Gowerlane Limited - Accounts to registrar (filleted) - small 17.3
Gowerlane Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2016 |
| for |
| Gowerlane Limited |
| Gowerlane Limited (Registered number: 03685131) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Gowerlane Limited |
| Company Information |
| for the Year Ended 31 December 2016 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Suite 203, 2nd Floor |
| China House |
| 401 Edgware Road |
| London |
| NW2 6GY |
| Gowerlane Limited (Registered number: 03685131) |
| Balance Sheet |
| 31 December 2016 |
| 31.12.16 | 31.12.15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Non-distributable reserve |
| Retained earnings |
| 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. |
| Gowerlane Limited (Registered number: 03685131) |
| Balance Sheet - continued |
| 31 December 2016 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| Gowerlane Limited (Registered number: 03685131) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| Gowerlane Limited is a |
| 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 as modified by the revaluation of certain assets, and in accordance with the accounting policies set |
| out below. |
| These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 |
| January 2015. |
| No transitional adjustments were required in equity or profit and loss for the year. |
| Changes in accounting policies |
| There have been no changes in accounting policies as a result of the transition to FRS 102. |
| Turnover |
| Turnover represents net invoiced sales of services, excluding value added tax. Rent receivable from investment |
| property is recognised over the period of rental and, income from management charges are recognised as the |
| services are provided. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Investment property |
| 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", investment properties are revalued |
| annually and the aggregate surplus or deficit is transferred to revaluation reserve. No depreciation is provided in |
| respect of investment properties. |
| The Companies Act 2006 requires all properties to be depreciated. However this requirement conflicts with the |
| generally accepted accounting principle set out in section 1A "Small Entities" of Financial Reporting Standard |
| 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The director considers |
| that because the property is not held for consumption but for its investment potential, to depreciate it would not |
| give true and fair view, and that is necessary to adopt section 1A "Small Entities" of Financial Reporting |
| Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" in order to give |
| true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount |
| which might otherwise have been shown cannot be separately identified or quantified. |
| 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. |
| Gowerlane Limited (Registered number: 03685131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| Trade debtors |
| Trade debtors are carried at original net invoice amount less an estimate for doubtful debtors. Bad debts are |
| written off when identified. Specific provisions are made against debts whose recovery is considered doubtful. |
| Provisions and accruals |
| Provisions are recognised when there is a present legal or constructive obligation as a result of past events and |
| the amount can be reliably estimated. Provisions are not recognised for future operating losses. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Gowerlane Limited (Registered number: 03685131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| Additions |
| At 31 December 2016 |
| DEPRECIATION |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2016 |
| Disposals | ( |
) |
| Revaluations | 4,967,065 |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| During the year, Gerald Eve LLP carried out property valuations on three of the investment properties owned by |
| the company and valued these upwards by £4,967,065. |
| Subsequently during the year, one property was transferred at a total market value of £2,790,000 to Finlaw 450 |
| Limited, an associated company under common control. |
| In the opinion of the director, £5,427,303 represents a fair valuation of the remaining investment properties on an |
| open market basis on the balance sheet date. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| Gowerlane Limited (Registered number: 03685131) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Tenant deposits | 38,946 | 39,801 |
| Other creditors | 4,911 | - |
| Pensions payable | 288 | - |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Hire purchase contracts |
| Bank loans | 928,219 | 3,560,312 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Bank loans | 928,219 | 3,560,312 |
| The bank loans and a debenture are secured on the company's investment properties and fixed assets. |
| 10. | PROVISIONS FOR LIABILITIES |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Deferred tax | 221,026 | - |
| Deferred |
| tax |
| £ |
| Charge to Income Statement during year |
| Removal of disposed property | (137,536 | ) |
| Balance at 31 December 2016 |