ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

GPS PROPCO LIMITED - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 2017-10-312017-10-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2016-11-01Constructiontrue 09835871 2016-11-01 2017-10-31 09835871 2015-10-20 2016-10-31 09835871 2017-10-31 09835871 2016-10-31 09835871 c:Director1 2016-11-01 2017-10-31 09835871 d:CurrentFinancialInstruments 2017-10-31 09835871 d:CurrentFinancialInstruments 2016-10-31 09835871 d:CurrentFinancialInstruments d:WithinOneYear 2017-10-31 09835871 d:CurrentFinancialInstruments d:WithinOneYear 2016-10-31 09835871 d:ShareCapital 2017-10-31 09835871 d:ShareCapital 2016-10-31 09835871 d:RetainedEarningsAccumulatedLosses 2017-10-31 09835871 d:RetainedEarningsAccumulatedLosses 2016-10-31 09835871 c:FRS102 2016-11-01 2017-10-31 09835871 c:AuditExempt-NoAccountantsReport 2016-11-01 2017-10-31 09835871 c:FullAccounts 2016-11-01 2017-10-31 09835871 c:PrivateLimitedCompanyLtd 2016-11-01 2017-10-31 iso4217:GBP xbrli:pure

Registered number: 09835871









GPS PROPCO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 OCTOBER 2017
 
GPS PROPCO LIMITED
REGISTERED NUMBER: 09835871

BALANCE SHEET
AS AT 31 OCTOBER 2017

2017
2016
Note
£
£

  

Current assets
  

Stocks
 4 
9,898,330
6,918,136

Debtors: amounts falling due within one year
 5 
84,510
53,643

Cash at bank and in hand
  
15,900
7,100

  
9,998,740
6,978,879

Creditors: amounts falling due within one year
 6 
(9,999,035)
(6,980,896)

  

Net liabilities
  
(295)
(2,017)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(296)
(2,018)

  
(295)
(2,017)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2018.




Jason Zemmel
Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
GPS PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2017

1.


General information

GPS Propco Limited is a private company limited by shares incorporated in England and Wales.  The registered office is Cannon Place, 78 Cannon Street, London, EC4N 6AF. The company's main activity is that of property construction. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis dependent on the continual support from the directors and shareholders.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

  
2.4

Stocks

Stock represents properties held in the course of development and is valued at the lower of cost and
net realisable value.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying
amount is reduced to its selling price less costs to complete and sell. The impairment loss is
recognised immediately in profit or loss.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred.

 
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 2
 
GPS PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2017

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


Employees

Staff costs were as follows:


The average monthly number of employees, including directors, during the period was 1 (2016 - 1).


4.


Stocks

2017
2016
£
£

Property development
9,898,330
6,918,136



5.


Debtors

2017
2016
£
£


Trade debtors
35,950
-

Other debtors
48,560
24,797

Prepayments and accrued income
-
28,846

84,510
53,643


Page 3
 
GPS PROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2017

6.


Creditors: Amounts falling due within one year

2017
2016
£
£

Bank loans
6,113,975
3,205,976

Trade creditors
1,554
273,381

Amounts owed to group undertakings
3,789,477
3,381,978

Other taxation and social security
19,963
-

Other creditors
1,580
1,350

Accruals and deferred income
72,486
118,211

9,999,035
6,980,896


The bank loan is secured by a first legal mortgage charge over the company's stock of property and by a fixed charge over all other assets of the company.

 
Page 4