ACCOUNTS - Final Accounts preparation

GSC PROPERTY LIMITED - Company Information

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Registered number: 10807818

GSC PROPERTY LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2018

GSC PROPERTY LTD

CONTENTS

	Page
Statement of financial position	1 - 2
Notes to the financial statements	3 - 7

GSC PROPERTY LTD

REGISTERED NUMBER: 10807818

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2018

		2018
Note		£

Fixed assets
Tangible assets	4		1,417
Investment property			225,000
			226,417
Current assets
Debtors: amounts falling due within one year		1,548
Cash at bank and in hand		974
		2,522
Creditors: amounts falling due within one year	7	(79,569)
Net current (liabilities)/assets			(77,047)
Total assets less current liabilities			149,370
Creditors: amounts falling due after more than one year			(165,952)

Net (liabilities)/assets			(16,582)

Capital and reserves
Called up share capital			100
Profit and loss account			(16,682)
			(16,582)

Page 1

GSC PROPERTY LTD

REGISTERED NUMBER: 10807818

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 2018

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 income statement 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 by:

................................................

G Whitaker

Director

Date: 20 December 2018

The notes on pages 3 to 7 form part of these financial statements.

Page 2

GSC PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2018

1.	General information

GSC Property Limited is a private company limited by shares and incorporated in England and Wales, registration number 10807818. The registered office is 43 Bull Street, Holt, Norfolk, England, NR25 6HP.

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 significant accounting policies applied in the preperation of these financial statements are set out below. These policies have been consisently applied to all years presented unless otherwise stated.

2.2

Finance costs

Finance costs are charged to the Income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.3

Borrowing costs

All borrowing costs are recognised in the Income statement in the period in which they are incurred.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings

25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income statement.

Page 3

GSC PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2018

2.Accounting policies (continued)

2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income statement.

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.

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.

Employees

The average monthly number of employees, including directors, during the period was 1.

Page 4

GSC PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2018

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	Additions	1,890
	At 30 June 2018	1,890
	Depreciation
	Charge for the period on owned assets	473
	At 30 June 2018	473
	Net book value
	At 30 June 2018	1,417

5.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	229,108
	Surplus on revaluation	(4,108)
	At 30 June 2018	225,000

The 2018 valuations were made by the director, on an open market value for existing use basis.

Page 5

GSC PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2018

Debtors

					2018
					£


	Prepayments and accrued income	1,548
		1,548

7.	Creditors: Amounts falling due within one year
		2018
		£

	Other creditors	78,129
	Accruals and deferred income	1,440
		79,569

8.	Creditors: Amounts falling due after more than one year
		2018
		£

	Bank loans	165,952
		165,952

The bank loan is secured against the property owned by the company.

9.	Loans
	Analysis of the maturity of loans is given below:
		2018
		£


	Amounts falling due 1-2 years
	Bank loans	165,952
		165,952


		165,952

Page 6

GSC PROPERTY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2018

10.	Related party transactions
	At the year end the director was owed £56,418 and a shareholder was owed £21,711 which is repayable on demand.

Page 7