Gemma Estates Limited - Accounts to registrar (filleted) - small 17.3
Gemma Estates Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| FOR |
| GEMMA ESTATES LIMITED |
| GEMMA ESTATES LIMITED (REGISTERED NUMBER: 06005534) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| GEMMA ESTATES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| Solar House |
| 282 Chase Road |
| London |
| N14 6NZ |
| GEMMA ESTATES LIMITED (REGISTERED NUMBER: 06005534) |
| BALANCE SHEET |
| 31 MARCH 2017 |
| 31.3.17 | 31.3.16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investment property | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Fair value reserve | 9 |
| Retained earnings | 9 |
| 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. |
| GEMMA ESTATES LIMITED (REGISTERED NUMBER: 06005534) |
| BALANCE SHEET - continued |
| 31 MARCH 2017 |
| 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 by: |
| GEMMA ESTATES LIMITED (REGISTERED NUMBER: 06005534) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 1. | STATUTORY INFORMATION |
| Gemma Estates Limited is a |
| 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 |
| Turnover |
| Turnover represents amounts derived from ground rents charged to leaseholders during the year. and is |
| recognised at the date the lease period occurred. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
| fair value is recognised in profit or loss. |
| The investment property is held for long-term investment and is included in the Balance Sheet at its current |
| market value. The surplus or deficit on revaluation is transferred to the revaluation reserve. Depreciation is not |
| provided on this asset. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| GEMMA ESTATES LIMITED (REGISTERED NUMBER: 06005534) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 4. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2016 |
| Disposals | ( |
) |
| Revaluations | 63,920 |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Fair value at 31 March 2017 is represented by: |
| £ |
| Valuation in 2010 | 184,580 |
| Valuation in 2017 | 63,920 |
| Cost | 112,880 |
| 361,380 |
| If investment properties had not been revalued they would have been included at the following historical cost: |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Cost | 112,880 | 161,380 |
| Investment properties were valued on an open market basis on 31 March 2017 by the Directors . |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Other debtors and prepayments |
| Amounts owed by related undertakings | 167,570 | - |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Tax |
| Amount due to parent company |
| Deferred income |
| Accrued expenses |
| GEMMA ESTATES LIMITED (REGISTERED NUMBER: 06005534) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 7. | PROVISIONS FOR LIABILITIES |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Deferred tax | 44,042 | 53,128 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2016 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 March 2017 |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.17 | 31.3.16 |
| value: | £ | £ |
| Ordinary shares | 1 | 1 | 1 |
| 9. | RESERVES |
| Fair |
| Retained | value |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 April 2016 | 231,959 |
| Profit for the year |
| Elimination on disposals | - | (88,040 | ) | (88,040 | ) |
| Fair value adjustment transfer | (73,006 | ) | 73,006 | - |
| At 31 March 2017 | 291,161 |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is a subsidiary of Urban Land Investments Ltd which is registered in England and Wales. |
| The directors Mr L Theodorou and Mr K R Carr are the ultimate beneficial owners of the parent company, |
| Urban Land Investments Ltd, who together own 100% of the company's issued ordinary share capital. |