REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
Gullane Residential Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
Gullane Residential Ltd |
Gullane Residential Ltd (Registered number: 10005136) |
Contents of the Financial Statements |
for the Year Ended 28 February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Gullane Residential Ltd |
Company Information |
for the Year Ended 28 February 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
7 Merlin Courtyard |
Gatehouse Close |
Aylesbury |
Buckinghamshire |
HP19 8DP |
Gullane Residential Ltd (Registered number: 10005136) |
Balance Sheet |
28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Gullane Residential Ltd (Registered number: 10005136) |
Notes to the Financial Statements |
for the Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
Gullane Residential Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is the amount of rents receivable. |
Investment property |
Investment property is shown at cost. Any aggregate surplus or deficit arising from changes in fair value is |
recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1 March 2022 |
and 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Gullane Residential Ltd (Registered number: 10005136) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans and overdrafts |
Directors' current accounts | 643,152 | 649,188 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans - 2-5 years |
Mortgage | 758,659 | 758,659 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Mortgage |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans |
Mortgage | 758,659 | 758,659 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.23 | 28.2.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | RELATED PARTY DISCLOSURES |
As at 28 February 2023 there was a balance of £643,152 (2022 - £649,188) due to the director, D W T Swarbrick, in respect loans provided to support the property financing and running costs of the business. The loan is unsecured, interest free with no fixed repayment date. |
10. | ULTIMATE CONTROLLING PARTY |
The whole of the issued share capital is held by the directors, D W T Swarbrick and Mrs K L Swarbrick who are the ultimate controlling party. |
Gullane Residential Ltd (Registered number: 10005136) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
11. | GOING CONCERN |
After making enquiries the directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence. This is because the directors have agreed to provide the company with continuous support for the foreseeable future. |
12. | CHARGES |
The bank loans are secured by way of fixed and floating charges over the company's assets and undertakings. |