GATCOMBE PROPERTIES LIMITED Filleted accounts for Companies House (small and micro)

GATCOMBE PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00809539

GATCOMBE PROPERTIES LIMITED

Filleted Unaudited Financial Statements

30 September 2017

GATCOMBE PROPERTIES LIMITED

Statement of Financial Position

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		4,140,756	4,140,756

Current assets

Debtors	5	439,153	1,039,872
Cash at bank and in hand		955,616	320,907
		------------	------------
		1,394,769	1,360,779

Creditors: amounts falling due within one year	6	1,343,985		1,337,124
		------------		------------
Net current assets			50,784	23,655
			------------	------------
Total assets less current liabilities			4,191,540	4,164,411
			------------	------------

Capital and reserves

Called up share capital	1,600,000	1,600,000
Revaluation reserve	472,234	472,234
Profit and loss account	2,119,306	2,092,177
	------------	------------
Shareholders funds	4,191,540	4,164,411
	------------	------------

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 30 September 2017 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 .

GATCOMBE PROPERTIES LIMITED

Statement of Financial Position (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 27 December 2018 , and are signed on behalf of the board by:

Mr E Tajtelbaum

Director

Company registration number: 00809539

GATCOMBE PROPERTIES LIMITED

Accounting Policies

Year ended 30 September 2017

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

The turnover in the income and expenditure account represents rents and charges receivable during the year.

Income 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.

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.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

GATCOMBE PROPERTIES LIMITED

Notes to the Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

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. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2016: 3 ).

4. Tangible assets

	Land and buildings
	£
Cost
At 1 October 2016 and 30 September 2017	4,140,756
	------------
Depreciation
At 1 October 2016 and 30 September 2017	–
	------------
Carrying amount
At 30 September 2017	4,140,756
	------------
At 30 September 2016	4,140,756
	------------

Included within the above is investment property as follows:

	£
	------------
At 1 October 2016 and 30 September 2017	4,140,756
	------------

The company's investment properties were revalued by the director at open market value.

5. Debtors

	2017	2016
	£	£
Amounts owed by related undertakings	424,779	1,024,779
Other debtors	14,374	15,093
	---------	------------
	439,153	1,039,872
	---------	------------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	23,462	29,342
Amount owed to related companies	1,247,627	1,247,627
Other creditors	72,896	60,155
	------------	------------
	1,343,985	1,337,124
	------------	------------

7. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.