Company registration number 11803129 (England and Wales)
GOTPROP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
PAGES FOR FILING WITH REGISTRAR
GOTPROP LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GOTPROP LTD (REGISTERED NUMBER: 11803129)
BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,099,999
727,123
Current assets
Debtors
4
4,665
1,067
Cash at bank and in hand
54,365
12,075
59,030
13,142
Creditors: amounts falling due within one year
5
(447,145)
(294,795)
Net current liabilities
(388,115)
(281,653)
Total assets less current liabilities
711,884
445,470
Creditors: amounts falling due after more than one year
6
(686,051)
(501,760)
Provisions for liabilities
(20,962)
Net assets/(liabilities)
4,871
(56,290)
Capital and reserves
Called up share capital
7
2
2
Non-distributable profits reserve
8
89,366
Distributable profit and loss reserves
(84,497)
(56,292)
Total equity
4,871
(56,290)
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 28 February 2022 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.
GOTPROP LTD (REGISTERED NUMBER: 11803129)
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2022
28 February 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 August 2022 and are signed on its behalf by:
Ms Y M F Nobbs
Mr Z Z Shah
Director
Director
GOTPROP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 3 -
1
Accounting policies
Company information
Gotprop Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19-21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
Accounting convention
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 £1.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GOTPROP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Investment property
2022
£
Fair value
At 1 March 2021
727,123
Additions
262,548
Revaluations
110,328
At 28 February 2022
1,099,999
GOTPROP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
3
Investment property
(Continued)
- 5 -
Investment property comprises properties at fair value £1,049,782. The fair value of the investment property has been arrived at by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
766
1,067
Other debtors
3,899
4,665
1,067
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
14
Other creditors
447,131
294,795
447,145
294,795
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
686,051
501,760
The bank loans are secured by way of fixed charge and also contain a negative pledge.
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1
1
1
1
Ordinary B of £1 each
1
1
1
1
2
2
2
2
GOTPROP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 6 -
8
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the year
-
25,125
Non distributable profits in the year
89,366
(25,125)
At the end of the year
89,366
-
9
Financial commitments, guarantees and contingent liabilities
During the previous year the company borrowed £50,000 from its bankers for a bounce back loan. As part of its loan scheme the UK government has guaranteed the advance and has paid the interest and fees due for the first 12 months.