Year Ended
Registration number:
Gulland Properties Limited
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Gulland Properties Limited
Balance Sheet
31 March 2022
Note |
2022 |
2021 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
- |
|
Investments |
- |
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Revaluation reserve |
|
- |
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Gulland Properties Limited
Balance Sheet
31 March 2022
For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 02013217
Gulland Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Flat 8
The Grand
24 Elliot Street
Plymouth
Devon
PL1 2PE
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods, rent receivable and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Gulland Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
20% reducing balance |
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Gulland Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Stocks
Stock represents all properties (including furnishings) held by the company. Properties are held with the ultimate aim of immediate resale but where market conditions are unfavourable, they may be let.
The properties are stated at the lower of cost including improvements and attributable overheads to date and net realisable value.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Gulland Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 April 2021 |
|
|
At 31 March 2022 |
|
|
Depreciation |
||
At 1 April 2021 |
|
|
Charge for the year |
|
|
At 31 March 2022 |
|
|
Carrying amount |
||
At 31 March 2022 |
|
|
At 31 March 2021 |
|
|
Investment properties |
2022 |
|
Additions |
|
Fair value adjustments |
|
At 31 March |
|
There has been no valuation of investment property by an independent valuer.
Investments |
2022 |
2021 |
|
Investments in subsidiaries |
- |
|
Gulland Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2021 |
|
Provision |
|
Eliminated on disposals |
|
Carrying amount |
|
At 31 March 2022 |
- |
At 31 March 2021 |
|
Debtors |
2022 |
2021 |
||
Trade debtors |
|
|
|
Amounts owed by group undertakings |
- |
|
|
Prepayments |
|
|
|
Other debtors |
|
- |
|
|
|
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
||
Due within one year |
|||
Loans and borrowings |
|
|
|
Corporation tax |
62,007 |
50,177 |
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Svenska Handelsbanken have a fixed charge over Westover Industrial Estate and Castle Buildings at 4 Gilston Road, Saltash together with a fixed and floating charge over the assets of the company.
Nat West bank also have a fixed and floating charge over the assets of the company.
Gulland Properties Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
|||
No. |
£ |
No. |
£ |
|
|
|
7,770 |
|
7,770 |
|
|
16,136 |
|
16,136 |
|
|
34,574 |
|
34,574 |
|
|
34,574 |
|
34,574 |
|
|
34,574 |
|
34,574 |
Ordinary F of £1 each |
34,574 |
34,574 |
34,574 |
34,574 |
Ordinary G of £1 each |
34,574 |
34,574 |
34,574 |
34,574 |
Ordinary H of £1 each |
24,043 |
24,043 |
24,043 |
24,043 |
|
|
|
|