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REGISTERED NUMBER: 10005136 (England and Wales)










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: K L Swarbrick
D W T Swarbrick





REGISTERED OFFICE: 7 Merlin Centre
Gatehouse Close
Aylesbury
Buckinghamshire
HP19 8DP





REGISTERED NUMBER: 10005136 (England and Wales)





ACCOUNTANTS: Danton Partners
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 1,310,821 1,310,821

CURRENT ASSETS
Cash at bank 541 990

CREDITORS
Amounts falling due within one year 5 645,816 651,852
NET CURRENT LIABILITIES (645,275 ) (650,862 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

665,546

659,959

CREDITORS
Amounts falling due after more than one
year

6

763,916

766,355
NET LIABILITIES (98,370 ) (106,396 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (98,470 ) (106,496 )
SHAREHOLDERS' FUNDS (98,370 ) (106,396 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 15 October 2023 and were signed on its behalf by:



D W T Swarbrick - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 1,310,821
NET BOOK VALUE
At 28 February 2023 1,310,821
At 28 February 2022 1,310,821

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 2,664 2,664
Directors' current accounts 643,152 649,188
645,816 651,852

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans - 2-5 years 5,257 7,696
Mortgage 758,659 758,659
763,916 766,355

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgage 758,659 758,659

7. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank loans 7,921 10,360
Mortgage 758,659 758,659
766,580 769,019

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
100 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.