Company registration number 04502481 (England and Wales)
143-155 GLOUCESTER TERRACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
143-155 GLOUCESTER TERRACE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
143-155 GLOUCESTER TERRACE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
121,300
121,300
Current assets
Debtors
4
27,508
Cash at bank and in hand
290,376
267,745
290,376
295,253
Creditors: amounts falling due within one year
5
(1,165)
(5,611)
Net current assets
289,211
289,642
Total assets less current liabilities
410,511
410,942
Provisions for liabilities
(12,084)
(12,084)
Net assets
398,427
398,858
Capital and reserves
Called up share capital
6
53
53
Share premium account
189,572
189,572
Non-distributable profits reserve
7
70,464
70,464
Distributable profit and loss reserves
138,338
138,769
Total equity
398,427
398,858
143-155 GLOUCESTER TERRACE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
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 31 December 2021 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.
The financial statements were approved by the board of directors and authorised for issue on 18 August 2022 and are signed on its behalf by:
I Gill
Director
Company Registration No. 04502481
143-155 GLOUCESTER TERRACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
143-155 Gloucester Terrace Limited is a private company limited by shares incorporated in England and Wales. The registered office is Egale 1, 80 St Albans Road, Watford, Hertfordshire, WD17 1DL.
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 £.
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
The company receives rental income from the lessees who did not participate in the purchase of the freehold.
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
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, loans and preference shares that are classified as debt, are initially recognised at transaction price.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.6
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.
143-155 GLOUCESTER TERRACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
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.
1.7
During the year the company has acted as agent for the lessees of the property at 143/155 Gloucester Terrace, London W2 6DX. The funds in relation to the maintenance of the property are held in trust. As at 31 December 2021 the cash balance held on behalf of the lessees amounted to £411,202.
Income and expenditure arising in relation to the maintenance of the common parts of the property held in accordance with the governing leases is shown in separate service charge accounts for the property that do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from 143-155 Gloucester Terrace Limited
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Investment property
2021
£
Fair value
At 1 January 2021 and 31 December 2021
121,300
The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 31 December 2020 for 147-153 Gloucester Terrace, London, W2 by Sloan Property Services Ltd Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
No further valuation was carried out at 31 December 2021 since the directors believe that there has been no material change for the valuation already reported.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2021
2020
£
£
Cost
38,752
38,752
Accumulated depreciation
-
-
Carrying amount
38,752
38,752
143-155 GLOUCESTER TERRACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Investment property
(Continued)
- 5 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
27,508
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
182
2,641
Taxation and social security
251
Other creditors
983
2,719
1,165
5,611
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
53
53
53
53
7
Non-distributable profits reserve
2021
2020
£
£
At the beginning of the year
70,464
60,475
Non distributable profits in the year
-
9,989
At the end of the year
70,464
70,464