General Property Trust Limited Filleted accounts for Companies House (small and micro)

GENERAL PROPERTY TRUST LIMITED - Company Information

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Company Registration Number: 00018723

	General Property Trust Limited

	Filleted Unaudited Financial Statements

	For the year ended

	31 March 2018

General Property Trust Limited

Statement of Financial Position

31 March 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	2,552,895	2,509,074
Investments	6	1,000	1,000
		------------	------------
		2,553,895	2,510,074

Current assets

Debtors	7	66,657	74,291
Cash at bank and in hand		31,953	64,955
		--------	----------
		98,610	139,246

Creditors: amounts falling due within one year	8	117,937	160,469
		----------	----------
Net current liabilities		19,327	21,223
		------------	------------
Total assets less current liabilities		2,534,568	2,488,851

Creditors: amounts falling due after more than one year	9	110,232	174,537

Provisions

Taxation including deferred tax	107,461	74,960
	------------	------------
Net assets	2,316,875	2,239,354
	------------	------------

General Property Trust Limited

Statement of Financial Position (continued)

31 March 2018

	2018	2017
Note	£	£

Capital and reserves

Called up share capital	10,000	10,000
Non distributable reserves	1,474,535	1,376,574
Capital redemption reserve	10,000	10,000
Retained earnings	822,340	842,780
	------------	------------
Shareholders funds	2,316,875	2,239,354
	------------	------------

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 comprehensive income has not been delivered.

For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 1 July 2018 , and are signed on behalf of the board by:

Mr P Chittenden

Director

Company registration number: 00018723

General Property Trust Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is HIllcrest House, 4 Market Hill, Maldon, Essex, CM9 4PZ.

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 have been prepared on the historical cost basis in accordance with the accounting policies set out below.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

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:

	Fixtures & Fittings	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

4. Employee numbers

The average number of people employed by the company during the year, including the directors, was 4 (2017: 3 ).

5. Tangible assets

	Investment Property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 April 2017	2,508,000	38,114	2,546,114
Additions	20,000	–	20,000
Disposals	( 178,000)	( 35,207)	( 213,207)
Revaluations	202,500	–	202,500
	------------	--------	------------
At 31 March 2018	2,552,500	2,907	2,555,407
	------------	--------	------------
Depreciation
At 1 April 2017	–	37,040	37,040
Charge for the year	–	172	172
Disposals	–	( 34,700)	( 34,700)
	------------	--------	------------
At 31 March 2018	–	2,512	2,512
	------------	--------	------------
Carrying amount
At 31 March 2018	2,552,500	395	2,552,895
	------------	--------	------------
At 31 March 2017	2,508,000	1,074	2,509,074
	------------	--------	------------

Investment property is held at fair value, which equates to open market value. Property values are estimated by the directors, based on their experience and with reference to recent actual market values of similar properties and any other relevant information. The properties were valued at 31 March 2018 assuming vacant possession could be obtained for each residential property.

6. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2017 and 31 March 2018	1,000
	-------
Impairment
At 1 April 2017 and 31 March 2018	–
	-------

Carrying amount
At 31 March 2018	1,000
	-------
At 31 March 2017	1,000
	-------

The company controls the entire share capital of Astley & Butcher Properties Ltd, a company incorporated in England & Wales. This company did not trade during the year ended 31 March 2018. The reserves of the company at 31 March 2018 were £45,443.

7. Debtors

	2018	2017
	£	£
Trade debtors	3,912	6,147
Other debtors	62,745	68,144
	--------	--------
	66,657	74,291
	--------	--------

The debtors above include the following amounts falling due after more than one year:

	2018	2017
	£	£
Other debtors	16,772	18,317
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	8,175	11,881
Amounts owed to group undertakings and undertakings in which the company has a participating interest	46,030	48,921
Corporation tax	520	33,259
Social security and other taxes	656	505
Other creditors	62,556	65,903
	----------	----------
	117,937	160,469
	----------	----------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	110,232	174,537
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £85,106 (2017: £137,393) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Related party transactions

At the year end date £46,029 (2017: £48,919) was owed to Astley & Butcher Properties Ltd