Gendisot Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: SC089155

Gendisot Limited

Filleted Unaudited Abridged Financial Statements

31 March 2018

Gendisot Limited

Abridged Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5	860,498	659,498
Investments	6	494	494
		---------	---------
		860,992	659,992

Current assets

Debtors	24,626	83,926
Cash at bank and in hand	5,225	173,612
	--------	---------
	29,851	257,538

Creditors: amounts falling due within one year	68,322		95,505
	--------		---------
Net current (liabilities)/assets		( 38,471)	162,033
		---------	---------
Total assets less current liabilities		822,521	822,025

Creditors: amounts falling due after more than one year	7		306,846	317,177

Provisions for liabilities

Deferred tax	8,822	9,596
	---------	---------
Net assets	506,853	495,252
	---------	---------

Gendisot Limited

Abridged Statement of Financial Position (continued)

31 March 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	9	2	2
Revaluation reserve		108,200	107,426
Profit and loss account		398,651	387,824
		---------	---------
Shareholders funds		506,853	495,252
		---------	---------

These abridged 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 abridged statement of income and retained earnings 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 22 November 2018 , and are signed on behalf of the board by:

D W Anderson
Director

Company registration number: SC089155

Gendisot Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ.

2. Statement of compliance

These abridged 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, as modified by the revaluation of investment properties measured at fair value. The financial statements are prepared in sterling, which is the functional currency of the entity.

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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents property rental income received or receivable.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Investment property

Investment properties are shown at their open market value. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This is in accordance with the FRS 102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance. The departure from the provisions of the Act is required in order to give a true and fair view.

Investments

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

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tax on profit

Major components of tax expense

	2018	2017
	£	£

Current tax:

UK current tax expense	3,712	6,054
Adjustments in respect of prior periods	–	( 7)
	-------	-------
Total current tax	3,712	6,047
	-------	-------
	-------	-------
Tax on profit	3,712	6,047
	-------	-------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is the same as (2017: the same as) the standard rate of corporation tax in the UK of 19 % (2017: 20 %).

	2018	2017
	£	£
Profit on ordinary activities before taxation	19,539	30,270
	--------	--------
Profit on ordinary activities by rate of tax	3,712	6,047
	--------	--------

5. Tangible assets

	£
Cost
At 1 April 2017	659,498
Additions	201,000
	---------
At 31 March 2018	860,498
	---------
Depreciation
At 1 April 2017 and 31 March 2018	–
	---------
Carrying amount
At 31 March 2018	860,498
	---------
At 31 March 2017	659,498
	---------

Included within the above is investment property as follows:

	£
	---------
At 1 April 2017 and 31 March 2018	718,477
	---------

Tangible assets held at valuation

All of the properties held at the time were revalued by the director in March 2007. The valuations were prepared on an open market basis, assuming vacant possession. The surplus arising on this revaluation was credited to a revaluation reserve. In view of the current economic climate and the widely publicised fall in property values generally, the director considers that there is no basis for a further upwards revaluation of those properties previously revalued or acquired since March 2007. The director considers that any recent increases in value will have substantially offset declines in values in the period immediately after 2008, but not to the extent that a further revaluation adjustment is required to be made to valuations reflected in in the accounts. Included in the carrying value above, are revalued properties held at a value of £250,000.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	£
At 31 March 2018
Aggregate cost	140,716
Aggregate depreciation	–
	---------
Carrying value	140,716
	---------

At 31 March 2017
Aggregate cost	140,716
Aggregate depreciation	–
	---------
Carrying value	140,716
	---------

6. Investments

	Shares in participating interests
	£
Cost
At 1 April 2017 and 31 March 2018	494
	----
Impairment
At 1 April 2017 and 31 March 2018	–
	----

Carrying amount
At 31 March 2018	494
	----
At 31 March 2017	494
	----

Subsidiaries, associates and other investments

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Bonnethill Investments Limited	Chapelshade House	Ordinary	100
	78-84 Bell Street
	Dundee
	Angus
	DD1 1HN

The results and capital and reserves for the year are as follows:

	Capital and reserves		Profit/(loss) for the year
	2018	2017	2018	2017
	£	£	£	£
Subsidiary undertakings
Bonnethill Investments Limited	(234,025)	(233,688)	( 337)	(211)
	---------	---------	----	----

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

Included within creditors: amounts falling due after more than one year is an amount of £253,240 (2017: £263,620) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The above bank loan is repayable by equal instalments and interest is charged at bank variable rate.

8. Deferred tax

The deferred tax included in the abridged statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions for liabilities	8,822	9,596
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Fair value adjustment of investment property	8,822	9,596
	-------	-------

9. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2.00	2	2.00
	----	-----	----	-----

10. Related party transactions

The company was under the control of its director and 50% shareholder, Mr D.W. Anderson, throughout the current and previous year. During the year dividends totalling £5,000 were paid to the shareholders. In previous years, the director advanced loan funds to the company. At the year end, the company was due to pay the director £39,874 (2017 - £39,874). The balance due to the director has no set terms of repayment and no interest is being charged, and it is disclosed in Other creditors within Creditors: Amounts falling due within one year. In previous years, the company was advanced loan funds from other related parties. At the year end, the company was due to pay a net amount of £10,000 (2017 - £37,816) to other related parties. In addition to this, the company had previously provided funds to other related parties and, at the year end, was due to receive £22,819 (2017 - £82,401) from them.