| Greater London Developments Limited |
| Registered number: |
03326329 |
| Balance Sheet |
| as at 31 March 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
1,502,209 |
|
|
1,502,945 |
|
| Current assets |
| Debtors |
3 |
|
143,875 |
|
|
93,493 |
| Cash at bank and in hand |
|
|
2 |
|
|
2 |
|
|
|
143,877 |
|
|
93,495 |
|
| Creditors: amounts falling due within one year |
4 |
|
(216,198) |
|
|
(227,708) |
|
| Net current liabilities |
|
|
|
(72,321) |
|
|
(134,213) |
|
| Total assets less current liabilities |
|
|
|
1,429,888 |
|
|
1,368,732 |
|
|
| Provisions for liabilities |
|
|
|
(228,571) |
|
|
(228,571) |
|
|
| Net assets |
|
|
|
1,201,317 |
|
|
1,140,161 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Revaluation reserve |
5 |
|
|
914,285 |
|
|
914,285 |
| Profit and loss account |
|
|
|
287,030 |
|
|
225,874 |
|
| Shareholders' funds |
|
|
|
1,201,317 |
|
|
1,140,161 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| C Ogunmakin |
| Director |
| Approved by the board on 24 April 2018 |
|
| Greater London Developments Limited |
| Notes to the Accounts |
| for the year ended 31 March 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
These financial statements for the year ended 31 March 2017 are the first financial statements of the company prepared in accordance with FRS 102. The Financial Statement Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 Aprl 2016. Having now adopted FRS102 1a the company has provided for deferred tax on the revaluation reserve. This has no impact of the profit and loss account. |
|
|
Turnover |
|
Turnover is measured at the fair value of rent received or receivable, net of discounts and value added taxes. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25% reducing balance |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
Investment Property |
|
In accordance with FRS 102 as applied for Smaller Entities by section 1A of the standard, investment properties are held under the revaluation model, whereby revaluations are undertaken regularly to ensure that the carrying amount does not materially differ from the fair value at the end of the period.
Any aggregate surplus or temporary deficit from the original cost is cumulated within equity in the revaluation reserve and also reflected in other comprehensive income. Any impairment in the value of an investment property from original cost is taken to the profit and loss account for the year.
On realisation any gain or loss is calculated by reference to the carrying value at the last balance sheet date and is included in the profit and loss account. Any balance in the revaluation reserve is transferred to the profit and loss account reserve.
No depreciation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years unexpired. FRS 102 requires all properties to be depreciated however the residual value of such investment properties is considered not to be materially different from that of the carrying value and therefore depreciation is not required. |
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
Investment Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2016 |
1,500,000 |
|
6,980 |
|
1,506,980 |
|
At 31 March 2017 |
1,500,000 |
|
6,980 |
|
1,506,980 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
- |
|
4,035 |
|
4,035 |
|
Charge for the year |
- |
|
736 |
|
736 |
|
At 31 March 2017 |
- |
|
4,771 |
|
4,771 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
1,500,000 |
|
2,209 |
|
1,502,209 |
|
At 31 March 2016 |
1,500,000 |
|
2,945 |
|
1,502,945 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2017 |
|
2016 |
| £ |
£ |
|
Historical cost |
357,144 |
|
357,144 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
357,144 |
|
357,144 |
|
|
| 3 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
- |
|
554 |
|
Other debtors |
143,875 |
|
92,939 |
|
|
|
|
|
|
143,875 |
|
93,493 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
- |
|
5,753 |
|
Taxation and social security costs |
17,465 |
|
15,726 |
|
Other creditors |
198,733 |
|
206,229 |
|
|
|
|
|
|
216,198 |
|
227,708 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Revaluation reserve |
2017 |
|
2016 |
| £ |
£ |
|
|
At 1 April 2016 |
914,285 |
|
1,142,856 |
|
Deferred taxation arising on the revaluation of land and buildings |
- |
|
(228,571) |
|
|
At 31 March 2017 |
914,285 |
|
914,285 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Other information |
|
|
Greater London Developments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
109 Gloucester Place |
|
London |
|
W1U 6JW |
|
|
Its trading address: |
|
73 Maygrove Road |
|
London |
|
NW6 2EG |
