Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31213200021320002022-04-012truefalse2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07267094 2022-04-01 2023-03-31 07267094 2021-04-01 2022-03-31 07267094 2023-03-31 07267094 2022-03-31 07267094 2021-04-01 07267094 c:Director1 2022-04-01 2023-03-31 07267094 d:FreeholdInvestmentProperty 2023-03-31 07267094 d:FreeholdInvestmentProperty 2022-03-31 07267094 d:LeaseholdInvestmentProperty 2023-03-31 07267094 d:LeaseholdInvestmentProperty 2022-03-31 07267094 d:CurrentFinancialInstruments 2023-03-31 07267094 d:CurrentFinancialInstruments 2022-03-31 07267094 d:Non-currentFinancialInstruments 2023-03-31 07267094 d:Non-currentFinancialInstruments 2022-03-31 07267094 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07267094 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07267094 d:ShareCapital 2023-03-31 07267094 d:ShareCapital 2022-03-31 07267094 d:ShareCapital 2021-04-01 07267094 d:RevaluationReserve 2022-04-01 2023-03-31 07267094 d:RevaluationReserve 2023-03-31 07267094 d:RevaluationReserve 2021-04-01 2022-03-31 07267094 d:RevaluationReserve 2022-03-31 07267094 d:RevaluationReserve 2021-04-01 07267094 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07267094 d:RetainedEarningsAccumulatedLosses 2023-03-31 07267094 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 07267094 d:RetainedEarningsAccumulatedLosses 2022-03-31 07267094 d:RetainedEarningsAccumulatedLosses 2021-04-01 07267094 c:FRS102 2022-04-01 2023-03-31 07267094 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07267094 c:FullAccounts 2022-04-01 2023-03-31 07267094 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07267094 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 07267094









GORSLEY PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
GORSLEY PROPERTIES LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 7


 
GORSLEY PROPERTIES LIMITED
REGISTERED NUMBER:07267094

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
200,000
100

Investment property
 6 
1,066,000
1,066,000

  
1,266,000
1,066,100

Current assets
  

Debtors: amounts falling due after more than one year
 7 
-
26,400

Debtors: amounts falling due within one year
 7 
4,020
2,296

Cash at bank and in hand
  
45,327
39,356

  
49,347
68,052

Creditors: amounts falling due within one year
 8 
(911,283)
(755,080)

Net current liabilities
  
 
 
(861,936)
 
 
(687,028)

Total assets less current liabilities
  
404,064
379,072

Provisions for liabilities
  

Deferred tax
  
(51,675)
(39,273)

  
 
 
(51,675)
 
 
(39,273)

Net assets
  
352,389
339,799


Capital and reserves
  

Called up share capital 
  
30
30

Revaluation reserve
 9 
241,259
263,541

Profit and loss account
 9 
111,100
76,228

  
352,389
339,799


Page 1

 
GORSLEY PROPERTIES LIMITED
REGISTERED NUMBER:07267094
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G R S Lark
Director

Date: 31 October 2023

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
GORSLEY PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
30
232,601
65,374
298,005



Profit for the year
-
-
41,794
41,794

Transfer to/from profit and loss account
-
30,940
(30,940)
-



At 1 April 2022
30
263,541
76,228
339,799



Profit for the year
-
-
12,590
12,590

Transfer to/from profit and loss account
-
(22,282)
22,282
-


At 31 March 2023
30
241,259
111,100
352,389


Page 3

 
GORSLEY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Gorsley Properties Limited is a private company, limited by shares, incorporated in England and Wales. The company number is 07267094 and the registered office is Gorsley House, Pett Bottom, Canterbury, Kent, CT4 6EH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements are prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” as applied in the context of the small entities regime and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The statement of financial position is showing net current liabilities of £861,936 (2022 - £687,028). The Company is reliant upon the support of the directors. The directors have agreed to continue to support the Company, therefore the accounts have been prepared on a going concern basis.

 
2.3

Revenue

Turnover comprises rentals receivable by the company during the year.
Rental revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Investment property

Investment property is carried at fair value, determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

 
2.5

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
GORSLEY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements the director's have used estimations in determining the fair value of property classified as investment property.
The director's consider information from a variety of sources to apply judgment on whether the carrying value is materially different to the fair value; this includes reference to current prices in an active market for properties of a similar nature, condition or location.

Page 5

 
GORSLEY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 -2).


5.


Fixed asset investments





Unlisted investments

£



Cost


At 1 April 2022
100


Additions
200,000


Disposals
(100)



At 31 March 2023
200,000





6.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 April 2022
522,750
543,250
1,066,000



At 31 March 2023
522,750
543,250
1,066,000

The fair value of freehold investment property and long term leasehold investment property is based on the directors' best estimate at 31 March 2023, having considered properties of a similar nature, condition and location. 


If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:


2023
2022
£
£


Historic cost
355,000
355,000

Accumulated depreciation and impairments
408,407
408,407

763,407
763,407

Page 6

 
GORSLEY PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
-
26,400


This amount was due from a company partly owned by Gorsley Properties Limited. This loan was 
interest free and repayable after one year. The directors did not consider it material to discount this loan.

2023
2022
£
£

Due within one year

Other debtors
1,000
1,330

Prepayments and accrued income
3,020
966

4,020
2,296



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,960
4,188

Corporation tax
3,878
2,235

Directors' loan account
892,307
740,752

Accruals and deferred income
11,138
7,905

911,283
755,080


The directors' loan account is interest free and repayable on demand.


9.


Reserves

Revaluation reserve

This reserve relates to gains/losses arising on the revaluation of the Company’s property, together with related deferred tax. This reserve is not distributable to shareholders.

Profit and loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.

 
Page 7