Company Registration No. 13077788 (England and Wales)
Gothick Property Limited
Unaudited financial statements
for the period ended 31 March 2022
Pages for filing with the Registrar
Gothick Property Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Gothick Property Limited
Statement of financial position
As at 31 March 2022
Page 1
2022
Notes
£
£
Fixed assets
Investment properties
3
9,450,039
Current assets
Debtors
4
153,620
Cash at bank and in hand
30,670
184,290
Creditors: amounts falling due within one year
5
(140,045)
Net current assets
44,245
Total assets less current liabilities
9,494,284
Creditors: amounts falling due after more than one year
6
(9,452,047)
Net assets
42,237
Capital and reserves
Called up share capital
7
50,000
Profit and loss reserves
(7,763)
Total equity
42,237
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the period 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.
Gothick Property Limited
Statement of financial position (continued)
As at 31 March 2022
Page 2
The financial statements were approved and signed by the director and authorised for issue on 2 September 2022
The Rt Hon James Edward Viscount Daventry
Director
Company Registration No. 13077788
Gothick Property Limited
Notes to the financial statements
For the period ended 31 March 2022
Page 3
1
Accounting policies
Company information
Gothick Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Arbury Estate Office, Windmill Hill, Astley Lane, Nuneaton, Warwickshire, CV10 7PZ.
1.1
Reporting period
The company was incorporated on 11 December 2020 and has prepared accounts to 31 March 2022, thus resulting in a long period of account.
1.2
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.
1.3
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
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Gothick Property Limited
Notes to the financial statements (continued)
For the period ended 31 March 2022
1
Accounting policies (continued)
Page 4
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
Number
Total
Gothick Property Limited
Notes to the financial statements (continued)
For the period ended 31 March 2022
Page 5
3
Investment property
2022
£
Fair value
At 11 December 2020
Additions
9,450,039
At 31 March 2022
9,450,039
Investment property comprises land and buildings at Bermuda 208, Griff Clara Industrial Estate. The fair value of the investment property has been deemed equal to the purchase price as the purchase took place close to the year end.
4
Debtors
2022
Amounts falling due within one year:
£
Other debtors
153,620
5
Creditors: amounts falling due within one year
2022
£
Trade creditors
583
Other creditors
139,462
140,045
6
Creditors: amounts falling due after more than one year
2022
£
Bank loans and overdrafts
2,797,519
Other creditors
6,654,528
9,452,047
The long-term loans are secured by fixed charges over the freehold property being Bermuda 208, Griff Clara Industrial Estate, Griff Lane, Nuneaton, Warwickshire, CV10 7PP.
Gothick Property Limited
Notes to the financial statements (continued)
For the period ended 31 March 2022
Page 6
7
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
Ordinary A shares of £1 each
49,900
49,900
50,000
50,000
All shares issued by the company remain unpaid.
8
Related party transactions
During the period the director loaned the company amounts totalling £6,654,528. This balance is outstanding at the year end and is included in other creditors due after more than one year.