G & S Resources Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04041372 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2018

for

G & S Resources Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S R Grant

REGISTERED OFFICE:

30 Pardown

Oakley

Basingstoke

Hampshire

RG23 7DY

REGISTERED NUMBER:

04041372 (England and Wales)

ACCOUNTANTS:

Lane Monnington Welton

Chartered Accountants

Riverside View

Basing Road

Old Basing

Basingstoke

Hampshire

RG24 7AL

FIXED ASSETS

Investment property

4

235,000

245,000

CURRENT ASSETS

Debtors

5

1,171

-

Cash at bank

13

436

1,184

436

CREDITORS

Amounts falling due within one year

6

68,645

61,612

NET CURRENT LIABILITIES

(67,461

)

(61,176

)

TOTAL ASSETS LESS CURRENT LIABILITIES

167,539

183,824

CREDITORS

Amounts falling due after more than one year

7

(139,830

)

(139,830

)

PROVISIONS FOR LIABILITIES

9

(2,359

)

(6,115

)

NET ASSETS

25,350

37,879

CAPITAL AND RESERVES

Called up share capital

10

2

2

Fair value reserve

11

72,641

78,885

Retained earnings

(47,293

)

(41,008

)

SHAREHOLDERS' FUNDS

25,350

37,879

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 15 October 2018 and were signed by:

S R Grant - Director

1.	STATUTORY INFORMATION

G & S Resources Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents rent receivable, excluding VAT.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Financial instruments

Debtors and creditors payable/receivable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price, including transaction costs.

Subsequently they are measured at amortised cost using the effective interest rate method, less

impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date, adjusted for indexation where applicable.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that an asset may be impaired at

each balance sheet date. The directors review the carrying amount of the relevant assets and compare

them to their market values and recoverable amounts. Where the carrying amount exceeds this, an

impairment loss is recognised in profit or loss, unless the asset is carried at a revalued amount, where

the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

245,000

Revaluations

(10,000

)

At 31 March 2018

235,000

NET BOOK VALUE

At 31 March 2018

235,000

At 31 March 2017

245,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Other debtors

1,171

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Taxation and social security

-

1,172

Other creditors

68,645

60,440

68,645

61,612

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans

139,830

139,830

Included within creditors falling due after more than one year is an amount of £139,830 (2017 -

£139,830) in respect of liabilities not repayable by instalments which fall due for payment after more

than 5 years from the balance sheet date.

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank loans

139,830

139,830

The bank loan is secured against the property to which it relates.

9.	PROVISIONS FOR LIABILITIES

31.3.18

31.3.17

£

£

Deferred tax

2,359

6,115

Deferred

tax

£

Balance at 1 April 2017

6,115

Property revaluation

(3,756

)

Balance at 31 March 2018

2,359

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

2

Ordinary

£1

2

2

11.

RESERVES

Fair

value

reserve

£

At 1 April 2017

78,885

Revaluation of fixed assets

(6,244

)

At 31 March 2018

72,641