GAIRLOCH_PROPERTY_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Gairloch Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Equinox House, Clifton Park, Shipton Road, York, YO30 5PA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover represents amounts receivable for rent and services net of VAT from investment properties.

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

At 31 December 2017 the Investment property is Unit 7, Pyramid Court, Ouseacres, York, YO26 5NB. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Included in other creditors falling due within one year is an amount of £109,200 (2016 - £113,942) due to the directors of the company.

The bank loan is secured by a fixed charge on the freehold property at 7 Pyramid Court, Ouseacres, Boroughbridge Road, York.

Included in other creditors falling due within one year is an amount of £109,200 (2016 - £113,942) due to the directors of the company,