses

(5,783

)

(10,028

)

OPERATING PROFIT

83,267

75,328

Interest payable and similar expenses

3

(25,136

)

(27,580

)

PROFIT BEFORE TAXATION

58,131

47,748

Tax on profit

4

(3,622

)

-

PROFIT FOR THE FINANCIAL YEAR

54,509

47,748

PROFIT FOR THE YEAR

54,509

47,748

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

54,509

47,748

FIXED ASSETS

Investments

5

100

100

Investment property

6

1,259,716

1,259,716

1,259,816

1,259,816

CURRENT ASSETS

Debtors

7

540,480

492,136

Cash at bank

26,911

25,146

567,391

517,282

CREDITORS

Amounts falling due within one year

8

(83,632

)

(61,594

)

NET CURRENT ASSETS

483,759

455,688

TOTAL ASSETS LESS CURRENT LIABILITIES

1,743,575

1,715,504

CREDITORS

Amounts falling due after more than one year

9

(1,487,875

)

(1,514,313

)

NET ASSETS

255,700

201,191

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

12

254,700

200,191

SHAREHOLDERS' FUNDS

255,700

201,191

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved by the director on 29 November 2017 and were signed by:

Z Mehta - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2015

1,000

152,443

153,443

Changes in equity

Total comprehensive income

-

47,748

47,748

Balance at 31 March 2016

1,000

200,191

201,191

Changes in equity

Total comprehensive income

-

54,509

54,509

Balance at 31 March 2017

1,000

254,700

255,700

1.	STATUTORY INFORMATION

Garden Estates Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Investment properties

(a) Investment property is included at 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.

(b) The historical cost of investment properties at 31 March 2014 is £1.259m.

(c) Cost of investment properties includes all direct development costs & bank interest paid up to end of the

development.

(d) Investment properties are accounted for in accordance with SSAP 19. No depreciation is provided in respect

of such properties. Although the Companies Act 1985 would normally require the systematic annual depreciation

of fixed assets it is believed that this policy of not providing depreciation is necessary in order for the accounts to

give a true and fair view, since the current value of investment property and changes in that current value, are of

prime importance rather than a calculation of systematic annual depreciation.

3.

INTEREST PAYABLE AND SIMILAR EXPENSES

2017

2016

£

£

Bank loan interest

25,136

27,580

4.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2017

2016

£

£

Current tax:

UK corporation tax

3,622

-

Tax on profit

3,622

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2016

and 31 March 2017

100

NET BOOK VALUE

At 31 March 2017

100

At 31 March 2016

100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Grovestar Properties Limited

Registered office:

Nature of business: Property Investment

%

Class of shares:

holding

Ordinary Shares

100.00

2017

2016

£

£

Aggregate capital and reserves

-

1,258,175

Profit for the year

-

71,785

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

1,259,716

NET BOOK VALUE

At 31 March 2017

1,259,716

At 31 March 2016

1,259,716

Value of Investment property was carried out by the director and was similar to the cost of the property,

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

14,993

8,929

Amount due from subsidiary

522,101

480,113

Prepayments

3,386

3,094

540,480

492,136

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts (see note 10)

23,993

23,693

Other loans (see note 10)

21,891

2,960

Trade creditors

16,200

17,700

Other creditors

5,000

5,000

Corporation tax

3,622

-

Other taxation

3,940

1,547

Accruals

8,986

10,694

83,632

61,594

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans (see note 10)

621,912

648,350

Shareholders loans

865,963

865,963

1,487,875

1,514,313

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

527,140

553,578

10.

LOANS

An analysis of the maturity of loans is given below:

2017

2016

£

£

Amounts falling due within one year or on demand:

Bank loans

23,993

23,693

Other loans

21,891

2,960

45,884

26,653

Amounts falling due between two and five years:

Bank loans - 2-5 years

94,772

94,772

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

527,140

553,578

The bank loan and overdraft is secured by a debenture given by Garden Estates Limited and a first legal charge

over the freehold property.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary shares

£1

1,000

1,000

12.

RESERVES

Retained

earnings

£

At 1 April 2016

200,191

Profit for the year

54,509

At 31 March 2017

254,700

13.	HOLDING COMPANY

Falcon Products International Limited holds the majority of the issued share capital.

14.	FIRST YEAR ADOPTION

The Company has adopted FRS 102 1A for the year ended 31 March 2017 and there are no transitional

adjustment arising due the FRS 102 1A adoption.

FIXED ASSETS

Investments

6

100

-

100

Investment property

7

1,259,716

-

1,259,716

1,259,816

-

1,259,816

CURRENT ASSETS

Debtors

8

123,994

-

123,994

Cash at bank

98,816

-

98,816

222,810

-

222,810

CREDITORS

Amounts falling due within one year

9

(55,096

)

-

(55,096

)

NET CURRENT ASSETS

167,714

-

167,714

TOTAL ASSETS LESS CURRENT LIABILITIES

1,427,530

-

1,427,530

CREDITORS

Amounts falling due after more than one year

10

(1,274,087

)

-

(1,274,087

)

NET ASSETS

153,443

-

153,443

CAPITAL AND RESERVES

Called up share capital

12

1,000

-

1,000

Retained earnings

13

152,443

-

152,443

SHAREHOLDERS' FUNDS

153,443

-

153,443

FIXED ASSETS

Investments

6

100

-

100

Investment property

7

1,259,716

-

1,259,716

1,259,816

-

1,259,816

CURRENT ASSETS

Debtors

8

492,136

-

492,136

Cash at bank

25,146

-

25,146

517,282

-

517,282

CREDITORS

Amounts falling due within one year

9

(61,594

)

-

(61,594

)

NET CURRENT ASSETS

455,688

-

455,688

TOTAL ASSETS LESS CURRENT LIABILITIES

1,715,504

-

1,715,504

CREDITORS

Amounts falling due after more than one year

10

(1,514,313

)

-

(1,514,313

)

NET ASSETS

201,191

-

201,191

CAPITAL AND RESERVES

Called up share capital

12

1,000

-

1,000

Retained earnings

13

200,191

-

200,191

SHAREHOLDERS' FUNDS

201,191

-

201,191

TURNOVER

85,356

-

85,356

Administrative expenses

(10,028

)

-

(10,028

)

OPERATING PROFIT

75,328

-

75,328

Interest payable and similar expenses

(27,580

)

-

(27,580

)

PROFIT BEFORE TAXATION

47,748

-

47,748

Tax on profit

-

-

-

PROFIT FOR THE FINANCIAL YEAR

47,748

-

47,748