Gatsby Property Limited Company Accounts

GATSBY PROPERTY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08604687

Gatsby Property Limited

Filleted unaudited financial statements

31 July 2017

Gatsby Property Limited

Financial statements

year ended 31st July 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Gatsby Property Limited

Officers and professional advisers

Director	Mr J C Jackson

Registered office	41 Corsham Street
	London
	United Kingdom
	N1 6DR

Accountants	Sagars Accountants Ltd
	Chartered Accountants
	Gresham House
	5-7 St Paul's Street
	Leeds
	LS1 2JG

Gatsby Property Limited

Statement of financial position

31 July 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5	1,105,347	1,100,000
Investments	6	175	–
		-----------	-----------
		1,105,522	1,100,000

Current assets

Stocks		3,500,378	2,252,809
Debtors	7	11,088	392
Cash at bank and in hand		51,384	11,438
		-----------	-----------
		3,562,850	2,264,639

Creditors: amounts falling due within one year	8	( 4,691,825)		( 3,387,964)
		-----------		-----------
Net current liabilities			( 1,128,975)	( 1,123,325)
			-----------	-----------
Total assets less current liabilities			( 23,453)	( 23,325)
			-------	-------
Net liabilities			( 23,453)	( 23,325)
			-------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 23,553)	( 23,425)
	-------	-------
Shareholders funds	( 23,453)	( 23,325)
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Gatsby Property Limited

Statement of financial position (continued)

31 July 2017

These financial statements were approved by the board of directors and authorised for issue on 30 April 2018 , and are signed on behalf of the board by:

Mr J C Jackson
Director

Company registration number: 08604687

Gatsby Property Limited

Notes to the financial statements

year ended 31st July 2017

1. General information

The principle activity of the company is property investment (rental and development) and management . The company is a private limited company, which is incorporated in England and Wales (no 08604687 ). The address of the registered office is 41 Corsham Street, London, N1 6DR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements are prepared on the basis that the company can continue as a going concern as the Director has agreed to continue to support the business and defer his loan in preference to other creditors .

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies .

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of properties is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on legal exchange of contracts, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Vehicles	-	3 years straight line
Equipment	-	3 years straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 1 ).

5. Tangible assets

Investment Property	Motor vehicles	Equipment	Total
£	£	£	£

Cost
At 1st August 2016	1,100,000	–	–	1,100,000
Additions	–	6,016	1,526	7,542
	-----------	------	------	-----------
At 31st July 2017	1,100,000	6,016	1,526	1,107,542
	-----------	------	------	-----------
Depreciation
At 1st August 2016	–	–	–	–
Charge for the year	–	2,005	190	2,195
	-----------	------	------	-----------
At 31st July 2017	–	2,005	190	2,195
	-----------	------	------	-----------
Carrying amount
At 31st July 2017	1,100,000	4,011	1,336	1,105,347
	-----------	------	------	-----------
At 31st July 2016	1,100,000	–	–	1,100,000
	-----------	------	------	-----------

The investment property owned by the Company has been valued by the Director and in his opinion it is fairly stated at it's open market value at the balance sheet date. The historical cost of the property is £1,052,420 (2016- £1,052,420). The movement in fair value on the investment property is charged to the profit and loss account. The cumulative fair value adjustment within the profit and loss reserve as at 31 July 2017 is a surplus of £47,580 (2016- £47,580).

6. Investments

	Shares in group undertakings
	£

Cost
At 1st August 2016	–
Additions	200
Disposals	( 25)
	----
At 31st July 2017	175
	----
Impairment
At 1st August 2016 and 31st July 2017	–
	----

Carrying amount
At 31st July 2017	175
	----
At 31st July 2016	–
	----

7. Debtors

	2017	2016
	£	£

Other debtors	11,088	392
	-------	----

8. Creditors: amounts falling due within one year

	2017	2016
	£	£

Accruals and deferred income	3,276	1,560
Social security and other taxes	789	8,828
Director loan accounts	2,380,246	2,380,246
Other creditors	2,307,514	997,330
	-----------	-----------
	4,691,825	3,387,964
	-----------	-----------

9. Financial instruments at fair value

	2017	2016
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	1,100,000	1,100,000
	-----------	-----------

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st August 2015.

Reconciliation of equity

1st August 2015			31st July 2016
As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
£	£	£	£	£	£

Fixed assets	1,100,000	–	1,100,000	1,100,000	–	1,100,000
Current assets	879,360	–	879,360	2,264,639	–	2,264,639
Creditors: amounts falling due within one year	( 2,050,907)	–	( 2,050,907)	( 3,387,964)	–	( 3,387,964)
	-----------	----	-----------	-----------	----	-----------
Net current liabilities	( 1,171,547)	–	( 1,171,547)	( 1,123,325)	–	( 1,123,325)
	-----------	----	-----------	-----------	----	-----------
Total assets less current liabilities	( 71,547)	–	( 71,547)	( 23,325)	–	( 23,325)

	-----------	----	-----------	-----------	----	-----------
Net liabilities	( 71,547)	–	( 71,547)	( 23,325)	–	( 23,325)
	-----------	----	-----------	-----------	----	-----------

	-----------	----	-----------	-----------	----	-----------
Capital and reserves	( 71,547)	–	( 71,547)	( 23,325)	–	( 23,325)
	-----------	----	-----------	-----------	----	-----------

Prior to the adoption of FRS102(1A) the company recorded the investment properties at a valuation with changes in value being recognised in the statement of total recognised gains and losses. Under FRS102(1A) the company now recognises these changes in value in the statement of comprehensive income with the increase in value being credited to the profit and loss reserve. The investment property owned by the company was revalued during the period ended 31 July 2014 and no subsequent revaluations have been made. As a result, the change as required by FRS102(1A) has not affected the net assets of the company as at 1 August 2015 or 31 July 2016.