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Gulland Properties Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2022

Registration number: 02013217

 

Gulland Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Gulland Properties Limited

Balance Sheet

31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

348

435

Investment property

5

2,380,000

-

Investments

6

-

81,234

 

2,380,348

81,669

Current assets

 

Stocks

2,947,253

2,947,253

Debtors

7

119,656

420,003

Cash at bank and in hand

 

55,065

38,100

 

3,121,974

3,405,356

Creditors: Amounts falling due within one year

8

(159,533)

(230,735)

Net current assets

 

2,962,441

3,174,621

Total assets less current liabilities

 

5,342,789

3,256,290

Creditors: Amounts falling due after more than one year

8

(136,667)

(146,374)

Provisions for liabilities

(309,278)

-

Net assets

 

4,896,844

3,109,916

Capital and reserves

 

Called up share capital

9

220,819

220,819

Capital redemption reserve

29,900

29,900

Revaluation reserve

1,652,647

-

Profit and loss account

2,993,478

2,859,197

Shareholders' funds

 

4,896,844

3,109,916

 

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 24 August 2022 and signed on its behalf by:
 

.........................................
Mr B Spear
Director

   
     

Company Registration Number: 02013217

 

Gulland Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

The principal place of business is:
Flat 8
The Grand
24 Elliot Street
Plymouth
Devon
PL1 2PE

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

 

Gulland Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2021

10,798

10,798

At 31 March 2022

10,798

10,798

Depreciation

At 1 April 2021

10,363

10,363

Charge for the year

87

87

At 31 March 2022

10,450

10,450

Carrying amount

At 31 March 2022

348

348

At 31 March 2021

435

435

5

Investment properties

2022
£

Additions

2,122,280

Fair value adjustments

257,720

At 31 March

2,380,000

There has been no valuation of investment property by an independent valuer.

6

Investments

2022
£

2021
£

Investments in subsidiaries

-

81,234

 

Gulland Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

Subsidiaries

£

Cost or valuation

At 1 April 2021

81,234

Provision

Eliminated on disposals

81,234

Carrying amount

At 31 March 2022

-

At 31 March 2021

81,234

7

Debtors

2022
£

2021
£

Trade debtors

 

41,007

60,729

Amounts owed by group undertakings

-

356,990

Prepayments

 

14,176

2,284

Other debtors

 

64,473

-

 

119,656

420,003

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

 

Loans and borrowings

66,667

134,773

Corporation tax

 

62,007

50,177

Taxation and social security

 

5,878

9,632

Other creditors

 

1,212

2,933

Accruals and deferred income

 

23,769

33,220

 

159,533

230,735

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

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A of £1 each

7,770

7,770

7,770

7,770

Ordinary B of £1 each

16,136

16,136

16,136

16,136

Ordinary C of £1 each

34,574

34,574

34,574

34,574

Ordinary D of £1 each

34,574

34,574

34,574

34,574

Ordinary E of £1 each

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

 

220,819

220,819

220,819

220,819