Company registration number 10833107 (England and Wales)
GCR CAMPROP SIX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
GCR CAMPROP SIX LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
GCR CAMPROP SIX LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Inventories
3
3,973,599
3,316,030
Trade and other receivables
4
8,562
36,833
Cash and cash equivalents
12,849
4,105
3,995,010
3,356,968
Current liabilities
5
(3,071,876)
(112,033)
Net current assets
923,134
3,244,935
Non-current liabilities
6
(2,202,216)
Net assets
923,134
1,042,719
Equity
Called up share capital
7
1,700,008
1,700,008
Retained earnings
(776,874)
(657,289)
Total equity
923,134
1,042,719
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 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 13 September 2022 and are signed on its behalf by:
K Lais
Director
Company Registration No. 10833107
GCR CAMPROP SIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 2 -
1
Accounting policies
Company information
GCR Camprop Six Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Offices, Newnham Mill, Newnham Road, Cambridge, England, CB3 9EY.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis, which the directors believe to be appropriate.true Whilst the company has had to make some operational changes as a result of the COVID-19 pandemic, including the current negotiations regarding the refinancing of the company's bank loan, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This view is based on the company’s progress in completing and selling units of the Barton Road development and it's strong ongoing relationship with the current lender.
1.3
Revenue
Revenue represents proceeds from the sale of development properties.
1.4
Inventories
Land and properties held for development and sale are shown at the lower of cost and net realisable value at the reporting date. Cost is defined as actual purchase price plus development expenditure, net realisable value is based on estimated selling price less any further costs to be incurred to completion of disposal.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.6
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.
GCR CAMPROP SIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, 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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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 income statement 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.
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.
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 income statement, 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.
GCR CAMPROP SIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2020 - 4).
3
Inventories
2021
2020
£
£
Development property
3,973,599
3,316,030
4
Trade and other receivables
2021
2020
£
£
Amounts falling due within one year:
Loans to related parties
-
924
Other receivables
8,562
35,909
8,562
36,833
5
Current liabilities
2021
2020
£
£
Bank loan (see note 6)
2,516,214
Trade payables
439,141
60,227
Other taxation and social security
107,021
41,056
Other payables
9,500
10,750
3,071,876
112,033
6
Non-current liabilities
2021
2020
£
£
Bank loan
2,202,216
The company's bank loan was due for repayment on 15 July 2021 and was refinanced after the reporting date. The loan bore interest at 0.67% per month and was secured by way of a fixed and floating charge over the assets of the company.
GCR CAMPROP SIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 5 -
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
816 Ordinary shares of 1p each
8
8
8
8
Preference share capital
Issued and fully paid
340 Preferred shares of £5000 each
1,700,000
1,700,000
1,700,000
1,700,000
The Preferred shares carry full voting rights on key company operational matters including any changes to the Articles and any changes to the rights attaching to shares in the company. On completion of the project the company's profits will be applied in the following order: First, to repay to Preferred shareholders an amount equal to the subscription monies; secondly, to make payment to Preferred shareholders of a 10% per annum preferred distribution; thirdly, to make payment to Ordinary shareholders of an amount equal to the total 10% per annum preferred distribution payments; and finally, to make a payment of the balance, 50% to Preferred shareholders and 50% to Ordinary shareholders. Shareholders of each class are entitled to receive payment pro-rata within that class.
8
Related party disclosures
During the year fees amounting to £nil (2020 - £8,414) were charged in the normal course of business by Guster Investments Limited, a company controlled by S T G Gusterson.
During the year fees amounting to £1,453,090 (2020 - £1,095,022) were charged in the normal course of business by Camprop Construction Limited, a company in which M A Gunn, K Lais and S T G Gusterson are directors. At the reporting date the company owed £429,466 (2020 - £53,420) to Camprop Construction Limited.