Glasgow Residential Investments Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC433943 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2016

FOR

GLASGOW RESIDENTIAL INVESTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T E Lovat

R J Lovat

SECRETARY:

R J Lovat

REGISTERED OFFICE:

1008 Pollokshaws Road

Glasgow

G41 2HG

REGISTERED NUMBER:

SC433943 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Tangible assets

2

-

536

CURRENT ASSETS

Debtors

3

5,524

4,293

Cash at bank and in hand

921

717

6,445

5,010

CREDITORS

Amounts falling due within one year

4

6,200

5,092

NET CURRENT ASSETS/(LIABILITIES)

245

(82

)

TOTAL ASSETS LESS CURRENT LIABILITIES

245

454

CAPITAL AND RESERVES

Called up share capital

5

99

99

Profit and loss account

6

146

355

SHAREHOLDERS' FUNDS

245

454

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 October 2016 in accordance with Section 476 of the Companies Act 2006.

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.

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

The financial statements were approved by the Board of Directors on 21 February 2018 and were signed on its behalf by:

R J Lovat - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Exemption from preparing a cash flow statement

The Company has adopted the Financial Reporting Standard for Smaller Entities (effective January 2015) and is

consequently exempt from the requirement to include a cash flow statement in the financial statements.

Turnover

The turnover shown in the profit and loss account represents the value of all services delivered during the period at selling

price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its contractual

obligations to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures, fittings & equipment

-

25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date where transactions or events have occurred at that date that will result in an obligation to pay more tax, or a right to

pay less tax, or a right to receive repayments of tax.

Deferred tax assets are recognised only to the extent that the directors consider it more likely than not that there will be

suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax

assets and liabilities recognised have not been discounted.

Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

2.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

& equipment

£

COST

At 1 November 2015

and 31 October 2016

2,150

DEPRECIATION

At 1 November 2015

1,614

Charge for year

536

At 31 October 2016

2,150

NET BOOK VALUE

At 31 October 2016

-

At 31 October 2015

536

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Other debtors

5,524

1,543

Prepayments and accrued income

-

2,750

5,524

4,293

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Social security and other taxes

-

303

Other creditors

3,300

3,100

Accruals and deferred income

2,900

1,689

6,200

5,092

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

99

Ordinary

£1

99

99

6.

RESERVES

Profit

and loss

account

£

At 1 November 2015

355

Deficit for the year

(209

)

At 31 October 2016

146

7.	RELATED PARTY DISCLOSURES

During the year, Edzell Property Services LLP provided property management services to the Company at a cost of £nil

(2015: £245). At the balance sheet date, the amount due to Glasgow Residential Investments Limited in relation to

property management services was £3,049 (2015: £318). This amount is included within other debtors.

In a previous year, the Company received a loan from Edzell Property Services LLP. At the balance sheet date, the amount

due to Edzell Property Services LLP was £2,100 (2015: £3,100). This amount is included within other creditors.

The above loans are unsecured, interest free and with no fixed terms of repayment in place.

No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting

Standard for Smaller Entities (effective January 2015).

8.	ULTIMATE CONTROLLING PARTY

The Company was under the control of Mrs C Lovat throughout the current and previous year by virtue of her interest in

the issued share capital.